The South Korean automaker Hyundai Heavy Industries (HDI) announced on Monday the establishment of an industrial alliance dedicated to achieving carbon neutrality by 2050. The conglomerate, which is responsible for a wide range of industrial products, services, and technologies, has joined forces with some of the world’s leading technology companies, financial institutions, and other global firms.
The alliance, which includes companies such as Microsoft, Daimler, and UBS, will focus on developing innovative technologies and business models to reduce greenhouse gas emissions across the entire value chain. HDI will also collaborate with its partners to develop new financing mechanisms and advisory services to support companies in transitioning to a low-carbon economy.
The initiative is part of HDI’s larger commitment to the Paris Agreement, which aims to limit global temperature increase to below 2 degrees Celsius by reducing global greenhouse gas emissions. HDI’s commitment to carbon neutrality includes a pledge to reduce its own emissions by 40% by 2030 and to achieve complete neutrality by 2050.
The alliance is part of HDI’s broader strategy to accelerate the transformation of its businesses to meet the demands of a low-carbon future. The company is also investing heavily in new technologies, including hydrogen fuel cells, green aviation, and renewable energy storage.
HDI’s announcement follows similar initiatives from other global automakers, such as Volkswagen, Ford, and Toyota, which have all committed to carbon neutrality. The alliance is just the latest example of the auto industry’s growing commitment to addressing climate change.