KyoungHo Kim, head of Korean corporate banking at Citibank Korea, speaks at a science-based targets initiative seminar for corporate clients held in Seoul, Nov. 7. Courtesy of Citibank Korea

Citibank Korea hosted a seminar to support its corporate clients with environmental, social and corporate governance (ESG) management.

According to the bank, it hosted a science-based targets initiative (SBTi) seminar in Seoul on Nov. 7, in partnership with the World Wide Fund for Nature (WWF).

Citibank has been actively engaged in the Change Now for Tomorrow Climate Action Partnership program with WWF since 2018.

The seminar aimed to educate both domestic and international listed companies and their associates about the significance of SBTi and to offer practical assistance considering the growing importance of mandatory climate-related disclosures. SBTi has become a crucial aspect of corporate ESG management to ensure the objectivity of greenhouse gas reduction targets.

Attended by key stakeholders from Citibank Korea's corporate clients, the event featured presentations on domestic and international SBTi trends and case studies from Korean companies with SBTi targets.

The discussion included industry-specific guidelines and procedures prepared by experts from the Korea Sustainability Investing Forum (KOSIF), Ecosian and SK ecoplant, as well as insights from domestic companies, which prompted active participation and inquiries from the attendees.

"In light of mounting pressure to reduce greenhouse gas emissions, forthcoming carbon trading regulations and ESG disclosure requirements, the urgency for practitioners to engage in SBTi is evident. This seminar provided valuable insights into the essential industry-specific guidelines for SBTi participation and shared real-world experiences," one of the attendees said.

"Citibank Korea is commited to becoming the best ESG bank and supporting ESG management not only for the bank itself but also for its corporate clients," said KyoungHo Kim, head of Korea corporate banking at Citibank Korea.

"The significance of the seminar, which was conducted in collaboration with WWF, a longstanding partner of the bank, reaffirmed Citibank Korea's dedication to offering essential support to corporate clients for successful ESG management as a trusted financial partner," he added.