Shinhan Financial Group said it would join the world's top financial institutions in asking world leaders at the U.N. Biodiversity Conference, COP15, to adopt an ambitious Global Biodiversity Framework.

Around 150 global financial institutions with more than US$24 trillion in assets under management have asked governments all over the world to put in place a plan after 2020 to stop and reverse environmental damage by 2030.

AXA Group, Legal and General Investment Management, Manulife Financial Corp., Fidelity International, Groupe La Banque Postale, Shinhan Financial Group, Sumitomo Mitsui Trust Asset Management, and UBS Bank were among those who signed the statement.

The people who signed the document promised to work within their own organisations to help make the "Living in Harmony with Nature by 2050" vision from the Convention on Biological Diversity a reality.

The United Nations-backed Principles for Responsible Investment (PRI), the United Nations Environment Programme Finance Initiative (UNEP FI), and the Finance for Biodiversity Foundation collaborated on the statement.

Shinhan Financial Group will work with other international financial institutions to establish a global standard for protecting biodiversity. It also plans to keep going by taking part in projects like Natural Linked Financial Information Disclosure (TNFD) and the Partnership for Biodiversity Accounting Financials (PBAF).

“We need a more systematic approach to natural capital and biodiversity, which are becoming a global ESG agenda along with carbon neutrality,” said an official of Shinhan Financial Group. “Shinhan Financial Group will continue to contribute to the establishment of the ESG system through global ESG activities and strive to spread an advanced ESG culture in Korea.”

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Source: Business Korea