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 35 is higher than 55% 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 2022, Woori Bank reported total carbon emissions of approximately 71,428,000 kg CO2e, comprising 10,764,000 kg CO2e from Scope 1 and 60,664,000 kg CO2e from Scope 2 emissions. The bank's Scope 3 emissions totalled about 4,100,000 kg CO2e, with significant contributions from purchased goods and services (1,132,350 kg CO2e) and business travel (600,970 kg CO2e). Comparatively, in 2021, Woori Bank's total emissions were around 74,834,000 kg CO2e, indicating a slight reduction in overall emissions year-on-year. The Scope 1 emissions were 10,713,000 kg CO2e, while Scope 2 emissions were 64,121,000 kg CO2e, and Scope 3 emissions reached approximately 4,093,200 kg CO2e. Woori Bank's emissions data is cascaded from its parent company, Woori Financial Group Inc., reflecting a corporate family relationship. However, the bank has not set specific reduction targets under the Science Based Targets initiative (SBTi) or other climate pledges, indicating a need for further commitment to climate action. Overall, Woori Bank's emissions profile highlights the importance of addressing both direct and indirect emissions as part of its climate strategy, particularly in the context of its operational footprint and supply chain impacts.
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| 2020 | 2021 | 2022 | |
|---|---|---|---|
| Scope 1 | 11,689,000 | 00,000,000 | 00,000,000 |
| Scope 2 | 67,311,000 | 00,000,000 | 00,000,000 |
| Scope 3 | 5,059,000 | 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 decreased by 8% last year and decreased by approximately 26% since 2020, demonstrating supply chain emissions tracking. Their carbon footprint includes suppliers and value chain emissions, with Scope 3 emissions accounting for 5% of total emissions under the GHG Protocol, with "Upstream Transportation & Distribution" being the largest emissions source at 41% 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.
