GH Initiates Timber Resource Recycling... Agreement with LX International Co., Ltd. and Others

Kim Se-yong, President of Gyeonggi Housing and Urban Corporation (center), is taking a commemorative photo on the 25th at the Gwanggyo headquarters in Suwon after signing an 'ESG Management Cooperation Memorandum of Understanding' with Yoon Chun-sung, President of LX International Co., Ltd. (right), and Lee Myung-hoon, CEO of Poseung Green Power.

Gyeonggi Housing and Urban Corporation (GH) is actively promoting a plan to supply woody waste generated from various development projects as fuel for power generation and to allocate a portion of the revenue from renewable energy sales as ESG donations.

To establish this resource-circulating ESG social cooperation model, GH announced on the 25th that it signed an 'ESG Management Cooperation Memorandum of Understanding' at its headquarters in Gwanggyo, Suwon, with LX International Co., Ltd. and Poseung Green Power.

According to the agreement, GH will supply woody waste and waste wood generated from housing construction, industrial complexes, residential land development, and road projects as fuel to the biomass power plant operated by Poseung Green Power to produce renewable energy. LX International, the parent company of Poseung Green Power, will promote cooperative projects for carbon neutrality and ESG management with GH and support collaboration between the companies.

GH plans to allocate a portion of the sales revenue from renewable energy produced through waste fuel resource recovery as ESG donations to give back to society.

GH expects that by supplying approximately 68,000 tons of woody waste and waste wood as biomass power plant fuel resources by 2029, it will reduce a total of 112,000 tons of carbon emissions and generate an energy substitution effect worth 21.3 billion KRW.

Poseung Green Power will produce 56 GWh of electricity, enough to supply about 196,000 households (based on four persons per household) for one month, using woody waste supplied by GH.

Additionally, GH anticipates achieving Gyeonggi Province's core public RE100 goal (converting 100% of electricity consumption to renewable energy) from 2026 through solar power generation and biomass fuel supply.

GH views this agreement as an excellent case that promotes renewable energy transition by recycling waste and contributes to creating social value through social contribution, expecting it to have a positive ripple effect on Gyeonggi Province's overall public energy policy.

Kim Se-yong, President of GH, stated, "This project is a cooperative model that integrates resource circulation and ESG management and is the first case in Korea where a public institution and private companies have jointly established a sustainable social contribution model. If expanded nationwide in the future, it could also contribute to achieving the national 2050 carbon neutrality goal."

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