NEWS

HD Hyundai XiteSolution, an intermediate holding company in the construction equipment sector of HD Hyundai announced on November 6 that it has joined RE100 (100% renewable energy) for the first time in the construction equipment sector in order to promote the value of eco-friendliness. The affiliates HD Hyundai Construction Equipment and HD Hyundai Infracore are also committed to promoting RE100 as an underlying value.

With its launch in 2014, RE100 is a global campaign that is jointly led by The Climate Group, a multinational non-profit organization, and the Carbon Disclosure Project (CDP). The goal is to convert 100% of the electricity used by companies to renewable energy such as solar and wind power. To be included, companies must announce a date by which they will convert 100% of their electricity usage to renewable energy, and undergo the verification process from the CDP on their progress.

Additionally, the verification process for inclusion is rigorous, since the cut-off for eligible companies entails having more than 100GWh of annual electricity consumption and being a Fortune 1000 company to qualify as a key player in the relevant business group.

President-CEO Cho Young-cheul of HD Hyundai XiteSolution said, “Amid the rapidly increasing damage caused by the climate crisis worldwide, carbon neutrality and conversion to eco-friendly renewable energy are essential strategies for corporate survival,” and added, “We will become the HD Hyundai Construction Equipment Sector that ushers in a sustainable future by faithfully promoting RE100 by 2040 to achieve carbon neutrality in our workplaces by 2050.”

Together with its subsidiaries HD Hyundai Construction Equipment and HD Hyundai Infracore, HD Hyundai XiteSolution plans to expand the renewable energy conversion ratio to 100% by 2040 by adopting various measures such as energy efficiency improvement at domestic and overseas business sites, solar power self-generation installation, and use of renewable energy PPAs (power purchase agreements). Detailed plans will be prepared to achieve 20% in 2026 and 60% in 2030 in stages, which is five years ahead of schedule from the 2045 RE100 declaration last year.

First, HD Hyundai XiteSolution and HD Hyundai Construction Equipment will maximize energy efficiency by driving advancement of their main production base, the Ulsan Campus, by 2025. They plan to build energy monitoring and data integration management facilities and systems and reduce energy usage by efficiently reorganizing the manufacturing process.

In terms of renewable energy usage, HD Hyundai Construction Equipment is actively introducing solar energy to its operations in China and India. The China-based affiliate has been procuring 3,800㎿h of electricity, equivalent to half of the electricity required for annual production, from solar power since November of last year, while the India-based affiliate has built solar power generation facilities and energy management systems on nearby idle land since September to supply 70% of the annual electricity consumption of its India-based production plant.

HD Hyundai Infracore also began supplying eco-friendly electricity to domestic business sites through renewable energy PPAs, a method of procuring renewable energy from outside, since July, and is also undertaking the construction of solar power self-generation facilities on the roofs of business buildings and parking lots.

Together with affiliates HD Hyundai Construction Equipment and HD Hyundai Infracore, HD Hyundai XiteSolution declared ‘Carbon Neutrality by 2050’ in June of last year, and became the first in the domestic construction equipment industry to publish the ‘TCFD (Task Force on Climate-related Financial Disclosure) Report’ in June, actively joining in the response to the global climate crisis.