NongHyup Bank Signs Direct Power Purchase Agreement to Expand Renewable Energy

Signing of PPA with SK Innovation E&S

On September 8, NH NongHyup Bank announced that it had signed a direct power purchase agreement (PPA) for renewable energy with SK Innovation E&S at the SK Seorin Building in Jongno, Seoul, to expand the transition to renewable energy and reduce greenhouse gas emissions.

The direct power purchase agreement is a system in which an electricity supplier provides electricity generated from renewable energy directly to the electricity user without going through the power market. It is being utilized as a means for domestic companies to implement RE100 and reduce greenhouse gas emissions.

Through this agreement, NongHyup Bank will convert a portion of the power used at the NH Integrated IT Center building to solar-based renewable energy, and expects to implement the Korean RE100 initiative and reduce greenhouse gas emissions by approximately 2,400 tons annually.

On the 8th, at the SK Seorin Building in Jongno, Seoul, Dongha Choi, Senior Vice President of NongHyup Bank (left), and Youngwook Yoo, Head of E&S Global/Renewable Energy Business Division at SK Innovation (right), held a contract signing ceremony for a direct power trading agreement in renewable energy. NongHyup Bank

NongHyup Bank joined the Korean RE100 in 2021 and has been converting more than 5% of its annual electricity usage to renewable energy each year. The bank has also established the NH 2040 RE100 initiative, which aims to transition to 100% renewable energy by 2040. In addition, NongHyup Bank is leading ESG management practices, including its declaration to phase out coal finance, expansion of solar power facilities and electric vehicles, and installation of regenerative braking devices in elevators.

Dongha Choi, Senior Vice President of NongHyup Bank, who attended the signing ceremony, stated, "This agreement is a concrete example of actively promoting the transition to renewable energy and responding to climate change," adding, "We will continue to create a sustainable future by reducing greenhouse gas emissions."