Kb Financial

Kb Financial's reported carbon emissions

KB Financial Group, a financial intermediation services company headquartered in KR, reported a total of approximately 772.1 million kg CO2e in Scope 1, 2, and 3 emissions for 2023. This includes Scope 1 emissions of about 23.3 million kg CO2e and Scope 2 emissions of approximately 132.1 million kg CO2e. Scope 3 emissions, which are significantly higher, totalled around 679.4 million kg CO2e. The company has established several climate commitments and reduction targets. KB Financial Group aims for a 42% reduction in greenhouse gas emissions by 2030, compared to a 2020 base year, for Scope 1 and 2 emissions. They also have a long-term goal of achieving net-zero operational emissions (Scope 1 & 2) by 2040. Furthermore, KB Financial Group is committed to achieving net-zero financed emissions (Scope 3) by 2050. In terms of portfolio-specific targets, KB Financial Group has set Science-Based Targets (SBTs) across various asset classes by 2030, using a 2019 base year. These include reductions in commercial real estate, electricity generation project finance, and emissions intensity for the automotive sector. They also have a target to reduce exposure to clients with assets in coal mining or coal energy in EU and OECD countries by 2030. For Scope 1 and 2 emissions, KB Financial Group had set a near-term goal of a 50% reduction by 2025, compared to a 2019 base year. Their Scope 3 portfolio targets cover approximately 12.9% of total investment and lending activities by exposure as of December 31st, 2019. The company's commitment to SBTs signifies that their targets are consistent with reductions required to keep global warming to 1.5°C.