South Korea’s Hana Financial Group has partnered up with the nation’s top university in science and technology to bolster the scientific approach toward achieving carbon neutrality by 2050.

On Thursday, Hana said it signed a deal with the Korea Advanced Institute of 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 ($16.7 million) 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.

“With carbon neutrality having risen as a key issue in the global society, commercialization of the future carbon technology has become imminent,” Hana Financial Group Chairman Kim Jung-tai said in a statement.

“The partnership between Hana and KAIST will become a game-changer in the commercialization of the technology and the path toward resolving climate change issues,” he added.

The deal is the latest in Hana’s efforts to contribute to achieving a carbon-neutral society and to adopt ESG values in management.

Last year, it launched its interim ESG goal dubbed “2030 & 60,” pledging to carry out ESG financing worth a combined 60 trillion won by 2030. The plan involves floating ESG bonds worth 25 trillion won, extending ESG loans worth 25 trillion won and attracting ESG investments worth 10 trillion won.

Korea’s third-largest banking group by total assets is also pursuing to end all projects tied to coal financing by 2050.

To balance out all parts of ESG, Hana said it seeks to strengthen customer protection and help foster socially conscious startups. It plans to expand the transparency of disclosing company information and data; while improving risk management through the enterprise security risk management approach.

Hana’s net profit for 2021 jumped 33.4 percent on-year to nearly 3.6 trillion won, the firm said in a recent regulatory filing. Operating profit surged 20.7 percent to 4.63 trillion won in the cited period, with the total asset reaching some 6.5 trillion won as of the second half of 2021.