Bold Action on Climate Change and Energy Poverty Sought

SEOUL, South Korea, Nov. 14, 2022 /PRNewswire/ — Hyundai Motor 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, Nov. 15-16, under the theme of ‘Advancing Innovative, Inclusive and Collaborative Growth.’

In his keynote speech at the B20 Summit’s ‘Energy, Sustainability & Climate and Finance & Infrastructure’ session, Executive Chair Chung said, “Now is the time for bold decisions. And now is the time for leadership.”

The executive chair also referenced the climate crisis and severe energy poverty, emphasizing the need for all responsible people in global society, including governments and businesses, to work together to switch to sustainable energy solutions.

Executive Chair Chung says: “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 endeavor that we cannot pursue alone. With commonsense 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.”

Executive Chair Chung 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.”

Regarding hydrogen as a future clean energy solution, he explained: “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.”

Executive Chair Chung closed his remarks by reiterating the Group’s dedication to pursuing sustainable growth. “Hyundai Motor Group will continue to make the right moves for the right future for everyone,” he says.