Samyang Foods Signs Business Agreement with Energy Agency to Promote Renewable Energy Distribution

At the business agreement ceremony held at Samyang Foods headquarters on the 27th, Kim Chang-seop, Chairman of the Korea Energy Agency (left), and Kim Jung-soo, CEO of Samyang Foods, are posing for a commemorative photo.

[Asia Economy Reporter Lim Hye-seon] Samyang Foods announced on the 30th that it signed a "Memorandum of Understanding for Mutual Cooperation to Promote the Spread of Renewable Energy" at its headquarters in Hawolgok-dong, Seongbuk-gu, attended by Kim Jeong-su, President and CEO, and Kim Chang-seop, Chairman of the Korea Energy Agency.

Through this agreement, both companies agreed to actively contribute to the government's Green New Deal policy by mutually cooperating to promote the spread of renewable energy such as solar power and BIPV (Building-Integrated Photovoltaics) and participating in the Korean RE100 (K-RE100) campaign.

First, as part of ESG management, Samyang Foods will participate in renewable energy distribution projects at its headquarters and all business sites. Additionally, the Korea Energy Agency will cooperate in installing BIPV at the Samyang Foods Miryang factory, which is currently under construction. BIPV is characterized by its integration with buildings, allowing efficient use of architectural structures and land without damaging the surrounding environment.

Samyang Foods will also actively participate in the K-RE100 campaign. RE100 is a global campaign aiming to switch 100% of electricity consumption to renewable energy by 2050. It is recommended for companies with an annual electricity usage of 100 GWh or more. Introduced in 2021 under the Ministry of Trade, Industry and Energy, K-RE100 allows participation from companies and consumers wishing to use renewable energy regardless of their electricity consumption level.

Furthermore, both parties agreed to mutually cooperate in discovering and supporting incentives related to renewable energy for medium-sized enterprises.

Kim Jeong-su, President and CEO of Samyang Foods, said, "Through this memorandum of understanding, we will actively contribute to the government's Green New Deal policy by promoting the spread of renewable energy and participating in the K-RE100 campaign," adding, "We will strive to further accelerate Samyang Foods' practice of ESG management."

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