Volvo Construction Equipment Collaborates with LS Electric for Solar Power Installation in South Korea
This will facilitate Volvo CE in Korea to minimise around 21,000 tons of CO2 emissions yearly, which is equivalent to planting 1.5 million pine trees or saving about 10 million liters of petroleum from a thermal power plant.
July 11, 2023. By EI News Network
The move forms a part of Volvo CE’s validated by the Science Based Targets initiative, which contains a transition to 100 percent renewable energy within its operations.
Volvo CE has inked a purchase agreement with power provider LS Electric for the execution of solar panels and a Factory Energy Management Solution (FEMS) at its Changwon facility in South Korea.
Volvo CE has committed to purchasing green electricity for a span of 20 years – from 2024 to 2043. It is expected to provide approximately 55 GWh of renewable energy a year.
This will facilitate Volvo CE in Korea to minimise around 21,000 tons of CO2 emissions yearly, which is equivalent to planting 1.5 million pine trees or saving about 10 million liters of petroleum from a thermal power plant. This site is anticipated to be running 100 percent renewable energy by 2026.
Renewable energy provision is a crucial part of Volvo CE’s global Science Based Targets commitment, which aims net zero value chain greenhouse gas emissions by 2040, with significant reductions as early as 2030.
With a long-time focus on environmental care and driving industry transformation to combat climate change, the company’s interim 2030 goals are to not only achieve a 30% reduction in carbon emissions across the use of its products through its electrification roadmap, but to cut emissions in half across its own operations, facilities and manufacturing processes.
Andrew Knight, Head of Excavator Strategy & Managing Director, Volvo CE Korea, added, “We are dedicated to sustainable growth and establishing pioneering partnerships to help accelerate that growth. With this agreement, Volvo CE aims to transition all electric consumption to renewable energy at the Changwon plant. Through this holistic approach, we are leading our industry’s transformation towards a carbon neutral future.”
The Changwon facility is the company’s biggest excavator production site and also specializes in the manufacturing of demolition equipment and pipelayers, as well as having a Research and Development department.
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