Sejong, June 05 - The Ministry of Environment (Minister Han Wha-jin) and the Korea Environmental Industry & Technology Institute (KEITI, President Heung Jin Choi) have announced their joint decision to release the environmental information of certain companies six months ahead of the deadline of December. It is a proactive step in anticipation of the mandatory Environmental, Social, and Governance (ESG) reporting set to begin in 2025.

The Ministry has been encouraging companies and public institutions to adopt green management practices voluntarily and make environmentally responsible investments through the Environmental Information Disclosure System. KEITI has verified environmental information submitted by companies and disclosed it at the end of December.

There are ongoing discussions regarding the mandatory disclosure of Environmental, Social, and Governance (ESG) information in the International Financial Reporting Standards (IFRS) and the United States. It has led to an increase in demand for the early verification and disclosure of environmental information from large export-oriented and listed companies. This demand has also increased the need for information from rating agencies and investment institutions. 

The Ministry has initiated a pilot project wherein companies can voluntarily share their environmental information¹. The Korea Environmental Industry & Technology Institute (KEITI) will verify this data and make it public by the end of June. A total of 57 companies have been participating in this initiative.

You can find the disclosed information on the Environmental Information Disclosure System (env-info.kr). As of May 26, the information of several companies, including Industrial Bank of Korea, Dongin Textile, Jaewon Industrial, Busan-Jungkwan Energy, Haitai HTB, Kangwon Land, Hankook & Company, and DAWOO Technology, has been released and is now accessible.

Chang Ki-Bok, Director-General of the Green Transition Policy Bureau of the Ministry of Environment, stated, "The pilot project would help companies prepare for the future introduction of Environmental, Social, and Governance (ESG) reporting by allowing them to gain experience in advancing the timing of information disclosure." He added, "The project results would be used to actively advance the disclosure timing for environmental information, starting next year."

¹ △Green management strategies, goals, and system; △Use of raw materials, water, and energy; △Greenhouse gas, air and water pollutants emissions, waste generation, chemical substance discharge; △Compliance with environmental regulations, etc.

Contact: Hwang Soon-hwan, Deputy Director

Green Transition Policy Division / +82-(0)44-201-6693

Foreign Media Contact: Chun Minjo(Rachel)

+82-(0)44-201-6055 / rachelmchun@korea.k