14 September 2021, London – Today, four South Korean businesses joined RE100: KB Financial Group, Korea Zinc, Mirae Asset Securities and SK ie Technology.
They join nine other Korean RE100 members, in committing to source 100% renewable electricity by 2050, the first of which joined in December 2020. This growing base of demand shows the increased business appetite and dedication to sourcing 100% clean power in South Korea.
KB Financial Group, Korea’s leading financial services provider, has pledged to source 100% renewable electricity by 2040. And Korea Zinc have set a target to use 100% clean power for their global operations by 2050.
Mirae Asset Securities today announced that they will source 100% renewable electricity by 2025. Similarly, SK ie Technology aims to use 100% renewable electricity for its entire operations by 2030, with an interim target of using 60% by 2025.
South Korea is known to be one of the most challenging global markets in which to source renewables. However, the South Korean government has made steps towards addressing this in their Green New Deal, which sets net zero emissions targets for 2050. But there’s still much work to be done to remove the barriers to sourcing renewables and boost the South Korean economy.
New research by leading Korean research institutes estimates that major South Korean export industries will shrink by up to 40% by 2040 if they don’t switch to renewable electricity, leading to a possible contraction of the country’s GDP by 3.8%. Moreover, these findings are conservative and are based on a scenario of little to no reforms of the South Korean electricity market.
Further reforms will allow South Korean businesses to fully realise the benefits of setting renewable electricity targets, and to minimise the loss to exports. The research demonstrates that for the Korean economy to maintain a long-term competitive advantage, businesses should transition to sourcing renewable electricity and commit to RE100.
Sam Kimmins, Head of RE100 at Climate Group said, “We are delighted that these four Korean businesses have made significant commitments to source 100% renewable electricity by joining the RE100. This shows that businesses in Korea want to use clean power, but to do so they need policies that make renewable electricity as cost effective as seen in other key markets around the world.”
Quotes from South Korean businesses
Jong Kyoo Yoon, Chairman and CEO of KB Financial Group said, "RE100 is a Collaborative global initiative of influential businesses committed to 100% renewable electricity. KB Financial Group is excited to join RE100 driving collective efforts to combat climate change crisis with leading companies. As a leading ESG company in Korea, we will strive to fulfil our roles and responsibilities to expand use of renewable energy and support transition toward a low-carbon economy."
Yun B. Choi, CEO of Korea Zinc said, “In the midst of a worsening crisis of climate change, Korea Zinc is deeply grateful for the opportunity to join RE100. Believing that RE100 membership will become one of those defining moments in our corporate history, Korea Zinc will ensure that our innovative DNA continues to pursue sustainability goals such as carbon neutrality and circular economy.”
Hyun Man Choi, CEO of Mirae Asset Securities said, "We recognize the importance and urgency of achieving carbon net-zero. To accelerate carbon neutrality, we are hoping to all our stakeholders to join hands in order to secure the resilient future and environment beyond the corporate sustainability."
Jaesok Rho, President of SK ie Technology said, “SK ie Technology will make every effort to reduce all kind of wastes including greenhouse gases, generated in the manufacturing process to create sincere eco-friendly products. We already set the goal, 100% renewable energy until 2030 and the plans are carried out one by one.”
Notes to Editors
About Climate Group
Climate Group drives climate action. Fast. Our goal is a world of net zero carbon emissions by 2050, with greater prosperity for all. We focus on systems with the highest emissions and where our networks have the greatest opportunity to drive change. We do this by building large and influential networks and holding organisations accountable, turning their commitments into action. We share what we achieve together to show more organisations what they could do. We are an international non-profit organisation, founded in 2004, with offices in London, New Delhi and New York. We are proud to be part of the We Mean Business coalition. Follow us on Twitter @ClimateGroup.
RE100 is a global initiative bringing together the world’s most influential businesses committed to 100% renewable power. Led by international non-profit the Climate Group in partnership with CDP, the group have a total revenue of over US$6.6 trillion and operate in a diverse range of sectors. Together, they send a powerful signal to policymakers and investors to accelerate the transition to a clean economy. #RE100
About KB Financial Group
KB Financial Group is Korea’s leading financial services provider offering broad range of financial products and services. The Group was founded in 2008 to better serve clients, enable growth and deliver value in a rapidly changing financial environment. Our core strengths are expertise, broad customer base, wide distribution network and strong brand. Under the Group, there are 13 subsidiaries including: KB Kookmin Bank, KB Securities, KB Insurance, KB Kookmin Card, Prudential Life Insurance, KB Asset Management, KB Capital, KB Life Insurance, KB Real Estate Trust, KB Savings Bank, KB Investment, KB Data Systems and KB Credit Information. Through our businesses, we are providing integrated financial solutions and services to our clients to help them achieve their financial goals and thrive.
About Korea Zinc
Korea Zinc has invested considerably in technology and human resources and has become a world-class non-ferrous metal company with an annual production of 1.2 million tonnes of 18 products including its flagship products of zinc and lead. Recently, Korea Zinc has entered a new chapter of growth by investing in the lithium-ion battery copper foil business in Korea and renewable energy projects in Australia, which signifies Korea Zinc’s strong commitment to continuous innovation on strategic growth as well as corporate sustainability.
About Mirae Assets Securities
Mirae Asset Securities is a leading financial institution of South Korea that is committed to pioneering a sustainable future through finance with a clear understanding of our environmental roles and responsibilities.
About SK ie Technology
SK ie Technology is a major player in the premium LiBS (Lithium-ion Battery Separator) market and will become a global top material solution provider with distinguished technical competitiveness. LiBS (Lithium-Ion Battery Separator) has been contributing to reducing greenhouse gas emissions.