Standard Chartered has pledged US$8-10 billion (RMB60-75 billion) as part of a five-year commitment to focus on renewable and clean energy financing in Asia, Africa and the Middle East.

The pledge, made at the 3rd annual Clinton Global Initiative in New York, will see Standard Chartered boost its role as a lead arranger of debt, financial advisor or as equity investor in energy projects such as wind, hydro, geothermal, solar, biomass and coal-bed methane.

The bank aims to "build scale in the sector" through approaches such as financing "first-of-kind" projects in developing economies, and the encouragement of local currency financing and refinancing.

"Businesses need to do more, and with this pledge we are leading by example," said Standard Chartered Group Chief Executive Peter Sands.