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KB Chairman, UK deputy minister discuss net-zero partnership

cap/ KB Financial Group Chairman Yoon Jong-kyoo shakes hands with the UK’s Department for Business, Energy & Industrial Strategy Deputy Minister Garry Grimstone at KB headquarters in western Seoul on Friday. (KB Financial Group)
cap/ KB Financial Group Chairman Yoon Jong-kyoo shakes hands with the UK’s Department for Business, Energy & Industrial Strategy Deputy Minister Garry Grimstone at KB headquarters in western Seoul on Friday. (KB Financial Group)
KB Financial Group Chairman Yoon Jong-kyoo and the UK Department for Business, Energy & Industrial Strategy’s Deputy Minister Garry Grimstone discussed partnership in achieving net-zero carbon emissions and green investment, the South Korean bank said Friday.

In the meeting held Friday, Grimstone called for KB’s active cooperation with UK businesses in investment of renewable energy, according to the firm. He noted the growing importance of renewable energy in achieving the joint goal to become carbon neutral.

Echoing Grimstone, Yoon expressed his anticipation for both old and new partnerships with the UK, which has been “leading the renewable energy industry” in the global market. The role of finance has become as important as the role of technology in developing renewable energy to overcome climate change, the KB chief added.

British Ambassador to Korea Colin Crooks also attended Friday’s meeting.

Last year, KB signed a memorandum of understanding with Lloyds Banking Group to jointly invest in syndicated loans arranged by the UK banking giant.

KB is currently pursuing its own net-zero goals with a strategy called “KB Net Zero S.T.A.R.,” focusing on reducing its portfolio’s carbon emissions by 33.3 percent by 2030 compared to 2019 levels, 61 percent by 2040, and ultimately achieving neutrality by 2050. It plans to give advantageous lines of credit and interest rates for corporates that can prove their carbon offsetting plans.

KB Financial Group ranked as South Korea’s No. 1 banking group by total assets and net profit last year. Its net profit for 2021 gained 27.6 percent on-year to 4.4 trillion won ($3.68 billion) and its total assets came to 663.9 trillion won in the same period, regulatory filings showed.

(mkjung@heraldcorp.com)
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