SK networks joins EV100 to take the lead in eco-friendly management

SEOUL, South Korea, Nov. 11, 2021 /PRNewswire/ -- SK networks joins the international eco-friendly vehicle initiative to participate in the global response to climate change and move faster towards ESG management.

SK networks announced on Nov. 11, 2021 (Seoul Time) that it joined the EV100 initiative which involves transition of all corporate means of transportation into eco-friendly vehicles in an aim to achieve greenhouse gas reduction.

Launched by the Climate Group, an international non-profit organization located in London, UK, EV100 is a global initiative that brings together companies committed to the transition of their owned or leased means of transportation into eco-friendly vehicles (EVs, HFCVs, etc.) and installation of charging facilities by 2030. The initiative's targets are 100% transition for vehicles up to 3.5 tons and 50% transition for vehicles over 3.5 tons. Participating enterprises are required to publicly announce their engagement with EV100, build a road map for phased execution of the targets and submit regular reports for assessment. Current EV100 member companies include 110 global leaders such as IKEA and Unilever that are committed to ESG practices.

SK networks became the second member among Korean enterprises to join EV100. SK networks plans to promote the transition to eco-friendly vehicles together with its seven subsidiaries (including sub-subsidiaries) such as SK rent-a-car and SK magic. In particular, SK rent-a-car's participation in EV100 with 200,000 vehicles in operation is unprecedented in the industry, which is why the Company plans to take up heavy responsibility in putting the initiative into practice.

Indeed, SK networks announced earlier in the first half its participation in K-EV100, a Korean transition project towards zero-emission cars, and has been engaged in efforts to build EV charging facilities and introduce corporate EVs. In January this year, SK networks opened a multi-culture space Gildong Chaewoom in Gil-dong, Gangdong-gu and built the first EV charging station in the country on the ground floor in collaboration with Hyundai Motor Company.

SK rent-a-car in the car rental business held a ceremony in June this year to mark the beginning of the SK rent-a-car EV Park construction project, which would be the country's largest electric vehicle-themed venue. It also aims to replace 3,000 internal combustion engine cars in Jeju with EVs by 2025 and relevant implementations are currently in progress.

In addition, SK networks announced its net zero road map for greenhouse gas reduction to achieve 42% reduction compared to 2020 by 2030. The Company further disclosed its plan to reach the net zero goal by 2040.

SK networks, as a member of the EV100 initiative, will continue to enhance ESG management with a focus on eco-friendly elements across its business areas.

An SK networks executive emphasized, "Together with our subsidiaries, we are determined to represent Korea in promoting practical, sincere ESG management in consideration of society and environment so as to expand the sustainability management foundation based on stakeholder trust."

In the meanwhile, the British Embassy and Korea Sustainability Investing Forum (Kosif) sent congratulatory messages upon hearing the news that SK networks became an EV100 member.

Simon Smith the British Ambassador to the Republic of Korea commented, "My congratulations to SK networks on joining EV100 at COP26. This is a world-leading announcement, which means that 200,000 SK networks vehicles will be powered by zero emission technology before 2030. I applaud SK networks' commitment to taking action this decade, in line with the global ambition of limiting temperature increases to 1.5 degrees Celsius"

Kosif Director Choon-seung Yang said, "The transition to EVs in the road/transport sector which accounts for 10% of the global greenhouse gas emission is discussed as a main agenda at COP26, and SK networks has ensured its global climate leadership by announcing its plan to accomplish the transition into eco-friendly cars in the largest scale in Asia," and added, "I hope that this would elicit active participation of other companies as voluntary engagement from the private sector is essential in responding to the climate change crisis."

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