Hana partners with KAIST to boost scientific approach towards carbon neutrality

South Korea’s Hana Financial Group has partnered with the Korea Advanced Institute of Science and Technology (KAIST) to bolster the scientific approach toward achieving carbon neutrality by 2050.

On Thursday, Hana said it signed a deal with KAIST, the nation’s top university in science and technology, with the goal of developing new technology based on environmental, social, and governance values.

The goal would be based on the institutions’ joint efforts to resolve climate change issues, smoothen the shift toward low-carbon energy systems and expand the use of new and renewable energy.

Hana will finance a combined 20 billion won as part of the deal to launch joint research on science and technological convergence for carbon neutrality and translate it into corporate goals, alongside establishing a research facility focused on artificial photosynthesis. The think tank would be established upon the common purpose of social contribution for the future.

Artificial photosynthesis is a key part of the new partnership, Hana said, calling the technology a vital part of the path toward a carbon-neutral society. Simply, artificial photosynthesis mimics natural photosynthesis to convert sunlight, water, and carbon dioxide into carbohydrates and oxygen.

Hana has partnered with Korea's top university in science and technology, the Korea Advanced Institute of Science and Technology (KAIST), to create new technology based on environmental, social, and governance ideals.

The ultimate objective would be to capitalize on the institutions' efforts to address climate change concerns, speed the shift toward low-carbon energy systems, and increase the usage of new and renewable energy.

Hana will invest 20 billion won as part of the collaboration aiming to launch joint research on science and technological convergence for carbon neutrality, with the ultimate aim of establishing a research facility focused on artificial photosynthesis. The think tank would be based on a shared vision for social responsibility in the future.

Artificial photosynthesis is an important element of the new collaboration, according to Hana, who referred to it as a key step toward carbon neutrality. Simply put, artificial photosynthesis copies natural photosynthesis by converting sunlight, water, and carbon dioxide into carbohydrates and oxygen using solar energy.

According to Hana Financial Group Chairman Kim Jung-tai, with carbon neutrality having risen as a key issue in the global society, commercialization of the future carbon technology has become imminent.

He described the partnership between Hana and KAIST as a game-changer in the commercialization of the technology and the path toward resolving climate change issues.

Hana's net income increased 33.4 percent on-year to approximately 3.6 trillion won, according to a recent regulatory filing. In the stated period, operating profit grew 20.7 percent to 4.63 trillion won, with the total asset reaching some 6.5 trillion won as of the second half of 2021.