AMCHAM seminar discusses ESG risks 

By Hong Yoo, The Korea Herald -​ Business leaders and experts from South Korea and the US discussed solutions to tackle sustainability risks facing businesses during a seminar hosted by the American Chamber of Commerce (AMCHAM) in Korea on Thursday in Seoul.

AMCHAM Korea Chairman and CEO James Kim stressed that doing business in responsible and socially conscious ways is more critical than ever, as both nations have renewed their commitment to creating sustainable global supply chains and addressing climate change issues.

“There is now more focus and scrutiny on which companies are trying to improve practices in environmental, social, and governance aspects. This heightened level of awareness and expectation means we as business leaders now need to take a serious look at exploring concrete measures for implementing ESG strategies,” Kim said during the Sustainability Seminar 2022.

Ban Ki-moon, the former UN secretary-general who currently chairs the Global Green Growth Institute, called the “business-as-usual” growth model based on fossil fuels and 20th century methods “not only unsustainable and archaic, but also dangerous and immoral.” 

“This is why the Global Green Growth Institute, shortly after the World Health Organization declared the global pandemic in early 2020, developed concept notes to “green” economic recovery plans and helped its member states create green jobs, accelerate their transition to the green growth model of development, and build back better and greener than before,” Ban said. He added that the emergence of ESG as a key area of focus and the commitments of companies to net-zero is very encouraging.

During the seminar, representatives of industries presented their sustainability solutions and goals.

“UL has been working on safety for more than a century. We have always focused on how to apply safety science so that companies can overcome challenges by providing solutions in a timely manner,” said Carlos Correia, vice president of asset and sustainability of UL, a US-based renewable energy modeling software developing company.

“GE announced an ambition to be a net-zero company by 2050 — encompassing not just GE’s operations, but also the Scope 3 emissions from the use of sold products. GE is committed to pioneering technologies to address the world’s needs for reliable, affordable and sustainable power and safe, efficient flight,” said Kim Dong-won, government engagement director of GE Korea.

This is the fourth year AmCham Korea is hosting the Sustainability Seminar.

Source: http://news.koreaherald.com/view.php?ud=20220609000610&md=20220609143039_BL

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