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| Prime Minister Han Duck-soo, front row fourth from right, makes a gesture of solidarity with Korea Chamber of Commerce and Industry Chairman Chey Tae-won, front third from right, Busan Mayor Park Heong-joon, fifth from right and other distinguished guests during the World Climate Industry Expo Business Roundtable at BEXCO, Busan, Thursday. Yonhap |
By Lee Kyung-min
Business executives and government officials from around the world discussed ways to advance carbon neutrality at a roundtable session at the World Climate Industry Expo (WCE) held from May 25 to 27 in Busan. They discussed best practices and agreed to bolster international cooperation.
The Korea Chamber of Commerce and Industry (KCCI) held a Business Leader Round Table, which had the subtheme under the title of "The Role of Companies for a Sustainable Future."
Among the attendees were major global industry leaders, including Google, Samsung, SK, RWE and Volkswagen. Others included Hyundai, Kia, LG, POSCO, HD Hyundai and Kakao Mobility.
KCCI Chairman Chey Tae-won said the role of businesses should be redefined as a carbon problem solver, shedding their tarnished reputations as carbon emitters.
"Corporate innovation should lead to the development of emission-curbing products, technologies and services," he said during the session. "Our drive will continue to expand new carbon-reducing businesses, as embraced by hydrogen, low-power chips and electric vehicle (EV) batteries. That way, we will be able to provide carbon solutions."
The efforts will translate into an annual reduction of carbon emissions of over 200 million tons from 2030, joining the ranks of the firm's global greener peers including WEE, Olsted, and Equinor who are all increasingly moving towards green energy.
Pricing, investment and policy incentives will be the top three factors that will determine the competitiveness and pace of the businesses' green initiative, he added.
"First, the prices of energy and carbon-related products are not set by market principles. The second problem is low and zero-carbon technologies will need a lot of investments followed by technological advancements. Lastly, the lack of policy incentives to lower carbon emissions is not encouraging businesses to implement the green drive more promptly. Cap-and-trade can be a good solution, but we need carrots as much as we need a whip."
Yolyn Ang, vice president of Asia-Pacific Business Development at Google, said Google achieved carbon neutrality in 2017 and became the first company in the world to source 100 percent of its energy from renewables.
"We have been issuing green bonds to the tune of $5.6 billion (7.5 trillion won) since 2020. We have been developing carbon emission-curbing products, technologies and services," Ang said.
