Events Recap

Launch of PCAF-KOREA

The PCAF-KOREA launch event, co-hosted and organized by the Partnership for Carbon Accounting Financials (PCAF) and its Korea secretariat, the Korea Sustainability Investing Forum (KoSIF), was held on November 24, 2022. While Korea was previously categorized under PCAF-APAC, it will operate as a standalone national chapter as PCAF-KOREA following this launch.

PCAF is an industry-led global initiative focused on measuring and disclosing financed emissions generated by financial institutions' asset management activities. It provides the Global GHG Accounting and Reporting Standard for the Financial Industry (PCAF Standard) and disclosure frameworks based on the GHG Protocol.

The event commenced with opening remarks from Giel Linthorst, Executive Director of PCAF, and Choon-seung Yang, Executive Director of KoSIF.

[Photo] PCAF-KOREA Launch 1

KB Financial Group was appointed as the inaugural chair entity of PCAF-KOREA, with Hye Sook Moon, Managing Director of the ESG Headquarters, delivering welcoming remarks. Tiange Wei, PCAF APAC Lead, introduced general aspects of PCAF and presented the PCAF Standard, the greenhouse gas emissions accounting standard for financial institutions. Jong Oh Lee, CIO at KoSIF, delivered a brief presentation on the “Operation Direction and Plans for PCAF-Korea.”

[Photo] PCAF-KOREA Launch 2: Tiange Wei, PCAF APAC Lead

Hong-sun Song, Senior Research Fellow at the Capital Market Institute, presented on “The Importance of Financial Institutions’ Net-Zero Implementation,” introducing the role of financial institutions in achieving a carbon-neutral society, relevant regulatory frameworks, and case studies. Delivering the final presentation, Kwang Il Kim, Head of the Fair Market Department at the Financial Services Commission (FSC), presented on “Current Status and Future Directions of ESG Disclosure Policy,” introducing ESG concepts and major disclosure initiatives alongside standard disclosure frameworks across major jurisdictions including the US, EU, and UK.

[Photo] PCAF-KOREA Launch 3

KoSIF distributed Korean translation PDF copies of the PCAF Standard to attendees during the event. The launch of PCAF-Korea is expected to foster active discussions and activities regarding financial institutions’ greenhouse gas emissions measurement and reporting.

[Photo] PCAF-KOREA Launch 4

     Participating Financial Institutions in PCAF and PCAF-KOREA (in Korean Alphabetical Order)

Financial Groups:

BNK Financial Group, DGB Financial Group, JB Financial Group, KB Financial Group, NH Financial Group, Shinhan Financial Group, Woori Financial Group, Hana Financial Group

• Banks & Public Finance:

Acuon Savings Bank, Credit Guarantee Fund, Industrial Bank of Korea (IBK)

• Asset Management:

Acuon Capital, Hanwha Asset Management, Kiwoom Asset Management, Mirae Asset Global Investments