Featured Product

    FSC Korea Highlights Increasing ESG Focus in Korean Financial Sector

    August 13, 2020

    FSC Korea notified that the Green Finance Task Force held its meeting in August 2020. The task force discussed that it will work to establish a monitoring system for financial risks emanating from climate change, boost investment in green industries, and consider the possibility of joining international networks on green finance. The Vice Chairman of FSC Korea, Sohn Byungdoo, presided over the meeting and shared his remarks on climate change risks and green investment.

    Mr. Sohn Byungdoo mentioned that climate change can threaten the stability of the financial system in many different ways and the government will strengthen its efforts to monitor and identify climate change risks to maintain stability in the financial system. He suggested that financial institutions should consider taking into account the environmental, social, and governance factors, alongside the traditional risk factors such as credit or liquidity risks for their asset management. In this regard, the government will work to lay foundations to encourage investors to consider environmental risks when making investment decisions. 

    Building a sustainable future amid climate change requires efforts of both adaptation and mitigation. Mr. Byungdoo highlighted that the government will lead the public-private joint efforts to boost investment in green industries. The "green new deal" is a part of the Korean new deal initiative introduced on July 14 aimed at laying foundations for a sustainable growth. Finance will play a significant role in this respect. The government will also work to prevent greenwashing and minimize market confusions by specifying the scope of green industries, while providing new investment opportunities through enhanced liquidity in the market. To strengthen international cooperation, the government will review the possibility of joining international networks, such as the Network for Greening the Financial System (NGFS) and the FSB Task Force on Climate-related Financial Disclosures (TCFD).

     

    Related Link: Press Release (PDF)

     

    Keywords: Asia Pacific, Korea, Banking, Securities, Climate Change Risk, ESG, Sustainable Finance, NGFS, FSC

    Featured Experts
    Related Articles
    News

    US Agencies Issue Several Regulatory and Reporting Updates

    The Board of Governors of the Federal Reserve System (FED) adopted the final rule on Adjustable Interest Rate (LIBOR) Act.

    January 04, 2023 WebPage Regulatory News
    News

    ECB Issues Multiple Reports and Regulatory Updates for Banks

    The European Central Bank (ECB) published an updated list of supervised entities, a report on the supervision of less significant institutions (LSIs), a statement on macro-prudential policy.

    January 01, 2023 WebPage Regulatory News
    News

    HKMA Keeps List of D-SIBs Unchanged, Makes Other Announcements

    The Hong Kong Monetary Authority (HKMA) published a circular on the prudential treatment of crypto-asset exposures, an update on the status of transition to new interest rate benchmarks.

    December 30, 2022 WebPage Regulatory News
    News

    EU Issues FAQs on Taxonomy Regulation, Rules Under CRD, FICOD and SFDR

    The European Commission (EC) adopted the standards addressing supervisory reporting of risk concentrations and intra-group transactions, benchmarking of internal approaches, and authorization of credit institutions.

    December 29, 2022 WebPage Regulatory News
    News

    CBIRC Revises Measures on Corporate Governance Supervision

    The China Banking and Insurance Regulatory Commission (CBIRC) issued rules to manage the risk of off-balance sheet business of commercial banks and rules on corporate governance of financial institutions.

    December 29, 2022 WebPage Regulatory News
    News

    HKMA Publications Address Sustainability Issues in Financial Sector

    The Hong Kong Monetary Authority (HKMA) made announcements to address sustainability issues in the financial sector.

    December 23, 2022 WebPage Regulatory News
    News

    EBA Updates Address Basel and NPL Requirements for Banks

    The European Banking Authority (EBA) published regulatory standards on identification of a group of connected clients (GCC) as well as updated the lists of identified financial conglomerates.

    December 22, 2022 WebPage Regulatory News
    News

    ESMA Publishes 2022 ESEF XBRL Taxonomy and Conformance Suite

    The General Board of the European Systemic Risk Board (ESRB), at its December meeting, issued an updated risk assessment via the quarterly risk dashboard and held discussions on key policy priorities to address the systemic risks in the European Union.

    December 22, 2022 WebPage Regulatory News
    News

    FCA Sets up ESG Committee, Imposes Penalties, and Issues Other Updates

    The Financial Conduct Authority (FCA) is seeking comments, until December 21, 2022, on the draft guidance for firms to support existing mortgage borrowers.

    December 20, 2022 WebPage Regulatory News
    News

    FSB Reports Assess NBFI Sector and Progress on LIBOR Transition

    The Financial Stability Board (FSB) published a report that assesses progress on the transition from the Interbank Offered Rates, or IBORs, to overnight risk-free rates as well as a report that assesses global trends in the non-bank financial intermediation (NBFI) sector.

    December 20, 2022 WebPage Regulatory News
    RESULTS 1 - 10 OF 8697