South Korea's five major financial groups have begun responses such as alternate-day driving restrictions in line with a government request to cooperate on energy savings.

KB Financial will introduce an alternate-day driving scheme from March 25 for business and commuting vehicles of employees across its affiliates. The plan limits driving once a week by day based on the last digit of a vehicle's license plate. It will also switch some in-person meetings to video conferences and take other energy-saving steps, including maintaining appropriate indoor temperatures.

Shinhan Financial has expanded the alternate-day driving scheme from March 23 to include vehicles used by executives and department heads. It has also moved to minimize energy use, including turning off lights at its headquarters and company-owned buildings.

Hana Financial is pursuing power-saving measures including alternate-day driving, improving efficiency in air-conditioning systems, turning off lights at night and switching off lights across sites after business hours. A Hana Financial official said the situation in the Middle East, including Iran, is grave, and that as a financial institution it wants to take the lead in conserving resources and contribute to easing economic shocks.

Woori Financial will strengthen the alternate-day driving scheme from March 25 across the group and encourage employees to use public transportation once a week. It will also expand the introduction of hybrid vehicles for business use and seek to cut consumption through measures including monitoring energy use at branches and managing heating and cooling.

NH Nonghyup Financial will also introduce an alternate-day driving scheme on the same day and continue employee-led saving activities such as turning off lights and cutting power to electronic devices.

The government strengthened alternate-day driving restrictions for public-sector vehicles and asked for private-sector participation to respond to supply-demand instability stemming from high oil prices.

President Jae-myung Lee (이재명) said at a Cabinet meeting that supply-demand instability is growing for crude oil and natural gas due to the expansion and prolonged duration of war in the Middle East. He said an emergency response system at the government level should be activated pre-emptively.

He added that as with overcoming the foreign exchange crisis and the COVID national crisis, the current crisis can be overcome if all citizens unite in heart and purpose. He called on public institutions to lead by example through measures such as alternate-day driving, and asked the public to join energy-saving efforts such as using public transportation and conserving electricity in daily life.