South Korean conglomerate Hyundai Motor Group (the Group) Executive Chair Euisun Chung delivered a keynote speech at the 2022 B20 Summit in Bali, Indonesia on the theme of ‘Energy Poverty and Accelerate a Just and Orderly Sustainable Energy Use.’
The B20 Summit, Nov. 13-14, facilitates a consultative body comprised of private economic groups and businesses that delivers policy recommendations to the leaders of the 2022 G20 Bali Summit, November 15-16, under the theme of ‘Advancing Innovative, Inclusive and Collaborative Growth.’
In his speech at the B20 Summit’s ‘Energy, Sustainability & Climate and Finance & Infrastructure’ session, Chung said, “Now is the time for bold decisions. And now is the time for leadership.”
He also referenced the climate crisis and severe energy poverty, emphasising the need for all responsible people in global society, including governments and businesses, to work together to switch to sustainable energy solutions.
“The fact is that the world is facing a climate change crisis. The auto industry is rethinking energy and investing in renewable energy, but it is an endeavour that we cannot pursue alone. With common sense solutions, government and industry can provide the right incentives to businesses and consumers to embrace clean mobility.”
“But climate change is not the only reason to accelerate our transition to sustainable energy. The world is facing a myriad of economic challenges: the social and economic aftershocks of COVID, a global semiconductor shortage, inflation, rising interest rates and the soaring prices of raw materials,” he said.
Chung further highlighted the Group’s efforts toward carbon neutrality: “We are pursuing a net-zero strategy across all our value chains, including the purchase of auto parts, vehicle manufacturing, logistics, customer use of our products and vehicle recycling. We need the strong support of global leaders who create policies that encourage investment in these new resources and technologies.”
On the topic of hydrogen as a future clean energy solution, he said: “With renewables come different challenges—including limits on supply and storage. Hydrogen can solve many of these issues. And now, there is a global consensus on the importance of hydrogen as a future, limitless, energy solution.”
“Governments and businesses must play their part and drive global change. Together, we can set the conditions to accelerate the adoption of eco-friendly solutions,” he concluded.