NongHyup Bank Accelerates ESG Management... Joins K-RE100 Using Renewable Energy

A panoramic photo of the NH Integrated IT Center equipped with solar modules. NH Nonghyup Bank is expanding solar installations on building rooftops to transition to renewable energy use.

Policy to Achieve 100% Renewable Energy Use by 2040

[Asia Economy Reporter Kiho Sung] NH Nonghyup Bank announced on the 14th that it will participate in K-RE100, a Korean version of RE100 for renewable energy use.

On the 9th, Nonghyup Bank purchased the Green Premium from Korea Electric Power Corporation. K-RE100 allows any industrial or general electricity consumer who wishes to purchase renewable energy regardless of electricity usage level to participate, and the Green Premium system is one of the methods to fulfill K-RE100 commitments.

Although K-RE100 recommends 100% renewable energy use by 2050, Nonghyup Bank has established a strategy to achieve the target early by converting an additional 5% of its annual electricity consumption to renewable energy each year, aiming for 2040.

To accelerate the transition to renewable energy use, NH Nonghyup Bank plans not only to purchase the Green Premium but also to expand solar power facilities by utilizing rooftops and parking lots of its own buildings and to directly participate in the REC trading market.

In addition to switching to renewable energy to respond to the global crisis caused by climate change, Nonghyup Bank declared a coal phase-out finance policy to limit financial support and investment in coal power plants. It is also implementing various strategies such as converting company vehicles to electric cars, conducting the NH Climate Action Campaign, replacing lighting with eco-friendly LED lights to reduce electricity consumption, and leading the realization of paperless offices.

Junhak Kwon, President of Nonghyup Bank, stated, “The crisis caused by climate change will seriously affect the supply and demand of agricultural products,” adding, “We will do our best to protect our agriculture and rural areas through active expansion of green finance and transition to renewable energy use, and to achieve carbon neutrality by 2050 through practicing environmental, social, and governance (ESG) management.” End.

This content was produced with the assistance of AI translation services.