[2026 Parliamentary Audit] Korea Trade Insurance Corp. Delays Financed Emissions Disclosure for Fifth Year Despite Measuring Them

Cha Gyugeun: "Disclose emissions starting with this year's calculations and incorporate priority areas"

Five years have passed since the Korea Trade Insurance Corporation pledged to disclose climate-related financial information, but it has yet to disclose its financed emissions. Although it has calculated its emissions and identified high-carbon sectors, follow-up measures, including disclosure and the setting of reduction targets, remain under review.

Rep. Cha Gyu-geun of the Rebuilding Korea Party. Yonhap News.

According to documents submitted by the Korea Trade Insurance Corporation to Rep. Cha Gyu-geun of the Rebuilding Korea Party, the corporation declared its support for the Task Force on Climate-related Financial Disclosures (TCFD) in May 2021. After receiving external consulting, it calculated financed emissions of 15.767 million tons in 2023 and 14.996 million tons in 2024.

However, when asked whether it would disclose its financed emissions, the corporation replied, "We are at an early stage of measurement and plan to consider disclosure and target management once the process has been stabilized." It said reduction targets and the designation of sectors of concern would be "considered after confirming stability," while support limits and the incorporation of emissions into underwriting reviews were "planned for development." Its only specific timeline was to establish the foundation for a measurement system by 2030.

The final consulting report submitted by the corporation in November 2024 identified eight sectors, including power generation, mining, and water transportation, as areas of concern requiring greenhouse gas management. The report also found that restricting support for these sectors could effectively manage high-carbon projects. It showed that 85% of the corporation's financed emissions came from project financing for power generation and mineral energy.

At a parliamentary audit in October last year, the corporation's president said it would establish a long-term climate risk management plan based on PwC consulting. But a year later, key measures, including disclosure, emissions reduction targets, and management of sectors of concern, have yet to be fleshed out.

Rep. Cha said, "The TCFD support declaration was a commitment to the international community to manage and disclose climate risks. After five years, continuing to say only that disclosure is 'under review' without publishing the figures already measured is bound to draw criticism as a mere formality." He added, "The corporation should disclose its financed emissions starting with this year's calculations, incorporate the eight priority areas of concern into its internal rules, set year-by-year deadlines for establishing reduction targets, and manage them as indicators of management performance."

This content was produced with the assistance of AI translation services.