Kim Dong-kwan, CEO of Hanwha Solutions, "Companies Must Present Practical Solutions to Address Climate Change"

Kim Dong-gwan Emphasizes Corporate Role in Keynote Speech at P4G Summit

[Asia Economy Reporter Yoonju Hwang] Kim Dong-kwan, President of the Strategy Division at Hanwha Solutions, stated on the 31st, "Companies must present practical solutions to address climate change," and pledged to fulfill their role as an eco-friendly energy company.

In his keynote speech at the '2021 P4G Summit' held from the 30th to the 31st of this month, President Kim said, "We will develop smart and cost-effective eco-friendly technologies as solutions to climate change."

P4G (Partnering for Green Growth and the Global Goals 2030) is a global consortium established by governments, businesses, and civil society to jointly tackle climate change and promote sustainable growth. President Kim was the only CEO from a domestic large corporation to speak at the main session, alongside former New York Mayor Michael Bloomberg and Fatih Birol, Executive Director of the International Energy Agency (IEA).

On the day, President Kim introduced hydrogen co-firing power generation technology as one of the solutions, stating, "Technological innovation is needed to drastically reduce carbon emissions while utilizing existing production facilities."

Hydrogen co-firing power generation (H2GT) is a method of producing electricity by burning hydrogen and liquefied natural gas (LNG) together in a gas turbine. Using this technology can reduce carbon dioxide emissions by more than 30% compared to conventional LNG power generation and also prevent nitrogen oxide emissions. Hanwha Solutions’ subsidiary, Hanwha General Chemical, acquired the world-renowned gas turbine companies PSM in the U.S. and ATH in the Netherlands in March, securing Korea’s first hydrogen co-firing power generation technology. Currently, hydrogen can be mixed up to 65%. Future research and development (R&D) is underway to increase the hydrogen ratio to 100%, significantly reducing carbon emissions.

President Kim emphasized, "H2GT technology is only one piece of the decarbonization puzzle, but by leveraging its potential to innovate power plant operations, we can realize significant change."

Additionally, President Kim proposed solutions to effectively supply eco-friendly energy through software (SW) innovation beyond just hardware (HW) infrastructure to reduce carbon emissions.

He said, "In cities with diverse energy consumption patterns, it is important to manage supply and demand stably while efficiently reducing carbon emissions. The answer lies in big data and artificial intelligence (AI) technologies."

As a solution utilizing these technologies, President Kim introduced ‘Growing Energy Labs (GELI)’, a U.S. software company acquired by Hanwha Solutions in December last year. GELI analyzes users’ electricity consumption pattern data using AI technology and develops core technologies for operating virtual power plants (VPPs) that provide consumers with electricity generated from eco-friendly energy sources such as solar power at the most efficient rates and sell surplus electricity elsewhere.

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