Hyundai's Largest Affiliate Brands Apply to Join RE100, Committing to 100% Renewable Energy
Hyundai's five largest affiliate brands have submitted applications to join the RE100 scheme, demonstrating their commitment to procure 100% renewable energy by 2050, ideally by 2040. South Korea, where Hyundai is based, currently has the lowest share of renewables in its energy mix among all nations, but legislative efforts are underway to transition towards a net-zero emissions target by 2050.
Hyundai's plan includes developing joint response plans for sites where multiple brands operate, ensuring a collaborative approach to renewable energy procurement. The group will explore a combination of onsite solar generation, power purchase agreements (PPAs), and green tariffs. Priority will be given to onsite solar generation to increase renewable energy capacity. Hyundai has already installed 25,500 MWh of solar panel electricity generating capacity at two of its sites.
The Climate Group's annual report on the RE100 initiative highlights the significant participation of over 310 companies, representing combined revenue of over US$6.6 trillion and accounting for more than 7% of global GDP. This demonstrates the growing commitment of businesses worldwide to transition to 100% renewable energy.
By joining the RE100 scheme, Hyundai and its affiliate brands are taking a significant step towards reducing their carbon footprint and contributing to the global transition to a sustainable energy future.
