Kia Corporation, formerly known as Kia Motors Corporation, is a South Korean multinational automotive manufacturer headquartered in Seoul. The company was founded in 1944 as a manufacturer of steel tubing and bicycle parts and later expanded into the production of automobiles. Today, Kia is one of the largest automobile manufacturers in the world, with a presence in over 190 countries.
Kia's business strategy revolves around innovation, sustainability, and customer satisfaction. The company has set ambitious targets for decarbonisation and is working towards reducing its carbon footprint through various initiatives. One of the key areas of focus for Kia is the adoption of renewable energy sources.
Kia's commitment to decarbonisation is reflected in its corporate energy strategy. The company has set a target of reducing its carbon emissions by 25% by 2025 and achieving carbon neutrality by 2045. To achieve this goal, Kia is investing in renewable energy sources such as solar and wind power. The company has installed solar panels at its manufacturing plants and is also exploring the use of hydrogen fuel cells as an alternative to traditional fossil fuels.
In addition to investing in renewable energy, Kia is also exploring the use of corporate power purchase agreements (PPAs) to support its decarbonisation efforts. Corporate PPAs are agreements between companies and renewable energy providers, where the company agrees to purchase a certain amount of renewable energy at a fixed price. This helps to support the development of renewable energy projects and reduces the company's reliance on fossil fuels.
Kia has already signed several corporate PPAs, including a 10-year agreement with Hanwha Energy to purchase 42 GWh of renewable energy per year. The company has also signed a PPA with Korea Hydro & Nuclear Power to purchase 10 GWh of renewable energy per year.
Kia's commitment to decarbonisation and renewable energy is not just limited to its own operations. The company is also working with its suppliers to reduce their carbon emissions and promote sustainability throughout the supply chain. Kia has set a target of reducing the carbon emissions of its suppliers by 50% by 2030.
Kia's efforts towards decarbonisation and renewable energy have not gone unnoticed. In 2021, the company was included in the Dow Jones Sustainability Index (DJSI) for the third consecutive year. The DJSI is a global index that evaluates the sustainability performance of companies based on economic, environmental, and social criteria.
In conclusion, Kia Corporation is a leading automobile manufacturer that is committed to sustainability and decarbonisation. The company has set ambitious targets for reducing its carbon footprint and is investing in renewable energy sources such as solar and wind power. Kia is also exploring the use of corporate PPAs to support its decarbonisation efforts and is working with its suppliers to promote sustainability throughout the supply chain. With its focus on innovation and sustainability, Kia is well-positioned to lead the transition towards a low-carbon future.