November 29, 2024

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Hyundai Motor Group Executive Chair Chung Euisun delivers a keynote speech during the 2022 B-20 summit held in Bali, Indonesia, Sunday. (Hyundai Motor Group)

Hyundai Motor Group Executive Chair Chung Euisun on Sunday urged global action to tackle climate change and energy poverty at the 2022 Business 20 summit of business groups and entrepreneurs that precedes the Group of 20 summit held on the Indonesia island of Bali from Tuesday.

The B-20 is an official G-20 dialogue forum formed to facilitate a delivery of policy recommendations to the leaders to G20. This year’ s G-20 will be held under the theme of “Advancing Innovative, Inclusive and Collaborative Growth.”

While speaking during the B-20 Summit’s "Energy, Sustainability & Climate and Finance & Infrastructure" session, Chung stressed the need for businesses and governments to make bold decisions, using their leadership.

“The fact is that the world is facing a climate change crisis. The auto industry is rethinking energy and investing in renewable energy, but it is an endeavor that we cannot pursue alone. With common-sense solutions, government and industry can provide the right incentives to businesses and consumers to embrace clean mobility,” said Chung.

Giving an example of climate crisis and severe energy poverty, Chung emphasized the need for all responsible people in global society, including governments and businesses, to work together to switch to sustainable energy solutions.

He also highlighted the Korean automaker’s efforts toward carbon neutrality, mentioning hydrogen as a future clean energy solution that can “solve many issues” regarding supply and storage. He said there is a global consensus on the importance of hydrogen as a future, limitless, energy solution.

“Governments and businesses must play their part and drive global change. Together, we can set the conditions to accelerate the adoption of eco-friendly solutions.”

Chung also reiterated Hyundai Motor Group’s dedication to pursuing sustainable growth, saying that its net-zero strategy across all its value chains is part of what it seeks to continue to make, to make “right moves for the right future for everyone.”

Following the keynote speech, a panel discussion took place on the topics of energy, natural resources and finance participating, with global business leaders exchanging a range of opinions on sustainable financial expansion for infrastructure, climate and energy security.

On the sidelines of the B-20 Summit, Hyundai Motor signed a memorandum of understanding with Indonesia’ metallurgical coal mining and trading company PT Adaro Minerals Indonesia Tbk for stable aluminum supply.

Amid increasing market demand for aluminum, which is used for automotive electrification, Hyundai Motor said the latest deal will eliminate supply uncertainties.

The two firms will not only work on production and delivery of the best quality product to Hyundai, but also discuss ways to produce and deliver low-carbon aluminum in advance. Low-carbon aluminum refers to primary aluminum made with 100 percent renewable energy. Adaro Mineral is currently working on the future production of this material.

“Hyundai Motor has been working closely with Indonesia’s automotive industry. We hope this new agreement to create synergy in what we do with Indonesia and strengthen partnership with the Southeast Asian country,” said a Hyundai Motor official.

By Kim Da-sol (ddd@heraldcorp.com)