Hanwha Chairman Suggests G20 Renewable Portfolio Standard
[11 November, 2010] Hanwha Group Chairman Kim Seung-youn was a delegate to the Finance Subcommittee at the Seoul G20 Business Summit, or B20, that ran parallel to the main G20 summit. During his meetings with other delegates, Kim urged the G20 members adopt uniform renewable energy portfolio standards and create at G20 Green Free Trade Agreement.
Renewable Portfolio Standard, or RPS, oblige energy producers to purchase a pre-set minimum quota of renewable energy. Kim believes that the G20 should adopt a uniform RPS, similar to those already in place in U.K, Italy, Japan and Australia. Korea, where Hanwha is based, will adopt RPS by 2012.
Kim suggested setting renewable energy production targets at 10 percent by 2015 and 20 percent by 2020 across the G20 to accelerate the implementation of the RPS. He stressed the need to form a large-scale global market for renewable energy, which will encourage greater investment and boost efficiency. Kim also called for the creation of a G20 Green Free Trade Agreement that would remove trade barriers in green industries. Kim said that tariffs and other types regulations imposed on renewable energy products and equipment should be eliminated to help form a large-scale global market for renewable energy.
Kim also attended other working groups within the Finance Subcommittee to discuss the coordination of exit strategies and reformation of financial regulations. He said at the meetings that free trade agreements (FTA) should be actively pursued and already-agreed FTAs ratified.
Some prominent foreign business leaders who Kim met with include Citi Group CEO Vikram Pandit, Alstom Chairman Patrick Kron and Marcus Wallenberg, who is Chairman of Sweden’s second largest bank, SEB, and CEO of Royal Dutch Shell. At an evening reception, Kim represented Korean business leaders, giving a toast on their behalf in honor of the attendees.
At the summit, Kim was accompanied by his eldest son, Kim Dong-kwan, who joined the group early this year. He has been appearing at more international business events including the World Economic Forum in Davos, to learn more about the global economy and help find future business opportunities for Hanwha.
Hanwha Group, founded in 1952, is one of the Top-Ten business enterprises in South Korea and a “FORTUNE Global 500” company. Hanwha Group has 70 domestic affiliates and 325 global networks in three major sectors: manufacturing and construction, finance, and services and leisure. With more than 65 years track record of industrial leadership, Hanwha’s manufacturing and construction businesses encompass a broad range of fields from chemicals & materials, aerospace & mechatronics, total solar energy solutions, and global construction. The finance network, covering insurance, asset management and securities, is the second largest non-bank financial group in South Korea. The services and leisure sector offers premium lifestyle services with retail and resort businesses.
For more information, visit: www.hanwha.com
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