Industrial Bank Of Korea Sustainability Profile
Industrial Bank of Korea (IBK), headquartered in South Korea, is a prominent financial institution established in 1961. With a strong focus on supporting small and medium-sized enterprises (SMEs), IBK has carved a niche in the banking industry, providing tailored financial solutions that foster business growth. The bank operates extensively across South Korea and has expanded its reach to key international markets, enhancing its global presence. IBK's core offerings include commercial banking services, corporate financing, and investment banking, distinguished by their commitment to customer-centric service and innovative financial products. Recognised for its robust market position, IBK has achieved significant milestones, including being one of the largest banks in South Korea by assets. Its dedication to supporting the SME sector has earned it a reputation as a vital player in the nation's economic development.
DitchCarbon Score
How does Industrial Bank Of Korea's carbon action stack up? DitchCarbon scores companies based on their carbon action and commitment to reducing emissions. Read about our methodology to learn more.
Industry Average
Mean score of companies in the Services Auxiliary to Financial Intermediation industry. Comparing a company's score to the industry average can give you a sense of how well the company is doing compared to its peers.
Industry Benchmark
Industrial Bank Of Korea's score of 55 is higher than 72% of the industry. This can give you a sense of how well the company is doing compared to its peers.
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Industrial Bank Of Korea's reported carbon emissions
In 2023, the Industrial Bank of Korea (IBK) reported total carbon emissions of approximately 62,420,000 kg CO2e for Scope 1 and 48,991,000 kg CO2e for Scope 2, with Scope 3 emissions reaching about 35,145,520 kg CO2e. The total emissions from Scope 1 and 2 combined were around 55,923,000 kg CO2e. Notably, IBK's emissions from business travel accounted for approximately 3,485,340 kg CO2e, while employee commuting contributed about 11,774,250 kg CO2e. IBK has set ambitious climate commitments, aiming for carbon neutrality for its own emissions (Scope 1 and 2) and financial assets by 2050. This long-term target was established in 2023, reflecting a commitment to sustainable practices. Additionally, IBK's near-term targets are aligned with the 1.5°C pathway, covering 38% of its total investment and lending portfolio as of 2021. The bank's emissions data is not cascaded from any parent organization, indicating that these figures are independently reported. IBK's proactive approach to climate action demonstrates its dedication to reducing its carbon footprint and contributing to global sustainability efforts.
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| 2020 | 2021 | 2022 | 2023 | |
|---|---|---|---|---|
| Scope 1 | 9,532,000 | 0,000,000 | 0,000,000 | 0,000,000 |
| Scope 2 | 50,333,000 | 00,000,000 | 00,000,000 | 00,000,000 |
| Scope 3 | 10,039,430 | 00,000,000 | 00,000,000 | 00,000,000 |
How Carbon Intensive is Industrial Bank Of Korea's Industry?
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Industrial Bank Of Korea's Scope 3 Categories Breakdown
Industrial Bank Of Korea's Scope 3 emissions, which decreased by 0% last year and increased by approximately 67% since 2020, demonstrating supply chain emissions tracking. Their carbon footprint includes suppliers and value chain emissions, with Scope 3 emissions accounting for 23% of total emissions under the GHG Protocol, with "Employee Commuting" being the largest emissions source at 70% of Scope 3 emissions.
Top Scope 3 Categories
Industrial Bank Of Korea's Climate Goals (2030 & 2050)
Climate goals typically focus on 2030 interim targets and 2050 net-zero commitments, aligned with global frameworks like the Paris Agreement and Science Based Targets initiative (SBTi) to ensure alignment with global climate goals.
Industrial Bank Of Korea has established climate goals through participation in recognized frameworks and target-setting initiatives. Companies often set interim 2030 targets and long-term 2050 net-zero goals to demonstrate measurable progress toward decarbonization.
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Frequently Asked Questions
Common questions about Industrial Bank Of Korea's sustainability data and climate commitments