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 presence across Asia and beyond. Operating primarily in the banking and financial services industry, Woori Bank offers a diverse range of products, including retail banking, corporate finance, and wealth management services. Its commitment to innovation and customer-centric solutions distinguishes it in a competitive market. With a strong market position, Woori Bank has received numerous accolades for its service excellence and financial stability, making it a trusted choice for individuals and businesses alike.
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 44 is higher than 64% 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 72,857,000 kg CO2e, comprising 10,955,000 kg CO2e from Scope 1, 61,902,000 kg CO2e from Scope 2, and 4,591,900 kg CO2e from Scope 3 emissions. The Scope 3 emissions breakdown includes significant contributions from business travel (1,110,100 kg CO2e) and purchased goods and services (1,125,600 kg CO2e). Woori Bank's emissions data is cascaded from its parent company, Woori Financial Group Inc., reflecting its commitment to transparency and accountability in climate reporting. However, the bank has not set specific reduction targets or climate pledges, indicating a potential area for future improvement in its sustainability strategy. The bank's emissions have shown fluctuations over the years, with a total of approximately 71,471,000 kg CO2e in 2022 and 74,834,000 kg CO2e in 2021. This data highlights the importance of ongoing monitoring and potential strategies for emissions reduction in line with industry standards.
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| 2020 | 2021 | 2022 | 2023 | |
|---|---|---|---|---|
| Scope 1 | 11,689,000 | 00,000,000 | 00,000,000 | 00,000,000 |
| Scope 2 | 67,311,000 | 00,000,000 | 00,000,000 | 00,000,000 |
| Scope 3 | 5,059,000 | 0,000,000 | 0,000,000 | 0,000,000 |
How Carbon Intensive is Woori Bank's Industry?
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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 2020, 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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