[Exclusive] Top 10 Korean Companies Including Samsung and Hyundai Motor to Discuss Climate Change with John Kerry in the US

[Image source=EPA Yonhap News]

[Asia Economy Reporters Hyunjin Jeong and Gimin Lee] John Kerry, the U.S. White House Special Presidential Envoy for Climate, who has recently been emphasizing the seriousness of global climate change and the need for cooperation to address it, will discuss climate change issues with Korea's top 10 companies.

According to the business community on the 8th, Special Envoy Kerry is scheduled to hold a video conference on the 9th Korea time with Korea's top 10 companies including Samsung, LG, SK, and Hyundai Motor to discuss climate change. It is expected that professional executives from each company will attend this meeting. The meeting was reportedly arranged at the request of the U.S. side, and Kerry is expected to ask domestic companies for cooperation in solving climate change. A senior official from the business community said, "There will be overall discussions related to climate."

Special Envoy Kerry is visiting South Korea, China, Japan, Russia, and other countries to urge joint efforts and to raise the U.S. commitment to addressing climate change ahead of the 26th UN Climate Change Conference of the Parties (COP26) to be held in Glasgow, UK, from October 31 to November 12. He visited Japan and China consecutively for four days starting from the 31st of last month to explore cooperation measures for solving climate change. Korea was visited in April, where he met with Foreign Minister Chung Eui-yong to discuss cooperation measures for climate change response, and he also attended the P4G (Partnering for Green Growth and the Global Goals 2030) Summit held in Seoul in May on behalf of U.S. President Joe Biden.

Kerry, who has mainly communicated with governments of various countries, is expected to request companies to join this global movement as well. Since major domestic industries such as semiconductors and automobiles are not free from carbon emissions, he is expected to urge them to make efforts. In particular, Kerry has recently held successive talks with senior Chinese leaders, pressuring that climate change cannot be solved unless China, the world's largest carbon emitter, participates. Accordingly, some concerns have been raised that burdensome demands might be made to companies with business operations in China during the meeting with domestic companies.

Domestic conglomerates are preparing carbon neutrality measures and moving swiftly. SK Group plans to invest in reducing greenhouse gases and expand the use of renewable energy to achieve carbon neutrality ahead of its target year of 2050. Hyundai Motor and Kia submitted applications to join the Korea RE100 Committee in July and set a goal to supply all electricity from renewable energy by 2050.

Samsung Electronics is conducting carbon reduction activities such as purchasing Renewable Energy Certificates (REC) for its overseas semiconductor sites to switch to 100% renewable energy, and in June received certification from the UK Carbon Trust as the world's first semiconductor company to reduce carbon, water, and waste at all its sites. LG Electronics plans to reduce carbon emissions to 960,000 tons by 2030, which is 50% of the 2017 level, by installing high-efficiency equipment and greenhouse gas reduction devices in its production processes.