THE WHAT? AmorePacific has signed what it is claiming to be Korea’s first Virtual Power Purchase Agreement (VPPA) with Jeju-based Bukchon Seomo Wind Power.
THE DETAILS The agreement provides for the supply of 3MW of renewable energy per year to AmorePacific up until 2040. The deal will enable the K-beauty giant to convert its buildings and business sites to renewable energy.
THE WHY? The agreement is part of AmorePacific’s wider strategy goal to secure clean energy sources for 100 percent of its electricity demand by 2025. AmorePacific President Lee Dong-soon explains, “The VPPA is a challenge and effort to keep AmorePacific’s promise to produce and sell products using 100 percent renewable energy. We hope that our efforts to convert to renewable energy amid climate crisis will be conveyed sincerely to consumers. We also hope that through continued coexistence and cooperation with Jeju, we can contribute to achieving 2030 Carbon Free Island for Jeju.”