Korea Midland Power focuses on sustainability
Korea Midland Power is focused on ensuring sustainable growth by actively promoting carbon-offsetting activities as part of its effort to go carbon neutral.
In line with the global shift to carbon neutrality, the company has concentrated on developing renewable energy sources such as solar and wind power.
In particular, Korea Midland Power has successfully secured domestic emission rights through overseas greenhouse gas reduction projects linked to social contributions to global carbon neutrality.
This is the first example of a domestic company implementing a system to reduce greenhouse gas emissions based on clean development mechanism projects promoted overseas.
The company’s efforts are of great significance as it has contributed to the sustainable development of developing countries and provided effective means for the implementation of carbon neutrality.
One example is the traditional cooking stove, which is used by 80 percent of Bangladeshi households. The stove relies on wood, causing deforestation, and impacts people’s health due to the smoke.
In response, Korea Midland Power has invested $10 million since 2018 to supply a million high-efficiency stoves with triple thermal efficiency.
Through this supply, the company has contributed to revitalizing the underdeveloped economy and securing stable carbon emission rights.
Korea Midland Power is also carrying out a clean development mechanism project to block gas leaking from poorly-connected pipes that supply gas to homes in Bangladesh.
It will work with four Bangladeshi gas suppliers to block gas leaks, provide access to clean fuel to marginalized residents and secure carbon emissions stably for 10 years.
The company is working to bring clean fuel and high-efficiency devices to local governments and small businesses.
It is gaining momentum in the field of environmental, social and governance (ESG) management by reserving carbon emission rights as well as creating shared value through green practices.
In addition, Korea Midland Power reduced greenhouse gas emissions by producing electricity from discarded methane (CH4) emitted from small businesses that generate landfill gas and methane.
As a result of the project, the company was certified by the government for cutting 17,939 tons of greenhouse gas emissions and small businesses with landfill gas power were able to operate in the black due to increased power generation.
The company signed a win-win contract in May 2021 with Gangwon Province and Korea LPG Pipelines Institute to cut greenhouse gas emissions by constructing a network of pipes to carry liquefied petroleum gas.
Korea Midland Power plans to expand its businesses to other local governments where LPG piping networks are installed and expects to cut about 40,000 tons of greenhouse gas emissions over 10 years through the investment of a total of 1 billion won.
BY HAJIN KIM [firstname.lastname@example.org]