The International Renewable Energy Agency's (Irena) director-general Hélène Pelosse has opened the agency’s bank account with Standard Chartered Bank, which works to drive sustainable economic growth worldwide.

Officially established in 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.

“We have already financed more than $3.2 billion of renewable energy and clean technology projects and remain committed to growing this part of our business,” added Shayne Nelson, regional chief, Mena, Standard Chartered Bank.

A signatory to the Equator Principals, in 2007, Stanchart made a pledge to the Clinton Global Initiative to advise on or finance new renewable and clean energy projects totalling $8-10 billion of total project value over the next five years.

Irena’s 136 member states have selected Abu Dhabi as the headquarters, and Pelosse as the interim director-general.-TradeArabia News Service