□ The Export-Import Bank of Korea (www.koreaexim.go.kr, Chairman Yoon Hee-sung, "Korea Eximbank") announced on October 24 that it is hosting the 46th OECD Environmental and Social Practitioners’ Meeting at the Westin Josun Hotel in Seoul from October 24 to 25.
ㅇ The meeting comprises experts who establish and revise common approaches applied to Export Credit Agencies of each country in addressing the potential environmental and social impact of projects for which official export credit support is requested. They also aim to share policies and practices related to environmental and social due diligence.
ㅇ The meetings have been held at the OECD headquarters in Paris and in each of member countries in the first half and second half of each year, respectively. This meeting was scheduled in Seoul for 2020, but was delayed due to the COVID-19 pandemic.
□ The meeting, co-hosted jointly with the Korea Trade Insurance Corporation (CEO Lee In-ho), is the first meeting held in Korea. About 50 experts in the field of environmental impact assessment from 25 countries, including OECD member countries, will be examining the environmental and social impact of export credit-supported projects and seeking to minimize the impact.
ㅇ Korea Eximbank has played a leading role in the meeting since Korea joined the OECD in 1996, as seen in the 2018 appointment of the bank’s employee (Engineering and Environment Advisory Department Director Lim Dong-joon) as chair of the OECD Working Party on Export Credits and Credit Guarantees.
* The Working Party on Export Credits and Credit Guarantee (ECG) was established in 1963 under the Trade Committee of OECD to review export credit policies and related emerging issues. Currently, joint agreements in various areas, including environment and climate change, are under discussion at the party.
□ Korea Eximbank plans to share the latest trends discussed at the meeting with each institution so that they can be applied for each institution’s ESG management policies and climate risk assessment.
ㅇ Korea Eximbank announced an ‘ESG management roadmap’ for the first time among Korean state-run banks last year, and has been striving to strengthen the global ESG competitiveness of domestic companies by establishing the ESG management department and ESG committee and creating ESG financial programs.
* ESG is an acronym for environmental, social, and governance, which are three key elements to achieving sustainability in corporate management.
□ At the opening speech, Korea Eximbank Chairman and President Yoon Hee-sung said, "As a state-owned financial institution, we will actively make efforts to create more social value by supporting Korean companies to strengthen their global ESG competitiveness and to achieve national carbon neutrality goals."