Korea South-East Power Co. (KOEN) is opening the innovation technology market in order to reduce greenhouse gas emissions in cooperation with other Korean entities.
Korea South-East Power Co. agreed with the Carbon Reduction Certification Center of the Korea Chamber of Commerce and Industry, SK Group and Korea Hydro and Nuclear Power to join forces to explore the voluntary carbon credit exploration market, on the sidelines of the COP28 climate conference in Dubai, UAE, on Dec. 8, KOEN said on Dec. 11.
The institutions struck an MOU to advance the application of innovation technologies for carbon emission reductions, such as no-coal power generation by expanding their participation in the voluntary carbon credit market based on technologies and widen shared growth opportunities in related industries.
Signatories of the agreement are 11 Korean and foreign institutions, including SK E&S, Climate Tech Center of Seoul National University, Shinhan Securities and Eco Security.
The voluntary carbon credit market based on technologies involves the development and expansion of promising carbon reduction technologies, such as no-coal power generation, carbon capture, utilization and storage (CCUS) and reutilization of waste coal briquettes.
KOEN has been devoting itself to expanding low-carbon power plants, such as fuel transition of coal-fired power units and expanding of renewal power capacity to 1.3GW on top of activities to improve energy efficiency of power generation facilities.
KOEN has been operating the “KOEN Carbon Reduction Innovation Task Force, consisting of inside and outside experts in cooperation with Korea Environmental Industry & Technology Institute (KEITI).
The power company has been spearheading carbon neutrality and green growth by reinventing the carbon reduction mold covering the life cycle assessment, ranging from fuel purchase to waste treatment.
KOEN President Kim Hoe-chun said, “KOEN will do its utmost to solve dilemmas facing the international community, such as climate, environment and energy, while realigning its business portfolio to focus clean energy and pursing technology innovation using the carbon credit market.”
KOEN Wins Prizes on Advanced ESG Management in Succession
Korea South-East Power Co. (KOEN) has been awarded in recognition of its advanced ESG management by outside institutions in succession.
KOEN said on Dec. 5 the power company was designated as a “management innovation leader” company at the Korea Management Awards, organized by Korea Management Association Consulting (KMAC).
Korea Management Awards are presented to companies which have made outstanding achievements on their overall assessment of management capabilities.
KOEN has been recognized for building a resources circulation model designed to change waste coal briquettes into eco-friendly plastic raw materials and water treatment agents via an advanced resources circulation system built by the power company.
KOEN has been studying and practicing the reutilization of power generation side products as part of its ESG management activities.
On Nov. 15, KOEN earned the highest grade, “AA,” in the overall ESG assessment for the second half of 2023, released by SUSTINVEST.
SUSTINVEST, one of the famed Korean ESG evaluation institutions, announced ESG grades after evaluating sustainable management levels in the environment and governance categories.
The latest evaluation covered 1,270 companies, including 755 listed on the Kospi and 310 in the Kosdaq, in addition to 205 unlisted companies.
In the environment category, KOEN has been engaging in no-coal energy transition, improving power generation efficiency, reducing greenhouse gas emissions through a “blue carbon” project, and spreading multi-use cups involving public entities, cafes and social enterprises.
In the social category, KOEN has been pursuing sustainable management in cooperation with stakeholders by offering support to its cooperative SMEs’ overseas market entry and energy efficiency improvement and energy efficient heating and cooling devices of regional public and welfare facilities and building a “safety management regime” for its cooperative companies.
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