Home Business Choi Tae-won asked… “Isn’t a company using fossil fuels an enemy of the environment?”

Choi Tae-won asked… “Isn’t a company using fossil fuels an enemy of the environment?”

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Tae-won Choi’s P4G speech by Chairman of the Korean Award. Photo

“Don’t you think companies are enemies of environmental issues?”

Emphasizing corporate environmental preservation responsibilities at the P4G forum

This is a question from Choi Tae-won, chairman of the Korean Chamber of Commerce and Industry, during a lecture held ahead of the P4G summit. He pointed out, “As a result of the company’s long commitment to profit maximization, humanity has achieved material prosperity, but has been destroying the environment on a massive scale by indiscriminately using cheap fossil fuels.” “Unless governments reduce subsidies for fossil fuels, companies will be obsessed with short-term profits,” Choi said.

The ‘2021 P4G Summit’, a multilateral meeting in the environmental field, will be held in Seoul for two days starting on the 30th. P4G is a global council to respond to climate change and achieve sustainable development with the participation of governments, corporations, and civil society from 12 countries around the world. Chairman Choi emphasized that’corporations are the enemy of environmental issues’ was at the’Green Future Week’ business forum held on the 27th of the P4G summit ahead of the meeting. Chairman Choi served as a keynote speaker at this forum and gave a lecture on’Methodology for Accelerating Green Growth’.

Choi Tae-won, “I need to reduce the fossil fuel subsidy”

Chairman Choi began his lecture with the question, “Don’t you think that companies are enemies of environmental problems?” He continued, “As a result of long-term commitment to profit maximization, mankind has achieved material abundance, but inexpensive fossil fuels It has been used indiscriminately to destroy the environment on an enormous scale.” He added, “I realize how important it is to pursue economic development within the scope of nature only when the survival of the ecosystem is threatened.”

Chairman Choi emphasized “measurement of external effects on environmental pollution caused by corporate activities” above all else. Chairman Choi pointed out, “The price of electricity produced by coal power generation is 5 cents per 1 kWh, but in the process, the environmental damage and the social cost of harming people’s health are not included in this price.” “If we cannot measure external effects, it is impossible to advance discussions on environmental issues,” he said. “The goal is to reflect the measurement results in the corporate accounting standards and the corporate disclosure system itself.”

Eui-seon Eui, “The Greenhouse Gas Solution”

Hyundai Motor Company Chairman Eui-sun Eui-seon speaking at P4G.  Photo Arirang TV YouTube capture

Hyundai Motor Company Chairman Eui-sun Eui-seon speaking at P4G. Photo Arirang TV YouTube capture

At P4G, the diagnosis and efforts of each of the CEOs including Chairman Choi and their environmental issues were introduced. Hyundai Motor Group Chairman Eui-sun Eui-sun acknowledged that “the transportation sector is a major source of greenhouse gas emissions,” and said, “Electrification is the most effective means to solve this problem.” To this end, “Hyundai Motor is concentrating on electrification and already sells 13 types of electric vehicles all over the world.” “More than 200 hydrogen buses will be supplied this year. It will operate.”

Kim Dong-gwan, CEO of Hanwha Solutions, will present a keynote speech on the 31st of a discussion on the theme of’A Greener Earth with Innovative Energy Solutions’. Hanwha Solutions decided to invest 2.8 trillion won by 2025 to grow the photovoltaic and hydrogen business, and CEO Kim is expected to explain his philosophy of pursuing this and the situation to date. At the end of last year, CEO Kim said, “As the importance of responding to climate change is increasing, the global energy market is also facing a great turning point,” and said, “We will make substantial results to increase the sustainable future and shareholder value.”

Kim Dong-gwan, CEO of Hanwha Solutions (far left), in 2016.  Central photo

Kim Dong-gwan, CEO of Hanwha Solutions (far left), in 2016. Central photo

Shipping Industry “Contemplating Ammonia for Ship Fuel”

In addition, POSCO Chairman Jeong-woo Choi said, “It is important to convert the energy used in the manufacturing sector from carbon to hydrogen-based and replace the internal combustion engine in the transportation sector with fuel cells.” Do” he emphasized. Shin Hak-cheol, Vice Chairman of LG Chem, said, “Climate change is now at a crisis stage that can threaten the survival of mankind. I am sorry for the current efforts, but there is no answer. Resolute dedication and action are needed. “LG Chem sees the energy decarbonization environment as a huge unexplored blue ocean opportunity, and is waiting to be utilized by those who lay the groundwork for a leap forward.”

HMM’s CEO Jae-hoon Bae, who has joined the’Getting to Zero Coalition 2030′, a group of international shipping companies, said, “The use of liquefied natural gas (LNG) is increasing as an eco-friendly ship fuel. LNG cannot be a fundamental alternative if aiming at’I am considering other alternatives such as ammonia,’ he said.

P4G, which ends on the 31st, is planning to adopt the’Seoul Declaration’ as a result of this meeting. It concludes with the remarks of President Moon Jae-in and Colombia’s President Ivern Deco, the next P4G host.

Reporter Sunwook Choi [email protected]

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