Hanwha Q CELLS, First Renewable Energy Company to Declare RE100

Chairman Kim Seung-yeon, "Establishing and executing strategies to strengthen ESG while enhancing sustainability across our management activities"

[Asia Economy Reporter Hwang Yoon-joo] Hanwha Q CELLS has become the first Korean renewable energy company to declare RE100 (Renewable Energy 100%) for its domestic business sites. RE100 means replacing 100% of the electricity used in corporate activities with renewable energy, and companies that declare RE100 must gradually switch their existing electricity consumption to renewable energy by 2050.

With this, Hanwha Q CELLS not only contributes to a low-carbon, eco-friendly economy through renewable energy businesses such as solar and wind power in its business sectors, but also strengthens its status as a leading Green New Deal company and global renewable energy leader by utilizing renewable energy in its manufacturing and business operations to actively respond to the climate crisis.

Hanwha Q CELLS carries out RE100 through the Korean-style RE100 (hereinafter K-RE100) system introduced this year by the Ministry of Trade, Industry and Energy, which allows electricity consumers such as companies and institutions to selectively purchase and use renewable energy power. While the global RE100 campaign recommends participation for companies with an annual electricity usage of 100 GWh (gigawatt-hours) or more, K-RE100 encourages renewable energy use by allowing all domestic industrial and general electricity consumers who wish to purchase renewable energy to participate after registration with the Korea Energy Agency.

The Ministry of Trade, Industry and Energy implements five means to fulfill K-RE100. These include the 'Green Premium,' an additional fee attached to renewable energy power in general electricity rates; the Green Premium system for purchasing power from Korea Electric Power Corporation (KEPCO); direct purchase of Renewable Energy Certificates (REC) not used for RPS compliance; third-party Power Purchase Agreements (PPA) where KEPCO mediates direct power trading contracts between renewable energy producers and consumers; equity investment where electricity consumers directly invest in renewable energy projects; and self-generation where power produced by self-owned renewable energy facilities is directly used.

Among these, Hanwha Q CELLS prioritizes RE100 fulfillment through the Green Premium system and self-generation. In the mid to long term, it plans to combine other RE100 fulfillment methods such as third-party PPA by comprehensively considering electricity usage, emission allowance prices, and renewable energy unit costs. For overseas business sites, it will carefully review the RE100 system conditions of the respective countries before implementation, and the annual RE100 fulfillment rate will be flexibly adjusted according to external conditions.

Hanwha Group Chairman Kim Seung-yeon emphasized ESG management in his New Year's address this year, stating, "Indicators such as ESG have long been established as core management principles of global companies," and "As a global leader in the new renewable energy sector, we must actively respond to climate change and accelerate environmental management to lead the carbon-zero era."

Even before declaring RE100, Hanwha Q CELLS has continuously pursued eco-friendly and low-carbon values as a representative domestic renewable energy company. At the Jincheon factory, it has operated solar power plants of 1 MW (megawatt) and 500 kW (kilowatt) scale by utilizing idle spaces such as parking lots and rooftops, and plans to additionally construct a 2 MW power plant by further utilizing the factory building rooftop. In addition, in September last year, it became the first in the industry to obtain Grade 1 in the solar module carbon certification system. The solar module carbon certification system, implemented by the Ministry of Trade, Industry and Energy in July last year, quantifies and manages the total greenhouse gas emissions generated throughout the entire process of producing solar modules from raw materials to finished products, aiming to reduce carbon emissions and foster an eco-friendly industry.

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