Energy Poverty and Accelerate a Just and Orderly Sustainable Energy Use’ was the topic of the keynote address given by Euisun Chung, executive chair of Hyundai Motor Group, during the 2022 B20 Summit in Bali, Indonesia.
The B20 Summit, held on November 13-14, enables a consultative body formed of private economic organisations and corporations that provides policy recommendations to the leaders of the 2022 G20 Bali Summit, held on November 15-16 and titled “Advancing Innovative, Inclusive, and Collaborative Growth.”
Executive Chair Chung said in his keynote address at the ‘Energy, Sustainability & Climate and Finance & Infrastructure’ session of the B20 Summit, “Now is the moment for bold choices. And the moment for leadership is now.”
In addition to mentioning the climate problem and acute energy poverty, the executive chair emphasised the need for all responsible members of global society, including governments and corporations, to collaborate on the transition to sustainable energy alternatives.
Executive Chair Chung said, “The world is confronted with a climate change problem.” The car industry is reconsidering energy and investing in renewable energy, but we cannot undertake this venture on our own. Government and industry can offer the necessary incentives for companies and consumers to adopt sustainable mobility with practical solutions.”
“The globe faces a multitude of economic issues, including the social and economic repercussions of COVID, a worldwide semiconductor scarcity, inflation, increasing interest rates, and surging commodity prices.”
Executive Chairman Chung underlined the Group’s efforts toward carbon neutrality: “We are pursuing a net-zero approach throughout all of our value chains, including the purchasing of auto components, vehicle production, shipping, consumer usage of our goods, and vehicle recycling. We need the strong backing of global leaders who develop policies to stimulate investment in these new resources and technology.
Regarding hydrogen as a potential sustainable energy source of the future, he said, “With renewables come other issues, including supply and storage constraints. Hydrogen can resolve several of these problems. There is currently a worldwide agreement about the significance of hydrogen as a future, infinite energy alternative.”
“Governments and corporations must play a role in driving global transformation. Together, we can accelerate the adoption of environmentally responsible alternatives.”
Executive Chairman Chung concluded his comments by restating the Group’s commitment to sustainable development. “Hyundai Motor Group will continue to make the best decisions for everyone’s future,” he stated.