(NH Financial Group)
South Korea’s NH Financial Group said Thursday it has created an environmental, social and governance fund worth 150 billion won ($134 million) to finance projects tied to the Green New Deal initiative.
According to NH, the “NH-Amundi Green New Deal Infra ESG Fund” will offer an alternative investment portfolio that focuses on exposure to both up-and-coming and less risky assets. Investments on hydrogen, fuel cell-related projects alongside solar and wind energies will be included in the portfolio.
The fund will be managed by NH-Amundi Asset Management, a Seoul-based joint venture between NH and Amundi Asset Management. On top of it, NH’s flagship commercial banking unit NH NongHyup Bank and its other affiliates including its insurer NongHyup Life Insurance and brokerage NH Investment & Securities will invest in the fund.
“We plan to become a forerunner in supporting our government’s Green New Deal initiative focused on fostering renewable energy projects such as solar and wind energies,” NH Financial Group Chairman Son Byung-hwan said in a statement.
South Korea aims to invest some 73 trillion won in its Green New Deal projects by 2025, hoping it will achieve carbon neutrality by 2050, the government recently said.
NH Financial Group’s total assets stood at 494.1 trillion won as of end-March.
By Jung Min-kyung (mkjung@heraldcorp.com)