Korea's best bank for ESG 2022: Hana Bank
Most banks pledging to reduce carbon footprints tend to target the end of the decade. Few can claim to have as ambitious a plan to get there as Hana Bank, which is carrying out a 30/60 plan.
The first figure refers to 2030, a goal quite common across business sectors. The second refers to the W60 trillion ($45 billion) worth of green loans that Hana plans to offer to support green and sustainable sectors.
That sum increases the odds that Korea will sharply reduce coal-related projects and lower the economy’s carbon footprint heading toward 2050.
Hana’s broader commitment can be seen in its decision in 2021 to join the Equator Principles of environmental, social and governance adoption. These are based on the environmental and social policy frameworks established by the World Bank’s International Finance Corporation.
Hana is going even further, pledging to facilitate the issuance of W25 trillion in sustainable bonds over the next 10 years.
It is all about the incentives. By refusing to finance coal projects of any kind, or work with fossil-fuel sectors, Hana hopes to make the argument that increased sustainability is the only game in town and is profitable.