Hyundai Mobis to Use Renewable Energy for All Electricity Needs by 2040

South Korean automobile parts manufacturer Hyundai Mobis [012330:KS] stated that it will use renewable energy for 65% of its electricity by 2030 and all electricity by 2040 for its facilities around the world, as reported by the Korea Economic Daily on July 11. The company’s 100% renewable energy commitment is 10 years earlier than the requirement of corporate renewable energy initiative RE100, of which Hyundai Mobis is a member. The Hyundai Motor Group[005380:KS] affiliate stated that its Slovak facility has already utilized 100% renewable energy throughout the production process, and it plans to increase green electricity usage in its other factories across the world by acquiring renewable energy directly or purchasing renewable energy certificates (RECs).

Hyundai Mobis has committed to achieving carbon neutrality by 2045 to reduce carbon emissions by 30% compared to 2019 in 2030, as well as achieving zero waste in all operations by 2030. South Korea’s top corporations, notably LG [003550:KS] and Hanwha [00088K:KS], have likewise pledged to go carbon-free. LG, for example, has announced a commitment to decreasing overall emissions by half to 960,000 tons by 2030, from 2m tons in 2017. Furthermore, LG has planned to increase its investment in environmentally friendly technology such as biomaterials and waste battery reuse. LG plans to invest more than KRW2tr (USD1.53bn) in this field during the next five years.

Sources:

https://www.kedglobal.com/carbon-neutrality/newsView/ked202207110007

https://www.energytrend.cn/news/20210910-98435.html

https://www.kedglobal.com/cn/lg/newsView/ked202206300007

https://www.sohu.com/a/315407022_100232455