November 21, 2024

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Kakao Bank CEO Yun Ho-young (left) and Cho Mi-jin, Secretary General of the Korean Committee for UNICEF, pose for a picture during the donation ceremony held at the UNICEF Korean Committee building in Mapo-gu, Seoul, on Thursday. (Kakao Bank)

Kakao Bank announced Friday that it is donating 1 billion won ($726,000) to the United Nations International Children's Emergency Fund to aid in tackling the global climate crisis and supporting future generations.

The internet-only bank and the Korean Committee for UNICEF conducted a ceremony Thursday to deliver the donation. Kakao Bank CEO Yun Ho-young and Cho Mi-jin, Secretary General of the Korean Committee for UNICEF, attended the event.

The donation will fund programs to address and alleviate the climate crisis in Cambodia, Laos, Malaysia and Thailand.

In Cambodia, the funds will enable the installation of solar power infrastructure at schools and medical facilities lacking access to the power grid. In Laos, they will facilitate the provision of eco-friendly electricity to school water and sanitation facilities. Furthermore, in Malaysia and Thailand, the donations will support educational initiatives focused on raising climate crisis awareness among students.

Kakao Bank, the online banking division of South Korea's tech giant Kakao, has advanced its environmental, social and governance (ESG) initiatives domestically and internationally.

"Kakao Bank is committed to advancing ESG management by creating social value through the digital transformation of finance and promoting inclusive financial practices," Yun said. "We are dedicated to furthering our ESG principles and initiatives not only in Korea but also globally."

Last year, Kakao Bank provided financial support to assist ethnic Koreans displaced by the ongoing war in Ukraine and contributed to a digital education project in Indonesia. Additionally, its employees volunteered at an elementary school in Jakarta, educating students on digital finance and participating in projects to enhance school environments.

The bank intends to sustain its ESG commitments in partnership with UNICEF Korea. In November, the two entities will co-host the marathon event "Save Race, Run for Every Child," focused on addressing the climate crisis, with all proceeds from participant fees dedicated to the cause.

By Choi Ji-won (jwc@heraldcorp.com)