South Korean solar energy solutions provider Hanwha Q CELLS became the first domestic renewable energy company to join the RE100. RE100 is a global campaign that encourages companies to generate 100% of their electricity for business proceedings from renewable energy sources. By applying the RE100 initiative to their domestic operations, Hanwha Q CELLS promotes environmental, social, and governance (ESG).
In Korea, companies can join the RE100 and generate power from 100% renewable energy sources through multiple implementation methods. Through the ‘green premium system,’ Korea Electric Power Corp. (KEPCO) enables companies to purchase and source clean electricity. Another way for companies to implement RE100 is to sign indirect power purchase agreements (PPA) with renewable energy power suppliers. Companies can also self-generate renewable energy or invest in renewable energy certificates (REC).
“We will become an eco-friendly general energy solution company that takes the lead in pruning carbon and combating climate change in the era of green and low-carbon economy,” said Kim Hee-chul, Hanwha Q CELLS’s president. Primarily, Hanwha Q CELLS will apply the RE100 to their domestic corporate operations by adhering to KEPCO’s green premium system. Additionally, Hanwha chemical subsidiary’s RE100 will include third-party PPAs and the further development of their solar-power generating capabilities. Hanwha Q CELLS will assess and adjust their RE100-related ventures for their operation facilities abroad depending on specific business conditions.
RE100 in other South Korean companies
Due to KEPCO’s green premium system, many local companies have been investing in advancing their renewable energy solutions. This week, SK IE Technology became the first factory facilitator in Korea to use 100% clean and renewable electricity. To incorporate RE100 to two of its operating centers, LG Chem has acquired 120 gigawatt-hours of renewable electricity through KEPCO’s green premium system. In line with the country’s goal of achieving carbon neutrality by 2050, other Korean companies have incorporated the RE100. Last year, SK Group joined the RE100 to supply their operations with 100% sustainable power by 2030.
By joining the RE100 campaign, the companies will receive recognition for their actions to decrease greenhouse gas emissions. Additionally, South Korea’s Ministry of Environment is preparing regulations that help local companies transition to renewable energy sourcing.
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