Korean organization joins United Nations project
Korea Hydro & Nuclear Power (KHNP) announced on March 9 that the state-backed organization had joined the United Nations 24/7 Carbon-free Energy Compact this week.
The 24/7 Carbon-free Energy (CFE) means that every kilowatt-hour of electricity consumption is met with carbon-free electricity sources every day and everywhere.
The compact is a global movement in a move to accelerate the decarbonization of the world’s electricity systems and the usage of green energy to mitigate climate change and ensure access to clean and affordable electricity for all.
Led by UN-Energy, the movement is coordinated by Sustainable Energy for All and the High-Level Dialogue on Energy and joined by a total of 111 signatories from global companies, organizations, and governments, including Google and the World Nuclear Association.
In light of the low feasibility of adopting 100 percent renewable energy (RE100), a global initiative to get all energy from renewable resources, and the burden of high cost for domestic companies, the Korean government is mulling 100 percent carbon-free (CF100) initiative that includes nuclear energy as an alternative.
In response, KHNP has become a signatory of the compact as the first state-run energy corporation in Korea, and it is planning to fuel its effort to join the CF100 initiative.
To invigorate the CF100 initiative, introducing a variety of carbon-free energy trading systems by taking advantage of a power purchase agreement on nuclear energy, a nuclear energy certification, and shares investment from the private sector is essential.
“We will strive to pursue carbon-free energy movement by supplying electricity stably through the safe operation of nuclear reactors,” KHNP CEO Whang Joo-ho said.
“We will also lead the movement by developing new technologies such as i-SMR and clean hydrogen as well as enlarging a volume of clean energy through the construction of renewable energy and nuclear power plants in a timely manner.”