– Four Hyundai Motor Group affiliates, including Hyundai Motor Company, Kia Corporation, Hyundai Mobis and Hyundai Wia, to join RE100 initiatives
– The Group aims to transition to 100% renewable energy between 2040 and 2050
– Other affiliates, including Hyundai Transys, Hyundai Kefico and Hyundai Partecs, agree with purpose and aim of RE100, aligning with the Groups commitment
WEBWIRE – Monday, April 25, 2022
Hyundai Motor Group (the Group) today announced that four key affiliate companies, including Hyundai Motor Company (Hyundai Motor) and Kia Corporation (Kia), are now members of Climate Groups RE100, a global initiative committed to large corporates moving toward 100 percent renewable electricity.
In addition, Hyundai Mobis Co. and Hyundai Wia also become members of Climate Groups RE100. All four affiliates join more than 350 other global firms in the initiative, with plans to accelerate efforts on the use of 100 percent renewable electricity throughout its global operations.
While all four companies aim to transition to 100 percent 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.
Under the goal of carbon neutrality, the four companies plan to establish a joint RE100 response system at global sites where they commonly operate. The Group is considering various ways to procure renewable energy, such as self-production through solar panels, power purchase agreements (PPA) with wind and solar energy producers, as well as purchase through Korea Electric Power Corporations (KEPCO) Green Premium program.
Other Group affiliates have agreed with the need to transition to 100 percent renewable energy and plan to actively use it at their operations going forward. Hyundai Transys, Hyundai Kefico, Hyundai Partecs, Hyundai Capital, Hyundai NGV and Mocean will cooperate with Hyundai Motor. Kia Tigers baseball club will cooperate with Kia. HL GreenPower, Hyundai IHL and GIT will cooperate with Hyundai Mobis. And Wia Magna Powertrain and Hyundai Wia Turbo will cooperate with Hyundai Wia.
The Group plans to successfully achieve its carbon neutrality goal by various ways as well as RE100 initiatives. The Group will build an eco-friendly smart factory for efficient production, acceleration of vehicle electrification, and support carbon neutrality in its global supply chain.
RE100 is a global initiative led by the Climate Group and CDP, bringing together the worlds most influential businesses committed to 100 percent renewable electricity, and has been campaigning since 2014. To be a member, a company must have a significant power footprint (i.e., 100 GWh annually) and are required to submit mid- to long-term renewable energy power securing plans within a year after joining. Over 350 global companies are members of RE100.