Hyundai Motor, Mobis, Wia and Kia join RE100

Hyundai Motor's manufacturing facility in Indonesia [HYUNDAI MOTOR]

Hyundai Motor Group announced Monday that its four units — Hyundai Motor, Kia, Hyundai Mobis and Hyundai Wia — signed up for RE100, a global initiative which sees corporations pledge to meet the 100-percent-renewable-energy goal by 2050.

The four units first announced their plan to join the RE100 campaign last July in order to attain sustainable management and carbon neutrality.

After a thorough evaluation, the four finally received approval from the Korea RE100 Committee.

The group’s four units will work together for the goal of carbon neutrality at their overseas manufacturing sites. The companies will directly produce and deploy renewable energy via different renewable sources including solar panels.

Another area of focus will be engaging in a power purchase agreement (PPA), a contract in which renewable energy buyers purchase energy from suppliers.

The Hyundai Motor affiliates plan to buy electricity generated by renewables with an extra charge through Korea Electric Power Corporation’s program called Green Premium.

“The group plans to reach carbon neutrality by building eco-friendly smart factories, electrifying automobiles and supporting the carbon neutrality of supply chain for auto parts," said a spokesperson from Hyundai Motor.

The Hyundai Motor affiliates are the latest to join Korean corporations' push for carbon neutrality following companies including SK, LG Energy Solution, Amore Pacific and Mirae Asset Securities.

BY CHUN IN-SEONG [cho.jungwoo1@joongang.co.kr]