BusinessStandard: Hyundai Motor has a climate dilemma at one of world’s top car plants

Business Standard website reports, “Hyundai Motor Co. will study alternatives to a gas-fired power station for one of the world’s biggest automobile plants after criticism the decision contradicts pledges to shift entirely to clean energy.”

“The South Korean automaker signaled it aims to construct a liquefied natural gas facility to supply electricity to the Ulsan factory, which can churn out around 1.4 million vehicles a year and accounts for about a quarter of the company’s production.”

“Those proposals came after the company said in April that four key units, including Hyundai Motor and Kia Corp., would aim to move to 100% renewables as soon as 2040 and join the RE100 initiative, under which companies commit to end their use of fossil fuels.”

“Climate-focused campaign groups including Greenpeace and Action Speaks Louder argue the LNG plant won’t align with the Hyundai’s announcements on climate action, and say there’s a risk the power station would become a stranded asset because of the volatility in gas prices and the declining cost of renewable energy.”

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