KOWEPO Honored with Presidential Prize of ‘Korea Carbon Neutrality and Green Management Grand Prix’

President Lee Jung-bok of Korea Western Power (KOWEPO) poses with KOWEPO officials after he received the presidential award at the Korea Carbon Neutrality and Green Management Grand Prix presentation ceremony on Nov. 7. (Photo: KOWEPO)

Korea Western Power Co. (KOWEPO) has received the presidential award on Nov. 7 at the nation’s climate and environment sector awards ceremony, hosted by the government in recognition of contributions to executing carbon neutrality and spreading green management.

KOWEPO said, Korea Carbon Neutrality and Green Management Grand Prix, hosted by the Climate, Energy and Environment (MCEE) and the Ministry of Trade, Industry and Resources (MOTIR) is awarded by comprehensively evaluating CEOs’ environment management determination, corporate contribution to climate change response and environment management implementation outcomes.

In order to achieve its corporate vision, “Energy Transition Innovation Company Spearheading Carbon Neutrality Future,” KOWEPO has established “2040 WP Environment Management Implementation Strategies.”

The power company has been implementing projects for greenhouse gas emissions and environment pollution wastes reduction and environmental shared growth projects with regional communities based on three goals – spearheading carbon neutrality implementation, strengthening eco-friendliness of the power company and realizing public environment welfare.

Specifically, KOWEPO has surpassed the 2024 nationally determined contributions (NDC) by cutting greenhouse gas emissions by 29 percent compared to 2018 through reduction of coal-fired power plants, biomass co-combustion and energy efficiency with a view of advancing carbon neutrality by 2047.

Starting this year, coal generators at the Taean Power Complex are being replaced with alternative combined cycle power plants on a gradual basis. The power company has been spearheading sustainable energy transition by implementing projects to develop large offshore wind power farms in the Southwestern Sea.

KOWEPO has been building up its standing in the global clean energy market, as the power company successfully entered the global renewable energy market by landing a 500 MW photovoltaic power farm in Oman and a 1.5 GW Al Ajban solar PV project in the United Arab Emirates.

The power company has been bearing fruit in shared growth carbon neutrality projects with regional communities.

KOWEPO has been implementing the nation’s largest-scale shared growth projects with regional communities to reduce greenhouse gas emissions of farming households by supplying low-carbon agricultural farming technologies, such as gas heat pumps and multilayer insulation curtains.

The power company has been engaging in support projects to improve energy efficiency and insulation at village halls and elderly houses vulnerable to carbon neutrality in cooperation of the Chungcheongnam-do provincial, city and county governments as well as projects to build “climate crisis-free villages” designed to educate energy preservation.

KOWEPO President Lee Jung-bok said, “The winning of the presidential award is owed by KOWEPO, recognized for its long-standing efforts to realize carbon neutrality and green management, and all executives and staff members will join forces to spearhead into eco-friendly, de-carbonization energy transition.”

KOWEPO Expands Overseas Business from Middle East to U. S.

Korea Western Power (KOWEPO) has been materializing overseas business strategies.

The power company plans to step up its presence in the Middle East and expand its overseas business to the United States.

KOWEPO said on Nov. 4 that the power company’s board of directors approved strategies to implement overseas business projects and renewable energy follow-up steps in July.

According to the details, KOWEPO plans to develop carbon-free power resources, reflecting the NDCs. Early this year, the power company opened a branch in Dubai, the United Arab Emirates, as part of efforts to solidify its standing as a renewable energy center in the Middle East, and it plans to expand its overseas business to the U.S. gas combined cycle power market.

KOWEPO’s efforts have paid off. The power company, which won the 500 billion won Omani photovoltaic power project and 1.3 trillion won UAE solar power project has been implementing them with a 50 percent stake and a 20 percent share, respectively.

The United States is a region in which KOWEPO strives to explore new projects. Last year, the power company struck an MOU on development cooperation to produced green hydrogen and ammonia with Tallgrass Energy, a U.S. energy company.