Coway Plans to Establish a Solar Power Facility to Support its ESG Drive

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Home appliance manufacturer Coway in South Korea said on Thursday that it would begin construction of a solar power plant on the roof of its worldwide sleep technology subsidiary iOBED’s facility in Paju, Gyeonggi Province, in December. Paju is situated in the province of Gyeonggi. It is anticipated that the work will be finished in March of 2023.

According to the firm that manufactures household appliances, the solar power plant won’t start producing electricity until the first half of 2023. The company predicts that it will have an annual generating capacity of 800 kilowatt hours.

The project will be the company’s sixth solar energy facility once it is up and running. In 2013, the firm opened its first solar plant at its facility located in Pocheon, which is located in the province of Gyeonggi. Coway has continued to expand its business by constructing new buildings at its Yugu Distribution Center, Yugu Factory, and Incheon Factory. Collectively, the four plants have the capacity to generate up to 1,182.3 KWh of electricity.

As a component of its environmental, social, and governance management objectives, the home appliance company said that it will be collaborating with a regional solar module manufacturer called Shinsung E&G on the project.

Back in 2006, Coway made the announcement that it intended to make ESG management a top priority. Since then, it has committed to steadily lowering its emissions of greenhouse gases, with the goal of attaining a decrease of 50 percent by the year 2030 and reaching net-zero emissions by the year 2050. In addition, in August of 2021, it established an internal ESG committee with the goal of speeding up ESG management.

We anticipate that by installing these new solar power plants, we will be able to cut our yearly emissions of greenhouse gases by 470 tons (metric). “This is part of our ESG program that we are determined to completing in accordance with our obligation as an ecologically friendly business,” stated an official from Coway. “We are committed to doing so in keeping with our responsibilities as an environmentally friendly company.”

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