September 20, 2023/ Seoul - Amorepacific, Korea's leading beauty company, was announced the winner of the 'Market Trailblazer' accolade at the RE100 Leadership Awards held on September 19th at the Climate Week NYC 2023.
The RE100 Leadership Awards is organized by The Climate Group, a non-profit foundation that actively promotes the use of renewable energy among companies and governments in partnership with CDP. Since 2020, this award has been given to recognize the efforts and achievements of companies leading the charge in transitioning to renewable energy.
The award's Market Trailblazer category is presented to companies that 'drive market changes, communicate transparently about the challenges and solutions related to transitioning to renewable energy, and collaborate with various stakeholders to lead the change.'
Amorepacific became the first in the Korean beauty industry to join RE100 in 2021. It established a roadmap to convert 100% to renewable energy across all its business locations by 2025. The company has been actively implementing its transition to renewable energy through various means. In March 2022, it became the first in Korea to enter into a direct renewable energy power purchase agreement (PPA)1. In September 2022, it also concluded a third-party PPA. In November 2022, it inked Korea's first-ever virtual power purchase agreement (VPPA)2 with Bukchon Seomo Wind, a local renewable energy firm based in a village on Jeju Island, to transition to renewable energy while coexisting with local communities.
Amorepacific's Osan Beauty Park, which manufactures the company's key brands, including Sulwhasoo and Laneige, operates a 2.6MW solar power generation facility, creating and using its renewable energy. Through PPAs and green tariff schemes, they have been manufacturing products using 100% renewable electricity since 2022.
The company commented, "We will continue to address the global climate crisis faced by humanity and carry on our efforts to coexist with nature through our sustainable management goal, 'A MORE Beautiful Promise.'"
2 VPPA (Virtual Power Purchase Agreement): A virtual power contract, an agreement in which a company assumes the market risk related to selling electricity from a power plant and trades energy certificates.