SK Officially Joins RE100... "Korea Allows Direct Corporate Renewable Energy Transactions"

Global RE100 Organizer Non-Profit 'The Climate Group'
Demands 6 Renewable Energy Policies Including PPA Introduction to Korean Government

[Asia Economy Reporter Moon Chaeseok] "Create a market where corporate buyers of all sizes can directly trade with renewable energy suppliers."

On the 4th, The Climate Group, a multinational non-profit organization based in London, UK, which leads the global RE100 campaign, made this demand to the South Korean government. RE100 is a campaign to source 100% of electricity consumption from renewable energy by 2050.

Source: The Climate Group

The Climate Group announced that seven SK Group companies have confirmed their membership in RE100. SK Holdings (the holding company SK), SK Telecom, SK Broadband, SK Hynix, SKC, SK Materials, and SK Siltron officially declared their RE100 membership for the first time in South Korea.

The organization stated, "SK Group has become the first in South Korea to join the global RE100 initiative," adding, "(The seven companies) operate in various industries such as chip manufacturing, chemicals, bio weapons, and telecommunications, and together consume over 31 terawatt-hours annually. This accounts for 5% of South Korea's electricity usage."

They further added, "SK Group companies plan to gradually move toward their goals by combining 'green contracts' through Korea Electric Power Corporation (KEPCO), self-generated projects, and third-party Power Purchase Agreements (PPAs)."

Source: The Climate Group

The organization officially requested the South Korean government to introduce PPAs. This means allowing direct transactions of renewable energy from renewable energy providers rather than through the 'third party' KEPCO.

Previously, Representative Kim Seonghwan of the Democratic Party of Korea proposed the PPA law in July, but it reportedly failed to pass the Industry, Trade, and Energy Patent Subcommittee on the 26th of last month due to opposition from the opposition party.

The organization suggested to the South Korean government that "a market structure enabling direct transactions between corporate buyers of all sizes and renewable energy suppliers is necessary." This means introducing the PPA law.

Additionally, they demanded ▲ the creation of a fair competition environment between renewable power and fossil fuel electricity ▲ promotion of corporate renewable energy sourcing ▲ provision of renewable energy sourcing options for corporate electricity suppliers ▲ promotion of direct investment in on-site and off-site renewable electricity projects ▲ issuance of competitively priced Environmental Attribute Certificates (EACs) to support a transparent system.

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