BNP Paribas South Korea said Sunday it had recently hosted a webinar to offer insight into green finance at home and abroad, as well as on law firms’ key roles in supporting companies’ environmental, social and governance management. 

Co-hosted by local law firm Shin & Kim, the virtual event featured Kwon Yong-kwon, head of debt capital markets division at BNP Paribas Securities Korea, Song Soo-Young, a partner lawyer at Shin & Kim, and Lee Ji-sun, leader of Posco’s ESG group. 

“A growing number of companies are ramping up efforts to foster ESG management, including the issuance of green, social and sustainable bonds. As for local financial institutions, ESG management has become an important factor to consider when making transactions with local companies,” Kwon said. 

Law firms will play a key role in fostering the nation’s ESG drives by providing legal advice to local financial institutions, which made inroads into global markets, in compliance with foreign governments’ legal requirements regarding ESG standards, according to Song of Shin & Kim.

The European Parliament, for instance, proposed legislation that obligates companies to conduct environmental and human rights due diligence. 

“If the envisioned law and other ESG-related legal requirements take effect across the globe, domestic large law firms will increasingly offer various legal services, including due diligence, for multinational companies,” Song said. 

By Choi Jae-hee (cjh@heraldcorp.com)