KB Financial Group held its environmental, social, and corporate governance (ESG) commitments on June 24 to declare "KB Net Zero S.T.A.R." as a mid- to long-term carbon neutral promotion strategy.
The strategy is to speed up the transformation to a low-carbon economy by supporting eco-friendly companies and restore the environment through active implementation of the Paris climate agreement.
KB Financial applied the methodologies of "Partnership for Carbon Accounting Financials (PCAF)" and "Science based targets initiative (SBTi) to measure carbon emissions.
KB Financial Group's "Carbon Footprint of Investment Portfolio" is estimated at about 26.76 million tons.
"It is the first time that we have unveiled Carbon Footprint of Investment Portfolio as a Korean financial company," a KB Financial Group official said. "We aim to reduce Carbon Footprint of Investment Portfolio by 33.3% by 2030 and 61.0% by 2040."
KB Financial Group has set a goal of reaching carbon neutrality by 2040 for emissions generated within the group.
"We will actively support future generations to walk towards carbon neutrality," said Yoon Jong-kyu, chairman of KB Financial Group.