Hanwha Q Cells, Hanwha Solution's solar solutions division, announced on Feb. 9 that it has declared "RE100" (Renewable Energy 100%) at its domestic workplace to strengthen ESG (environmental, social, and governance) management.
RE100 is a replacement of 100% of the electricity needed for corporate activities with renewable energy, and it is necessary to convert existing electricity consumption into renewable energy by 2050. Hanwha Q Cells is the first domestic renewable energy company to declare RE100.
Hanwha Q Cells will first carry out RE100 through a "green premium system" in which electricity consumers pay premium and purchase electricity produced from renewable energy from KEPCO and self-generation.
In the mid- to long-term, the company plans to combine third-party power purchase contracts (PPAs) with comprehensive consideration of electricity usage, emission prices, and unit prices of renewable energy.
In the case of overseas businesses, the company plans to closely examine the conditions of the RE100 system in the country before implementing it. The annual LE100 implementation rate is adjusted flexibly according to external conditions.
"Indicators such as ESG (environment, society, and governance) have long been a key management principle for global companies," Hanwha Group Chairman Kim Seung-yeon said in his New Year's address this year.
He added, "As a leader in global renewable energy, we should actively respond to climate change and speed up environmental management."
Kim Hee-chul, CEO of Hanwha Q Cells, said, "We will become an eco-friendly comprehensive energy solution company that takes the lead in carbon reduction and climate change in the era of eco-friendly and low-carbon economy."
