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SINGAPORE and SEOUL, South Korea, Oct. 18, 2024 /PRNewswire/ — Regulations in the trade sector to address the climate crisis are becoming increasingly stringent. Europe’s Carbon Border Adjustment Mechanism (CBAM) is set to take full effect in just over a year, and the number of companies participating in ESG management continues to rise annually. One of the key alternatives for addressing the climate crisis and trade regulations is reducing carbon emissions through renewable energy.
Korea Energy Convergence Association
Korea University
Globally, over 430 companies are participating, and in Korea, 36 companies, mostly large corporations, have joined efforts to purchase electricity produced from renewable energy sources.
Korean companies, which rely heavily on export manufacturing, use significantly more electricity than RE100-participating companies in other countries. However, Korea’s renewable energy adoption remains at the lowest level among OECD countries, placing the fulfilment of RE100 commitments by companies in jeopardy and creating challenges in the trade market.
In this context, the government is signaling a policy shift from the Renewable Portfolio Standard (RPS) to a bidding system, a change that has been developing over the past decade. A pilot project is expected in October, along with plans to operate a program supporting corporate Power Purchase Agreements (PPAs).
Amid rising external pressure from global trade and domestic system transitions, Korean companies are grappling with how to utilize renewable energy effectively. In response, the Korea RE100 Committee and Korea University are set to host the 5th Korea RE100 Conference on October 25 at the AT Center in Yangjae-dong, Seoul.
The event will be divided into three major sessions: the Keynote Session, the Global Renewable Energy Market Outlook and Domestic Renewable Energy Policy Session, and the Session on the Current Status of RE100 Implementation in Korea and PPA Activation Strategies. In the keynote session, prominent figures like Choi Yoon-ho, Vice President of SK E&S Renewable Energy Division, Yoo Jae-yeol, Executive Director of Hanwha Q CELLS Korea Division, and Jung Taek-jung, Chairman of the Korea RE100 Committee, will present on strategies to revitalize Korea’s renewable energy market.
The second session, focusing on the global renewable energy market outlook and domestic renewable energy deployment, will feature speakers like Yoon Tae-hwan, CEO of Root Energy, Jeon Byung-jin, Managing Director of GS Wind Power, and Huh Yoon-jae, Director at S&P Global.
The final session, discussing the current status of RE100 implementation and strategies for PPA activation in Korea, will include presentations by Kim Young-hoon, Head of Korea-Japan Policy Cooperation at Amazon, which is expanding its business in Korea while fulfilling its RE100 commitments, and Park Won-young, Team Leader at L&F, which produces cathode materials, a key component of the secondary battery industry. They will discuss corporate carbon neutrality and RE100 strategies. The session will conclude with a presentation by Park Jae-pil, CEO of Peak Energy, on financing and investment strategies to boost renewable energy adoption in Korea.
Jaepil Park, CEO of Peak Energy Korea said, "Peak Energy is committed to Korea, we currently own and operate one of the largest projects in the country. Peak and its partners are committed to helping the South Korean Government achieve its goals and Korean and international corporates in Korea to achieve their sustainability targets. We are keen to help by bringing global best practices."
About Peak Energy
Peak Energy is headquartered in Singapore and is an Independent Power Producer that develops, owns, and operates renewable assets across Asia. Peak Energy’s activities encompass the whole specter of renewable energy business models such as utility-scale development, off-site PPAs, onsite PPAs and energy storage applications, in order to position itself as the one-stop partner for corporates seeking to decarbonize their operations in Asia Pacific. Peak Energy has nearly 300 MW of operating solar projects across Asia. For more information, please visit https://www.peakenergy.asia. Peak Energy is wholly-owned by Stonepeak. Stonepeak is a leading alternative investment firm specializing in infrastructure and real assets with $70 billion of assets under management.
The power plant operated by Peak Energy, Haesolar (100MW), is located in Sinan, Jeollanam-do, and is a solar power facility that began commercial operation in October 2022.