Fifty-plus South Korean companies including Samsung Electronics, Posco, KB Kookmin Bank and Lotte Rental plan to change all their corporate vehicles to EVs or hydrogen-fueled cars by 2030.
As part of the K-EV100 campaign to shift to zero emission cars, a suite of South Korean businesses will phase in their efforts to replace vehicles they purchase or lease with eco-friendly cars, according to the Ministry of Environment on Wednesday. The EV-100 initiative started from the 2017 United Nations General Assembly with Coca Cola, IKEA and other global businesses currently being part of it.
South Korean Environment Minister Han Jeoung-ae shared the status of the K-EV100 campaign in an exclusive interview with The Dong-A Ilbo on Feb. 26, saying, “One of eco-friendly efforts that companies can make to become greener is to change their corporate cars to zero emission vehicles.” “An official declaration is expected to be made by the government and participating companies within this month,” she said, stressing that the transport industry is changing for carbon neutrality at a faster pace than any other field.
As of now, Samsung Electronics operates around 1,800 company cars while Posco runs 500 corporate vehicles or so. The South Korean government is intent on prioritizing participating companies when it gives subsidies on the purchase of eco-friendly corporate cars. Green car grants have been provided mainly to individual purchasers, making it harder for corporates to benefit from the subsidy program. Since the turn of the year, 40 percent of budget on green car subsidies has been allocated to corporate and organizational purchasers.