Hyundai Construction Declares Carbon Neutrality by 2045: "Transition to an Eco-Friendly Construction Ecosystem"

(Third from the right) CEO Yoon Young-jun and (from the left) Directors Kim Kwang-pyeong, Kim Jae-jun, Cho Hye-kyung, Hong Dae-sik, Jung Moon-gi, and Hwang Jun-ha are taking a commemorative photo after the '2045 Carbon Neutrality Declaration' board meeting. (Provided by Hyundai Construction)

[Asia Economy Reporter Kim Hyemin] Hyundai Engineering & Construction has declared 'Carbon Neutrality by 2045.' The goal is to reduce greenhouse gases by 38% compared to ten years ago by 2030 and achieve zero carbon emissions by 2045.

On the 26th, Hyundai Engineering & Construction became the first listed construction company in Korea to declare 'Carbon Neutrality by 2045' through a board resolution. Along with this, it announced its implementation strategy through a report containing its carbon neutrality vision titled 'Global Green One Pioneer: Net Zero by 2045.'

Hyundai Engineering & Construction set its targets based on the global carbon neutrality initiative SBTi. Specifically, the company plans to reduce emissions generated throughout the corporate value chain, including direct and indirect greenhouse gases emitted at construction sites, as well as emissions from partners and logistics, by 38% by 2030 compared to the base year (2020). Carbon emissions will be zero by 2045.

To realize this, four major tasks have been established: ▲ Transition to renewable energy and establishment of a low-carbon construction operation system ▲ Expansion of an eco-friendly portfolio based on EPC competitiveness and preemption of the energy transition market ▲ Expansion of eco-friendly projects and external business promotion through ESG bonds ▲ Strengthening of value chain carbon neutrality cooperation systems and spreading of internal and external carbon neutrality culture.

Specifically, the plan includes installing solar panels on construction site office roofs and idle land to improve energy efficiency at construction sites, replacing domestic employee work vehicles with eco-friendly vehicles by 2030, and developing smart construction technologies to minimize carbon emissions.

They also plan to expand eco-friendly portfolios in various fields such as zero-energy buildings, hydrogen plants, and carbon capture, utilization, and storage (CCUS) projects. The business scope will be expanded beyond designing, constructing, and operating renewable energy power plants to include power brokerage business.

Additionally, in the mid to long term, Hyundai Engineering & Construction plans to issue ESG bonds and pursue various external projects such as building eco-friendly plants in developing countries to acquire carbon emission credits. They will evaluate greenhouse gas emissions generated when partners manufacture or transport construction materials and establish customized management plans. Through this, they aim to continuously reduce emissions by 2.1% annually by 2030 compared to 2015.

Hyundai Engineering & Construction stated, "We aim to proactively respond to the climate change crisis, humanity's most important challenge, and lead a sustainable future," adding, "We will lead an eco-friendly construction ecosystem across various business areas."

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