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South Korean companies that have joined RE100

09/14/2022 | 10:00pm EST

SEOUL, Sept 15 (Reuters) - Samsung Electronics announced on Thursday it joined the RE100 initiative, a group of global corporations committed to 100% renewable energy in the future.

Excluding Samsung, 22 out of the 379 companies that have joined RE100 are South Korean, or 6%, according to Reuters' calculation from a list by the CDP, an environmental non-profit organisation that brings together companies seeking to join RE100.

All 22 have joined since 2020.

Here is a rundown of its South Korean compatriots' environmental targets and announced initiatives.

HYUNDAI MOTOR

Hyundai Motor Co, its sister company Kia Corp and auto parts affiliates Hyundai Mobis and Hyundai Wia joined RE100 in 2022.

While all four companies aim to transition to 100% renewable energy by 2050, each 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 said in a statement in April.

Hyundai Motor Group, South Korea's third-largest conglomerate, is considering various ways to procure renewable energy, such as self-production through solar panels and power purchase agreements (PPA) with wind and solar energy producers, it said.

LG ENERGY SOLUTION

Battery maker LG Energy Solution Ltd (LGES) joined RE100 in 2021.

It said in August that it plans to complete the conversion of global production facilities to 100% renewable energy by 2025, and is targeting turning all value chains -- from raw materials, such as mines, to battery production -- to net zero carbon emissions by 2050.

The South Korean firm, which supplies electric vehicle (EV) batteries to automakers including Tesla Inc, General Motors Co, Ford Motor Co and Volkswagen AG , said it is on track to raise its conversion rate to renewable energy to 60% or more by the end of this year, up from 33% in 2020.

"Batteries are a tool for sustainable life for mankind and a key industry in the future," LG Energy Solution CEO Kwon Young-soo said.

"LG Energy Solution will do its best to realise 'carbon negative', beyond carbon neutrality, throughout management."

Affiliate LG Innotek, maker of camera modules and other device components, joined RE100 in 2022.

SK GROUP

SK Group, South Korea's second-largest conglomerate, has been enthusiastic concerning environmental initiatives.

Seven SK affiliates joined RE100 in 2020 and 2021, including SK Hynix, SK Telecom, battery component developer SK IE Technology, holding company SK Inc , chip materials maker SK Materials, chip wafer maker SK Siltron and battery material maker SKC.

The world's second-largest memory chip maker SK Hynix is aiming to procure 33% of the energy needed for its global operations from renewables by 2030, and targets 100% renewable energy by 2050.

"The international community is strengthening environmental regulations," SK Group said in a statement in 2020.

"Countries like Korea that heavily rely on trade do not have any other options but to adopt low carbon emission and eco-friendly management of business such as the RE100 initiative in order to bolster the country's export competitiveness."

OTHERS

Other South Korean companies that have joined RE100 are Korea Zinc, telecom company KT, cosmetics firm Amorepacific, Incheon International Airport, KB Financial Group, Korea Water Resources Corporation, Mirae Asset Securities, tech firm Naver and Lotte Chilsung Beverage.

(Reporting by Joyce Lee and Heekyong Yang; Editing by Ana Nicolaci da Costa)


ę Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
AMOREPACIFIC CORPORATION 2.05% 124500 End-of-day quote.-25.45%
AMOREPACIFIC GROUP 6.33% 32750 End-of-day quote.-26.16%
FORD MOTOR COMPANY -2.49% 13.73 Delayed Quote.-32.21%
GOLD 0.70% 1753.25 Delayed Quote.-4.28%
HYUNDAI CORPORATION -1.41% 17500 End-of-day quote.4.17%
HYUNDAI MOBIS CO.,LTD -0.48% 208500 End-of-day quote.-18.07%
HYUNDAI MOTOR COMPANY 0.90% 167500 End-of-day quote.-19.86%
HYUNDAI WIA CORPORATION 1.36% 59700 End-of-day quote.-25.28%
INNOTEK LIMITED 5.56% 0.475 Delayed Quote.-45.45%
KB FINANCIAL GROUP INC. -2.18% 49300 End-of-day quote.-10.36%
KIA CORPORATION 0.00% 65400 End-of-day quote.-20.44%
KOREA ZINC COMPANY, LTD. -1.67% 646000 End-of-day quote.26.42%
KT CORPORATION 0.13% 37150 End-of-day quote.21.41%
LG ENERGY SOLUTION, LTD. -1.58% 562000 End-of-day quote.0.00%
LG INNOTEK CO., LTD. 1.67% 304500 End-of-day quote.-16.35%
LOTTE CHILSUNG BEVERAGE CO., LTD. 3.31% 156000 End-of-day quote.16.85%
MIRAE ASSET SECURITIES CO. LTD. -1.82% 6470 End-of-day quote.-25.20%
MIRAE CORPORATION 0.00% 11500 End-of-day quote.-18.15%
NAVER CORPORATION -2.43% 180500 End-of-day quote.-52.31%
S&P GSCI GOLD INDEX 0.72% 1029.34 Real-time Quote.-3.27%
SAMSUNG ELECTRONICS CO., LTD. -1.48% 60100 End-of-day quote.-23.24%
SILVER 1.95% 21.319 Delayed Quote.-8.67%
SK HYNIX INC. -2.35% 83100 End-of-day quote.-36.56%
SK IE TECHNOLOGY CO., LTD. -3.37% 66000 End-of-day quote.-60.71%
SK INC. 0.24% 210500 End-of-day quote.-16.14%
SK TELECOM CO.,LTD -0.20% 49900 End-of-day quote.-13.82%
SKC CO., LTD. -1.36% 109000 End-of-day quote.-37.54%
TESLA, INC. 0.03% 182.92 Delayed Quote.-48.07%
VOLKSWAGEN AG -0.97% 135.24 Delayed Quote.-23.80%
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