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Friday, December 4 - 2009

IRENA and Standard Chartered Bank share commitment to global sustainable development

  • United Arab Emirates: Sunday, August 23 - 2009 at 15:00
  • PRESS RELEASE

The International Renewable Energy Agency (IRENA) today announced that Director-General Helene Pelosse has opened the agency's bank account with Standard Chartered Bank, an international 'green bank' that works to drive sustainable economic growth worldwide, reinforcing the agency's commitment to promoting a rapid transition towards the widespread and sustainable use of renewable energy on a global scale.

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  • Featured in the image is the Director General Hélène Pelosse  and Hassan Jarrar, Head of Origination and Client Coverage, UAE.
    Featured in the image is the Director General Hélène Pelosse and Hassan Jarrar, Head of Origination and Client Coverage, UAE.
Officially established on 26 January 2009, IRENA envisages providing practical advice and support for both industrialised and developing countries, thereby helping to improve frameworks and build capacity.

Moreover, IRENA intends to facilitate access to all relevant information, including reliable data on the potentials for renewable energy, best practices, effective financial mechanisms, and state-of-the-art technological expertise.

"Standard Chartered is not only a sound financial institution, but its leadership in social and environmental governance makes it the ideal bank for IRENA. Their work in communities in emerging nations like Africa, Asia and the Middle East has helped foster economic growth, tackle climate change, poverty and other barriers to social, environmental and economic progress,"
said Pelosse.

IRENA and Standard Chartered boast a shared vision for a sustainable future. Standard Chartered recognises the impacts of climate change and is working to respond to these challenges by supporting clean and renewable technologies that will reduce greenhouse gas emissions and embedding a sustainability approach in their financing decisions and risk management.

Shayne Nelson, Regional CEO, Mena, Standard Chartered Bank said, "We are delighted the International Renewable Energy Agency has selected Standard Chartered as their 'Green' bank of choice. We have already financed more than $3.2bn of renewable energy and clean technology projects and remain committed to growing this part of our business. Our ambition is to continue to play a lead role in advising and financing clients on renewable energy projects and to contribute to securing a better environment for future generations."

Building a sustainable business is integral to Standard Chartered's strategy, and is the Bank's response to a rapidly changing world, multiple stakeholder needs and global challenges such as climate change. Already a signatory to the Equator Principals, in 2007 the Bank made a pledge to the Clinton Global Initiative to advise on or finance new renewable and clean energy projects totalling $8-10bn of total project value over the next five years.

At a meeting on 29 June of IRENA's 136 member states, the United Arab Emirates' capital of Abu Dhabi was selected as the headquarters, and Pelosse was elected as the Interim Director-General.
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Notes and media contacts

Standard Chartered - leading the way in Asia, Africa and the Middle East:
Standard Chartered PLC, listed on both London and Hong Kong stock exchanges, ranks among the top 25 companies in the FTSE-100 by market capitalisation. The London-headquartered Group has operated for over 150 years in some of the world's most dynamic markets, leading the way in Asia, Africa and the Middle East. Its income and profits have more than doubled over the last five years primarily as a result of organic growth.

Standard Chartered aspires to be the best international bank for its customers across its markets. The Group earns around 90% of its income and profits in Asia, Africa and the Middle East, from its Wholesale and Consumer Banking businesses. The Group has over 1600 branches and outlets located in over 70 countries. The extraordinary growth of its markets and businesses creates exciting and challenging international career opportunities.

Leading by example to be the right partner for its stakeholders, the Group is committed to building a sustainable business over the long term and is trusted worldwide for upholding high standards of corporate governance, social responsibility, environmental protection and employee diversity. It employs around 70,000 people, nearly half of whom are women. The Group's employees are of 125 nationalities, of which about 70 are represented in the senior management.


About the International Renewable Energy Agency (IRENA):
IRENA was founded in January 2009 and includes 136 member countries from both the developing and developed world. IRENA aims at becoming the main driving force in promoting a rapid transition towards the widespread and sustainable use of renewable energy on a global scale. Acting as the global voice for renewable energies, IRENA will provide practical advice and support for both industrialised and developing countries, help them improve their regulatory frameworks and build capacity. The agency will facilitate access to all relevant information including reliable data on the potential of renewable energy, best practices, effective financial mechanisms and state-of-the-art technological expertise.

For more information, please contact:
Sarah Siblini
Senior Manager Corporate Affairs, Abu Dhabi
Standard Chartered Bank, UAE
Tel: +971 (0) 2 616 5435

or

Sam Gad
Media Relations and Communications Manager,
Standard Chartered MENA
T: +971 4 508 5916

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