Woori Bank Sustainability Profile
Woori Bank, officially known as Woori Financial Group, is a leading financial institution headquartered in Seoul, South Korea. Established in 1899, the bank has evolved significantly, marking key milestones such as its merger with several regional banks, which has solidified its position in the competitive banking sector. Operating primarily in South Korea, Woori Bank also has a notable presence in international markets, providing a comprehensive range of services including retail banking, corporate finance, and wealth management. Its core offerings, characterised by innovative digital banking solutions and personalised customer service, set it apart in the industry. Recognised for its robust financial performance, Woori Bank continues to be a prominent player in the Asian banking landscape, consistently achieving high customer satisfaction and maintaining a strong market position.
DitchCarbon Score
How does Woori Bank'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 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
Woori Bank's score of 39 is higher than 59% of the industry. This can give you a sense of how well the company is doing compared to its peers.
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Woori Bank's reported carbon emissions
In 2023, Woori Bank reported total carbon emissions of approximately 109,550,000 kg CO2e for Scope 1, 61,902,000 kg CO2e for Scope 2, and 4,591,900 kg CO2e for Scope 3 emissions. This represents a total of about 172,043,900 kg CO2e across all scopes. The bank's Scope 1 and 2 emissions combined were approximately 72,857,000 kg CO2e. Comparatively, in 2022, Woori Bank's emissions were approximately 107,640,000 kg CO2e for Scope 1, 60,707,000 kg CO2e for Scope 2, and 3,977,500 kg CO2e for Scope 3, totalling around 172,324,500 kg CO2e. This indicates a slight increase in emissions from 2022 to 2023. Woori Bank has set ambitious climate commitments, including a net-zero target by 2050, as part of its Science Based Targets initiative (SBTi) commitments. The bank's portfolio targets cover 33% of its total investment and lending by total assets as of 2022, with required activities making up 18% and optional activities 24%. The bank is committed to aligning its operations with the reductions necessary to limit global warming to 1.5°C. Woori Bank's emissions data is sourced directly from Woori Financial Group Inc., with no cascaded data from parent organizations. The bank's ongoing efforts reflect a commitment to sustainability and responsible banking practices in the context of climate change.
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| 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | |
|---|---|---|---|---|---|---|---|---|
| Scope 1 | 15,488,000 | 00,000,000 | 00,000,000 | 00,000,000 | 00,000,000 | 00,000,000 | 00,000,000 | 00,000,000 |
| Scope 2 | 73,475,000 | 00,000,000 | 00,000,000 | 00,000,000 | 00,000,000 | 00,000,000 | 00,000,000 | 00,000,000 |
| Scope 3 | - | - | - | 0,000,000 | 0,000,000 | 0,000,000 | 0,000,000 | 0,000,000 |
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Woori Bank's Scope 3 Categories Breakdown
Woori Bank's Scope 3 emissions, which increased by 15% last year and decreased by approximately 9% since 2019, demonstrating supply chain emissions tracking. Their carbon footprint includes suppliers and value chain emissions, with Scope 3 emissions accounting for 6% of total emissions under the GHG Protocol, with "Upstream Transportation & Distribution" being the largest emissions source at 37% of Scope 3 emissions.
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Woori Bank'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.
Woori Bank 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 Woori Bank's sustainability data and climate commitments