Governor Kim Dong-yeon Meets CEO of UK Plastic Energy Company: "Active Support for Investment"

Gyeonggi Province Governor Kim Dong-yeon (right) warmly shakes hands with Carlos Monreal, CEO of Plastic Energy UK, before holding a meeting in his office on the 15th.

[Asia Economy (Suwon) = Reporter Lee Young-gyu] Kim Dong-yeon, Governor of Gyeonggi Province, has personally taken the initiative to attract foreign investment to achieve Gyeonggi Province's 2030 Greenhouse Gas Reduction Target (GDC).

On the 15th, Governor Kim held a meeting in his office with Carlos Monreal, CEO of Plastic Energy UK, and requested investment in Gyeonggi Province.

Governor Kim said, "Gyeonggi Province considers responding to climate change a very important policy direction, and I am delighted to hear that Plastic Energy is reviewing carbon-neutral investments this time. I hope a positive decision will be made, and significant investments will be made so that Gyeonggi Province can play a leading role in climate change. We will provide full support for the investment process," he promised.

In response, Carlos Monreal said, "The Korean market has a highly developed waste management system and petrochemical sector, and with active government support, I believe it has all the necessary components to realize a circular economy for plastics. Plastic Energy hopes to develop its first domestic project with the support of Gyeonggi Province," he replied.

Plastic Energy UK is a carbon reduction technology company operating pyrolysis oil manufacturing facilities that chemically recycle plastics.

Pyrolysis oil is used to produce petroleum and plastics. Plastic Energy is collaborating with petrochemical companies worldwide to establish factories in Spain, France, the Netherlands, and the United States. Currently, it is reviewing investment in manufacturing facilities in Korea and is considering Gyeonggi Province as a potential investment location.

Although the metropolitan area has high demand for recycled plastic output, the recycling rate is low, increasing social interest in plastic recycling. Plastic Energy's technology recycles plastics that are difficult to recycle, such as composite materials, which are usually sent to landfills and incinerators, into petroleum and plastics rather than simple fuel oil. This can replace existing petrochemical products and is seen as achieving a true circular economy.

The province plans to reduce greenhouse gas emissions by 40%, from 87.17 million tons in 2018 to 52.3 million tons by 2030, and increase the share of renewable energy generation, a key factor in reducing greenhouse gases, from 4% in 2020 to 30% by 2030.

The province expects to realize its policy goals through attracting global technology companies in the carbon reduction sector.

Meanwhile, on the 1st, the province received the Presidential Award in the local government category for investment attraction achievements from the Ministry of Trade, Industry and Energy.

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