Korean Public Power Companies Declares Carbon Neutrality Vision 'ZERO for Green'

Rhea-AI Summary

Korea Electric Power Corporation (KEPCO) and six public power enterprises announced 'ZERO for Green' at BIXPO 2021, committing to carbon neutrality. The initiative includes strategies for zero carbon emissions in power generation, improved efficiency, and renewable energy expansion. Key technologies for achieving this vision, such as hydrogen fuel and smart grids, were identified. A business agreement was signed to enhance cooperation among the companies, aiming for joint efforts in technology development and promoting carbon-neutral practices in the energy ecosystem.

Positive

• Announcement of 'ZERO for Green' vision, emphasizing commitment to carbon neutrality.
• Focus on joint technology development strategies to improve efficiency and expand renewable energy.
• Agreement to enhance cooperation among public power companies supports unified efforts in the power sector.

Negative

• None.

- Suggested strategies for zero carbon emission from power generation, power network reinforcement and optimal operation, and securing of key technologies on time

- Entered into a business agreement for promoting technology development strategies and projects, and promoting mutual cooperation to support the realization of the vision

GWANGJU, South Korea--(BUSINESS WIRE)-- Korea Electric Power Corporation (KEPCO, President & CEO: Cheong Seung-il) (KRX:015760) and six public power enterprises declared 'ZERO for Green,' the vision for carbon neutrality at the BIXPO 2021 opening ceremony held on November 10 at Kimdaejung Convention Center in Gwangju.

Korea Electric Power Corporation and six public power enterprises declared 'ZERO for Green,' the vision for carbon neutrality at the BIXPO 2021 opening ceremony held on November 10 at Kimdaejung Convention Center in Gwangju. (Photo: Business Wire)

The vision declaration was organized for public power companies to express their strong commitment to fulfilling the responsibility for carbon neutrality and turning it into a new opportunity.

At the same time, the companies announced the joint technology development strategies for supporting the fulfillment of the vision along with a key project to implement the strategies and entered into a business agreement to further strengthen solidarity and cooperation.

The 'ZERO for Green' conveys the public power companies’ strong commitment to leading innovation for achieving carbon neutrality throughout the value chain process of the power industry, such as energy production (power generation), distribution (power network), and use (efficient consumption). The 'ZERO' stands for Zero Emission, Reliable Energy, and On Time.

To achieve ZERO for Green, it is necessary to select essential technologies for realizing carbon neutrality in the energy transformation sector and to improve technological level by expanding investment in the technologies.

For the carbon-neutral technology development strategies announced together with the vision declaration, improving the efficiency of energy supply and consumption, expanding renewable energy to reduce carbon emissions in power generation industry, transforming to hydrogen and ammonia fuel, and establishing an intelligent power grid for power distribution to consumers were set as the key technological development areas, and the promotional directions for each area were suggested.

Recognizing the importance of cooperation in developing, verifying, and spreading key technologies in the process of realizing carbon neutrality, the public power companies entered into a business agreement for carbon neutrality in order to solidify and declare their cohesive power, and thus further promote solidarity and cooperation in all areas of the power industry ecosystem.

The vision declaration holds significance as it was the first official declaration of public power companies’ will to establish and implement a joint vision and strategies for realizing carbon neutrality as the key players for energy transformation.

While continuously focusing their capacities on achieving 'ZERO for Green,' the carbon neutrality vision, the public power companies will encourage domestic and international stakeholders’ participation in the energy industry ecosystem for de-carbonization and technology innovation based on solidarity and cooperation, and ultimately promote joint effort to realize the national goal of carbon neutrality.

View source version on businesswire.com: https://www.businesswire.com/news/home/20211115005625/en/

For KEPCO

PR HOUSE

Ara Jo

+82 (70) 4278-1938

ara.jo@pr-house.co.kr

Source: Korea Electric Power Corporation

FAQ

What is the 'ZERO for Green' initiative by KEPCO?

The 'ZERO for Green' initiative is KEPCO's commitment to achieving carbon neutrality through strategic technology development in energy production, distribution, and consumption.

When was the 'ZERO for Green' initiative announced?

The 'ZERO for Green' initiative was announced on November 10, 2021, at the BIXPO 2021 opening ceremony.

What technologies are included in KEPCO's carbon neutrality strategy?

KEPCO's carbon neutrality strategy includes technologies for renewable energy expansion, hydrogen and ammonia fuel transformation, and the establishment of intelligent power grids.

Who are the participants in the 'ZERO for Green' vision declaration?

The vision declaration was made by KEPCO and six public power enterprises in South Korea.

How does the business agreement impact KEPCO's operations?

The business agreement strengthens solidarity and cooperation among public power companies, promoting joint efforts in carbon neutrality and technology innovation.