StanChart funds renewable energy projects in Korea

As part of its dedication to its sustainability movement, Standard Chartered will finance renewable energy projects in Korea.

One of the key projects is the Korean unit's financing of a solar power project in Sinan, South Jeolla Province, according to the Korea Herald.

Globally, Standard Chartered has financed over $3 billion of renewable energy and clean technology projects.

"The Sinan solar photovoltaic power plant, the largest of its kind in Asia, is a good example of Standard Chartered's commitment to support green technology in Korea, Korean officials said.

The bank has advised on and debt-financed 75 percent of the project's portfolio in Korea. The plant produces 33,000 MWh of electricity a year, enough to supply more than 7,000 households with non-polluting energy year after year. This project alone helps Korea reduce carbon dioxide emissions by 24,000 tons a year, the equivalent of planting 168,000 trees, bank officials explained.

“Re-establishing the sustainability of banking is a top priority for 2009. Fixing the global financial system is just one important aspect of creating a more sustainable world economy," said Peter Sands, chief executive of the British banking giant.

"Our commitment is to continue to focus on building a sustainable business as a bank, creating value for our shareholders, supporting our customers, contributing to the economy as a whole, and being a force for good in the communities in which we live and work," he said.

In Korea, Standard Chartered plans to focus on seven specific areas: 1) responsible selling and marketing, 2) access to financial services, 3) tackling financial crime, 4) community investment, 5) protecting the environment, 6) sustainable finance and 7) being a great place to work.

"Our footprint of Africa, Asia and the Middle East is critical to the global solution in transition to a low carbon global economy and we are well placed to facilitate the technology transfer and provide and arrange the capital to make this happen," Standard Chartered CEO Peter Sands said.