Factbox: South Korean companies that have joined RE100

SK Telecom Co

15/09/2022 03:00

SEOUL, Sept 15 (Reuters) - Samsung Electronics  005930.KS 
announced on Thursday it joined the RE100 initiative, a group of
global corporations committed to 100% renewable energy in the
future.  urn:newsml:reuters.com:*:nL4N30L0EC
    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  005380.KS , its sister company Kia Corp
 000270.KS  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)  373220.KS 
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  TSLA.O , General
Motors Co  GM.N , Ford Motor Co  F.N  and Volkswagen AG
 VOWG_p.DE , 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  011070.KS , 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  000660.KS , SK Telecom  017670.KS , battery component
developer SK IE Technology  361610.KS , holding company SK Inc
 034730.KS , chip materials maker SK Materials, chip wafer maker
SK Siltron and battery material maker SKC  011790.KS . 
    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  010130.KS , telecom company KT  030200.KS ,
cosmetics firm Amorepacific  090430.KS , Incheon International
Airport, KB Financial Group  105560.KS , Korea Water Resources
Corporation, Mirae Asset Securities  006800.KS , tech firm Naver
 035420.KS  and Lotte Chilsung Beverage  005300.KS . 
    

 (Reporting by Joyce Lee and Heekyong Yang; Editing by Ana
Nicolaci da Costa)
 ((joyce.lee@tr.com;))