Hankook Tire & Technology said on the 22nd that its Hungary plant has signed a 10-year long-term power purchase agreement to receive a total of 430 gigawatt-hours (GWh) of solar energy from Goldenpeak Capital (GPC), a global renewable energy corporations.
The agreement is part of Hankook Tire & Technology's "net zero by 2050" strategy. Hankook Tire & Technology expects to replace about 20% of the Hungary plant's annual electricity consumption with renewable energy and reduce carbon dioxide (CO₂) greenhouse gas emissions by 10,107 tons (t) each year.
Hankook Tire & Technology expects the deal to strengthen its business competitiveness in the European market, which is calling for expanded use of renewable energy.
Starting with the Hungary plant, Hankook Tire & Technology aims to increase the share of renewable energy at its global production bases by 2030 and cut Scope 2 emissions—greenhouse gases from energy combustion—by 46.2% from 2019 levels.