Renewable energy potential takes center stage at Hanwha Q CELLS-hosted GGGI Energy Forum 2018
The GGGI Energy Forum 2018, jointly held by Hanwha Q CELLS and the Global Green Growth Institute (GGGI), drew 80 participants from around the globe
Hanwha Q CELLS Co., Ltd. (NASDAQ: HQCL) (“Hanwha Q CELLS” or the “Company”), one of the largest solar cell and module manufacturers in the world, on October 30, 2018 jointly hosted the second annual GGGI Energy Forum in Seoul, Republic of Korea, along with the Global Green Growth Institute (“GGGI”).
Building on the success of last year’s inaugural GGGI Energy Forum in Seoul, this year’s event attracted about 80 participants from a broad range of GGGI member countries including Republic of Korea, the United Kingdom, Norway, Denmark and Mongolia, providing an opportunity for the attendees to share and discuss their current and future energy transition policies.
Director-General of GGGI, Frank Rijsberman, made a welcome speech, in which he remarked: “We should bust the myth that green growth is an expensive option. Solar energy, even with battery storage, is already commercially attractive, where diesel energy is the alternative such as in small islands and off the grid. Green growth is the only viable option for a sustainable future, and it is already commercially attractive in many cases.
The overarching theme of the GGGI Energy Forum 2018 sought to address the renewable energy potential of the Korean peninsula. This topic was most directly tackled by Hans-Josef Fell, the President of Energy Watch Group and former member of the German Parliament (1998 – 2013). Mr. Fell’s presentation examined the most politically and technologically feasible ways for the Korean peninsula to achieve 100% renewable energy; a vision that drew rapturous applause from the attendees in the audience.
“In Republic of Korea, there should be an institutional strategy and government support on R&D to make ‘100% renewable energy transition’ a reality,” Fell said, adding: “In addition to many countries, such as Denmark and Sweden, cities such as San Francisco and Copenhagen and corporations like Coca-Cola have also set ambitious goals for 100% renewable energy conversion.”
A related topic was further explored by Kyung-ho Lee, Director of the New and Renewable Energy Policy Division of the Republic of Korea’s Ministry of Trade, Industry and Energy (MOTIE). Kyung-ho Lee presented a case study that discussed Republic of Korea’s energy transition policy, which aims to draw 20% of the nation’s energy needs from renewable sources by 2030. This policy, also known as “Renewable Energy 3020,” will specifically embrace solar energy and offshore wind technology to drive the adoption of more secure, affordable, and clean power across Republic of Korea.
We should bust the myth that green growth is an expensive option… Green growth is the only viable option for a sustainable future, and it is already commercially attractive in many cases.
Japanese inspiration and Korean perspiration
Another guest speaker at the GGGI Energy Forum 2018 was Izumi Kaizuka, Director of the Research Division at Japan’s RTS Corporation. Kaizuka relayed the details of Japan’s pivot towards renewable energy following the devastating East Japan Earthquake in 2011 that triggered the Fukushima Nuclear Disaster. Since then, the country rapidly increased its share of renewable energy in its mix from 1% to 7%, (2016) as the country abandoned nuclear power.
“Japan could only achieve this rapid renewable energy growth because the government set up a long-term specific goal that has been carried out step-by-step,” Kaizuka stressed. “Sustainable technological development and the government’s institutional improvements were necessary factors towards making renewables one of the core sources of energy in Japan.”
Faced with a similarly ambitious target, the Republic of Korea must develop a similar long-term strategy, the GGGI Energy Forum 2018 audience was told. Among the political representative attendants at the event, both Atle Hamar – Vice Minister of the Ministry of Climate and Environment, Norway, and David Markey – Head of Business Environment and Climate Diplomacy at the British Embassy in Seoul – remarked that events such as the GGGI Energy Forum 2018 are keys in supporting Republic of Korea’s momentum towards a greener energy future.
Hanwha Q CELLS leads by example
As a joint host, Hanwha Q CELLS demonstrated at the Forum its prowess in helping to deliver this greener future today. The solar cell and module manufacturer exhibited the comprehensive steps that it has taken to ensure that its production process is powered as much as possible by solar energy. Hanwha Q CELLS (Qidong) Co., Ltd., a subsidiary of Hanwha Q CELLS, has installed a 2.2 MW PV array atop its solar plant in China. Moreover, before the end of this year, Hanwha Q CELLS will donate solar modules to an eco-friendly tree nursery that will use solar electricity to nurture the growth of young saplings, in conjunction with Hanwha Group’s social contribution campaign “Hanwha Solar Forest,” which supports the growth of new forests to help mitigate the effects of climate change.
Joo Yoon, Senior Vice President of Global Sales Planning and Strategy at Hanwha Q CELLS, said: “The pollution we make today will certainly harm future generations to come. I want to call this an ‘environmental debt’. I hope today we have the opportunity at this meaningful forum to discuss in depth on how new renewable energy can help solve the ‘environmental debt’ issue. Hanwha Q CELLS will also contribute to energy conversion via solar energy, a clean energy source, and will strive to overcome future challenges ahead.”
The second annual GGGI Energy Forum in Seoul was held at the Plaza Hotel on October 30, 2018. The event was held on the sidelines of the World Economic Forum (WEF) in Davos, Switzerland, in 2016 and 2017 respectively.
About Hanwha Q CELLS
Hanwha Q CELLS Co., Ltd. (NASDAQ:HQCL) is one of the world’s largest and most recognized photovoltaic manufacturers for its high-performance, high-quality solar cells and modules. It is headquartered in Seoul, South Korea (Global Executive HQ) and Thalheim, Germany (Technology & Innovation HQ) with its diverse international manufacturing facilities in Malaysia and China. Hanwha Q CELLS offers the full spectrum of photovoltaic products, applications and solutions, from modules to kits to systems to large-scale solar power plants. Through its growing global business network spanning Europe, North America, Asia, South America, Africa and the Middle East, the Company provides excellent services and long-term partnerships to its customers in the utility, commercial, governmental and residential markets. Hanwha Q CELLS is a flagship company of Hanwha Group, a FORTUNE Global 500 firm and a Top 10 business enterprise in South Korea. For more information, visit: http://www.hanwha-qcells.com.
This press release contains forward-looking statements. These statements constitute “forward-looking” statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates” and similar statements. Among other things, the quotations from management in this press release and the Hanwha Q CELLS’ operations and business outlook, contain forward-looking statements. Such statements involve certain risks and uncertainties that could cause actual results to differ materially from those expressed in or suggested by the forward-looking statements. Further information regarding these and other risks is included in Hanwha Q CELLS filings with the U.S. Securities and Exchange Commission, including its annual report on Form 20-F. Except as required by law, Hanwha Q CELLS does not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.