Hyundai Motor Group to Transition to 100% Renewable Energy by 2050
Share
Hyundai Motor Group has announced that five key affiliate companies, including Hyundai Motor Company (Hyundai Motor) and Kia Corporation (Kia), aim to transition to 100% renewable energy by 2050. However, each firm will make independent efforts to achieve targets ahead of schedule, by as early as 2040, depending on energy supply and demand conditions at their respective overseas operations. Hyundai and Kia, along with other 3 firms, will join Climate Group’s RE100, a global initiative committed to moving toward 100% renewable energy. Joining 300 other global companies, the Group plans to further accelerate efforts on sustainable development and carbon neutrality.
The Group is considering various ways to procure renewable energy such as self-production through solar panels, power purchase agreements (PPA) with wind and solar energy producers, as well as the purchase through Korea Electric Power Corporation’s (KEPCO) ‘Green Premium’ program. Prior to the announcement to join RE100, major affiliates of Hyundai Motor Group were already expanding the implementation of renewable energy sources as well as technologies to reduce energy use across production processes.
Hyundai Motor and Kia, along with Hyundai Mobis Co., Hyundai Wia, and Hyundai Transys Inc., each will submit applications to the Korea RE100 Committee later this month. RE100, which stands for ‘Renewable Energy 100 Percent’, is a global initiative led by The Climate Group bringing together the world’s most influential businesses committed to 100% renewable energy and has been campaigning since 2014. To be a member, a company must have a significant power footprint (i.e. 100 GWh annually) and are required to submit mid-to-long-term renewable energy power securing plans within a year after joining. Over 300 global companies are participating.
