Hana Financial Group Chairman Ham Young-joo met Friday with Henry Fernandez, chairman of the US financial firm Morgan Stanley Capital International, at Hana Financial Group's headquarters in central Seoul to discuss climate change response as well as environment, social and governance management.

At the meeting, Ham introduced Hana Financial Group's ESG management efforts and its future plans to deal with the growing climate change risks.

“Hana Financial Group is recognizing climate risk as a potential threat and is responding to it preemptively,” Ham said.

“If we have focused on identifying and managing climate change risks in 2022, we are planning on developing a system to measure financial emissions from climate change in 2023,” he added.

The chairman also outlined the Korean financial firm’s vision in expanding ESG investment in areas such as renewable energy. He said that the company would use the ESG market outlook provided by MSCI to draft a tactic which will allow Hana Financial Group to lead ESG finance.

Hana Financial Group announced in April its plan to go carbon neutral by 2050, and had joined the Net Zero Banking Alliance in May. Its environmental management efforts had been recognized by the Science Based Target Initiative in October.

Meanwhile, MSCI Chairman Henry Fernandez said “although climate change is a risk, it is also an opportunity to expand the ESG finance market.”

“With this in mind, Korea’s bond market must actively switch over to sustainable bonds and we hope Hana Financial Group can lead this change,” he added.