The Korea Federation of Small and Medium Enterprises said on the 11th that it held this year's "1st Environment·ESG Committee" at the KBIZ in Yeouido.
The Environment·ESG Committee is a body set up to spread ESG management culture among small and mid-sized businesses and respond to environmental regulations. Commissioners including heads of industry-specific cooperatives, related organizations, and experts take part to discuss pending issues.
At the meeting, Director Kim Hye-ju of QuantifiedESG gave a presentation on "ESG trends and response directions for small and mid-sized businesses," and Cho Gi-suk, head of the Green Investment Support Office at the Korea Environmental Industry & Technology Institute (KEITI), gave a presentation on "understanding green finance and the green taxonomy and support measures for small and mid-sized businesses."
Kim noted that, given regulatory trends related to ESG and their impact on small and mid-sized businesses, it is necessary to build ESG data management systems, including carbon emissions management.
Cho introduced the structure and use cases of green finance and the Korea-style green taxonomy. Cho also outlined key projects that small and mid-sized businesses can use to access green finance. Green finance refers to financing that provides funds to corporations or projects that contribute to environmental improvement or carbon reduction.
At the roundtable, participants shared problems that small and mid-sized businesses face on the ground, such as the burden of calculating and managing carbon emissions, and sought solutions. Attendees said that, compared with the speed at which the government is pursuing carbon neutrality policies, the response capacity of small and mid-sized businesses is insufficient, and they voiced the view that tailored support that reflects characteristics by industry and by corporation size is needed.
Chairperson Lee Sang-hoon said, "As the business environment for corporations is changing rapidly with the mandatory disclosure of ESG and the expansion of supply chain due diligence requirements, only small and mid-sized businesses that adapt to the times can ultimately survive the competition for survival," adding, "Along with government support, small and mid-sized businesses also need to stay alert and strengthen their ESG response capabilities."