Kb Financial

In 2023, KB Financial, an organisation operating in financial intermediation services except insurance and pension funding services, reported a total of approximately 815.7 million kg CO2e in emissions. This total comprised approximately 23.3 million kg CO2e for Scope 1, approximately 132.1 million kg CO2e for Scope 2, and approximately 679.4 million kg CO2e for Scope 3.

KB Financial has established several climate commitments. Notably, it aims for a 42% reduction in greenhouse gas emissions by 2030 against a 2020 baseline year for Scope 1 and 2 emissions. Furthermore, the company has set a long-term goal to achieve net-zero financed emissions (Scope 3) by 2050.

In line with the Science Based Targets initiative (SBTi), KB Financial commits to achieving targets across its corporate instruments (equity, bonds, loans), commercial real estate, and electricity generation project finance portfolios by 2030, using 2019 as the base year. This includes a commitment to reduce its commercial real estate portfolio's GHG emissions by 58.4% per square meter by 2030. For electricity generation project finance, there is a commitment to reduce GHG emissions by 49.4% per MWh by 2030. For specific high-emitting sectors within its corporate instruments, KB Financial has set sector-specific intensity reduction targets by 2030, such as 49.3% per MWh produced for the power sector and 44.3% per ton of iron produced for the iron and steel sector.

The company also aims for a 50% reduction in Scope 1 and Scope 2 emissions by 2025 compared to its 2019 baseline. Additionally, KB Financial has targets for carbon intensity within the automotive sector, aiming for 90g of CO2e per kilometre travelled per vehicle by 2030, representing a 51% reduction compared to 2021. The company also aims to reduce its exposure to clients with assets in coal mining or coal energy in EU and OECD countries by 2030.