Shinhan Bank said on Tuesday, marking Global Recycling Day, it joined PACT (Plastic ACTion), a global plastic reduction initiative led by the World Wide Fund for Nature (WWF), becoming the first bank in South Korea to join.

PACT is a voluntary private-sector cooperation programme launched by WWF in 2019. It is a global initiative in which companies set shared goals and work together to reduce plastic use and shift to a circular economy. More than 70 companies worldwide are taking part, and it has been run in South Korea since 2021 to support voluntary corporate activities.

Shinhan Bank plans to use its PACT membership to expand cooperation with WWF and pursue various activities to reduce plastic use. It plans in particular to support companies related to plastic reduction through its core financial business and contribute to a shift to a circular economy by expanding green and transition finance.

It also plans plastic reduction activities involving employees and customers. It plans to run environmental campaigns for employees and continuously manage carbon emissions in work processes through the Shinhan Green Index, while stepping up efforts to cut plastic use in daily life, such as expanding the use of reusable cups at in-house cafes. It also plans to expand customer-participation reduction activities so customers can help cut the use of disposable plastic when placing delivery orders on the public delivery app Ddangyoeyo.

Shinhan Bank plans to regularly share with WWF its financial support related to plastic reduction and its internal implementation results, contributing to achieving PACT's goals.

A Shinhan Bank official said, "It is very meaningful that we are taking part in PACT, a global initiative in which companies cooperate together to solve the plastics problem." The official added, "We will continue our efforts to reduce plastic use and shift to a green economy as a responsible financial institution."