Choi Tae-won Driving Momentum for the 'Green New Deal'

First Domestic Company to Apply for 'RE100' Committee Membership with 8 Affiliates
Replacing Affiliate Electricity with Renewable Energy by 2025

[Asia Economy Reporter Hwang Yoon-joo] Chey Tae-won, Chairman of SK Group, has announced a strategy to replace all electricity used by major affiliates with renewable energy such as wind and solar power by 2050, supporting the government's Green New Deal policy.

On the 2nd, SK Group announced that eight affiliates including SK Inc., SK Telecom, SK Hynix, SKC, SK Siltron, SK Materials, SK Broadband, and SK IE Technology have submitted membership applications to the Korea RE100 Committee.

RE100 stands for "Renewable Energy 100%," meaning that companies will procure 100% of their electricity consumption from renewable energy sources such as wind and solar power by 2050. It was launched in 2014 by The Climate Group, a multinational non-profit organization based in London, UK, and currently over 260 companies worldwide, including Google, Apple, GM, and IKEA, have joined. SK is the first in Korea. With SK leading the way, other groups such as Samsung, LG, and Hanwha are expected to join RE100 as well.

Using 100% renewable energy is part of the Environmental, Social, and Governance (ESG) management activities that Chairman Chey has emphasized. Analysts say this reflects Chairman Chey’s determination to make ESG a core part of corporate management. SK plans to soon sign contracts with renewable energy producers and Korea Electric Power Corporation to join the "Green Tariff Program," which involves paying a premium to purchase zero-carbon electricity when receiving renewable energy. SK also plans to increase its renewable energy usage ratio through equity investments in renewable energy projects. Affiliates related to fossil fuel businesses such as power generation, refining, petrochemicals, and gas?namely SK E&S, SK Energy, and SK Gas?which are excluded from membership, plan to set their own goals equivalent to RE100 and expand renewable energy use independently.

Chairman Chey plans to actively support the government's Green New Deal policy starting with joining RE100. Previously, SK decided to invest 2 trillion won in the Saemangeum floating solar power project and data center establishment through a consortium consisting of SK E&S and SK Broadband.

This content was produced with the assistance of AI translation services.