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The startup ecosystem, including Pangyo Techno Valley, is rapidly aligning with the ESG (Environment, Social, and Governance) trend. ESG embodies a company’s commitment to maintaining sustainable business practices, upholding core values, and transparently reporting non-financial performance metrics.
Investors are increasingly gravitating towards businesses embracing ESG management. Their heightened interest is reflected not just in their demand for ESG reports but also in surging investment volumes. Data from the Global Sustainable Investment Alliance highlights a staggering 605% increase in Sustainably-Themed Investing in 2020 compared to 2016.
This wave of change is sweeping across various stakeholders. Leading global credit rating agencies such as Fitch Ratings, Moody’s Corporation, and S&P 500 now integrate ESG factors into their credit evaluations. Moreover, governments worldwide are laying down frameworks for ESG-related protocols. For instance, South Korea’s Ministry of Economy and Finance, in collaboration with related agencies, introduced the K-ESG guidelines in 2021. Aimed at supporting SMEs grappling with burgeoning ESG demands, this initiative also strengthens carbon reduction regulations, paving the path for 2050 carbon neutrality.
Situated at the heart of this evolution, Pangyo Techno Valley stands out with its forward-thinking initiatives. Since its establishment in 2013, the Pangyo CS Alliance, a collective of 13 IT giants based in Pangyo, has been dedicated to addressing community-centric challenges. Key players in this alliance include renowned names like Kakao, Webzen, Wemade Entertainment, and AhnLab.
In a testament to its evolving mission, this consortium metamorphosed into the Pangyo ESG Alliance by 2022. Recent collaborations saw esteemed firms like Goorm, NEOWIZ HOLDINGS, SmileGate Foundation, and Chemtronics exchange insights on ESG trends and policy.
Further enriching this dialogue, May 2023 saw the alliance hosting its inaugural seminar. Here, environmental stalwart Lee Yu-jin shed light on strategies for carbon neutrality and green growth. Simultaneously, Kim Sang-mi provided a fresh perspective on leveraging art and creativity for social impact.
Such institutional efforts are further complemented by individual corporate initiatives. Kakao Games, a Pangyo-based entity, has emerged as a trailblazer in ESG cooperation within the gaming realm. Their ‘Find Friends Game Land’ initiative, launched in 2019, extends gaming experiences to marginalized communities, including disabled children. Moreover, they’ve committed a whopping 260 billion won to uplift indie game developers in South Korea, fortifying the country’s gaming ecosystem.
Gyeonggi Province, along with GBSA (Gyeonggi Business & Science Accelerator), plays a pivotal role in bolstering ESG education for startups in Pangyo Techno Valley. Their recent endeavors in 2023 encompassed comprehensive ESG workshops at the ‘Pangyo Startup Academy’. Topics spanned from ESG trends and legal implications to aligning business strategies with carbon neutrality goals.
In this evolving landscape, ESG capabilities have transitioned from being ‘good-to-have’ to ‘must-have’. The collaborative spirit of Pangyo Techno Valley’s ecosystem, which ropes in both startups and conglomerates, is poised to elevate global competitiveness.