[Asia Economy Reporter Lee Seon-ae] Hansol Home Deco, classified as an eco-friendly stock, surged on the 8th following the news of Crown Prince Mohammed bin Salman's 3.5 trillion KRW investment in carbon reduction in Saudi Arabia.
As of 9:11 AM that day, Hansol Home Deco was trading at 1,235 KRW, up 14.48%. It soared to 1,280 KRW in early trading.
Crown Prince Mohammed bin Salman attended the 27th United Nations Climate Change Conference of the Parties (COP27) held in Sharm El-Sheikh, Egypt, and emphasized his commitment to leading efforts to reduce greenhouse gas emissions in the Middle East by investing a huge sum of 2.5 billion USD (approximately 3.5 trillion KRW). According to foreign media on the 7th (local time), Mohammed announced this plan at COP27 as part of the 'Middle East Green Initiative' started by Saudi Arabia last year. He stated plans to plant 50 billion trees in the Middle East to restore 200 million hectares (㏊) of green space. Additionally, he revealed that by 2030, 50% of Saudi Arabia's power demand will be met by renewable energy, and by 2050, carbon emissions will be reduced to zero. For the first time at COP27 this year, 'loss and damage' was officially placed on the agenda, with discussions expected on compensation measures by developed countries to developing countries suffering from the climate change crisis.
Meanwhile, Hansol Home Deco primarily operates in the manufacturing, sales, and wholesale of medium-density fiberboard and other wood products, and has introduced eco-friendly wall finishing materials to the interior materials market. It was the first in Korea to receive certification for a greenhouse gas reduction project using steam from waste wood and has also entered the forestry business in New Zealand, securing carbon emission rights and conducting carbon emission rights leasing business.
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