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The Solution for a Sustainable Future, RE:GEN NEW ENERGY
By 2030, South Korea's energy and industrial sectors need to reduce their greenhouse gas emissions by 157.6 million tons (Co2eq). The world is currently engaged in a carbon war to address the urgent issue of environmental pollution and climate change. Developed countries are implementing trade barriers such as tariffs and disclosures to reduce greenhouse gases. China is increasing its low-carbon competitiveness through technological innovation and its vast land area. The United States has announced plans to impose tariffs of $55 per ton of greenhouse gas emissions on 12 imports, including petrochemicals, starting in 2024. As we navigate this economic war on carbon, it's important to consider ways to reduce greenhouse gas emissions.
Hyosung Heavy Industries is committed to mitigating the impact of carbon emissions on climate change by replacing non-ecofriendly energy sources with sustainable alternatives. To secure a better future for mankind, we are preparing for the next generation through Hyosung Group's RE:GEN NEW ENERGY initiative. Our efforts are focused on achieving decarbonization through electrification, facilitating the transition to a clean energy era, and developing eco-friendly solutions.
Hyosung Heavy Industries' Efforts to Reduce Carbon Footprint
Electricity is the primary means for achieving decarbonization. This is because the electric energy source can be converted into clean energy such as wind and solar power to realize decarbonization. Also, Electricity holds superior energy efficiency compared to traditional fossil fuel-based equipment and effectively reduces carbon emissions, and curbs air pollution at the final usage stage. According to the International Energy Agency (IEA), electricity must account for more than 50% of final energy consumption to achieve carbon neutrality by 2050. However, in order to achieve a low-carbon society based on electricity, we need to have a solid power infrastructure through innovation in the power grid. Hyosung Heavy Industries make efforts to actualize the transition to clean electrical energy by upgrading and cleaning power equipment. Electricity is the central means to realize decarbonization, and we are striving to transform it into a low-carbon energy supply system based on our business, the foundation of power.
Hyosung Heavy Industries is leading the industry with various measures to incorporate eco-friendly technology into its products. To achieve decarbonization, the company is investing in the development of power equipment that enhances efficiency and utilizes eco-friendly materials. The core power equipment such as transformers, circuit breakers, and distribution boards are being upgraded to provide a more purified solution. To ensure safety from fire, the company has developed eco-friendly insulation transformers that use natural decomposing insulating oil instead of mineral oil. In addition, Hyosung Heavy Industries supply high efficient transformer to reduce carbon emissions while operating transformers in substations. The introduction of a Gas Insulated Switchgear (GIS) that uses a blend of CO2 and Fluoronitrile (Novec Gas) instead of greenhouse gases during the circuit breaker process has also significantly reduced greenhouse gas emissions.
Hyosung Heavy Industries is committed to minimizing its carbon footprint by conducting a comprehensive Life Cycle Assessment (LCA). This assessment evaluates the possible environmental impact of our products and systems, from acquiring raw materials to processing, production, distribution, usage, and disposal. We aim to reduce carbon emissions at every stage of development and production, particularly for our essential materials.
Hyosung Heavy Industries Is Ready for the Age of Clean Energy
In pursuing a sustainable future, Hyosung Heavy Industries presents its eco-friendly, clean energy solution. The rapid increase in the use of fossil fuels since the Industrial Revolution has escalated carbon emissions and global temperatures, causing climate changes and global warming. Our goal is to end the utilization of fossil fuels, promote the adoption of clean energy, and tackle the climate crisis with an energy transition, all to leave a better Earth for future generations.
Hyosung Heavy Industries is committed to developing a comprehensive value chain that covers all stages of hydrogen energy production, transportation, and storage to enable its commercialization. The company already constructed a hydrogen plant at the Ulsan Yong-yeon Factory in 2021, and it is now collaborating with the Linde Group, one of the world's leading chemical companies, to build a liquid hydrogen plant. The liquid hydrogen plant is expected to be operational by 2023, and the company is concurrently establishing a fueling infrastructure to supply liquid hydrogen produced in the factory.
Hyosung Heavy Industries completed Seoul's first commercial hydrogen fueling station at the National Assembly in 2019 and plans to set up 18 more hydrogen charging stations, including the Government Complex Sejong. Moreover, with the completion of the liquid hydrogen plant, the company plans to establish 50 new liquid hydrogen charging stations and expand the hydrogen charging infrastructure to over 120 locations nationwide.
Hyosung Heavy Industries leads to enter the clean energy era by gradually adopting solar PV and wind energy. These renewable sources are projected to generate more than twice their current power output worldwide in the next decade. However, these sources’ intermittent and variable nature presents a challenge in maintaining power demand, supply balance and grid stability. Hyosung Heavy Industries is developing technologies like the Energy Storage System (ESS), STATCOM (Static Compensator), and DC transmission systems to address these issues. These innovations are essential facilities for the stable use of renewable energy and enhancing the stability of power transmission lines while improve flexibility and grid stability.
The Energy Solution Leader for Tomorrow
At Hyosung Group, we are dedicated to sincere ESG management through our RE:GEN brand. Our subsidiaries, such as RE:GEN NEW ENERGY, RE:GEN ECO LIFESTYLE, RE:GEN FUTURE MATERIALS, RE:GEN SMART IT, and RE:GEN NEW CHEMISTRY, each has their own individual themes and are working towards sustainable development. Hyosung Heavy Industries, with its theme of NEW ENERGY, leads the way in providing energy solutions for a sustainable future. We are tirelessly work to replace traditional energy sources with eco-friendly alternatives and construct a hydrogen value chain for future generations. We focus is on fulfilling environmental protection and social responsibility while realizing customer value. By transitioning to clean energy solutions, we are laying the foundation for NEW ENERGY and creating a sustainable future.
The Energy Solution Leader for Tomorrow
As South Korea's power grid has grown, Hyosung Heavy Industries has evolved alongside it. Now, recognizing the importance of transitioning to clean energy, we aim to lead the way in constructing eco-friendly power networks. Looking ahead to the energy transition era, Hyosung Heavy Industries has been diligently preparing for hydrogen energy use, working towards power energy purification and securing technical expertise for a stable renewable energy supply. We are committed to leading the charge toward tomorrow's energy solutions.
Hyosung Heavy Industries is committed to becoming the "Total Energy Solution Leader for Tomorrow" by offering sustainable energy solutions for the future. As a leader in the energy industry, we are taking proactive and comprehensive measures to pave the way for a brighter future and a healthier environment.
We will continue to prepare for tomorrow's energy with the technology of Hyosung Heavy Industries so that the technology we prepare can create a cleaner earth and the next generation can enjoy the convenience of life through our technology. We are committed to making our world a better place, one innovative energy solution at a time.