Kakao Pay, a unit of South Korean tech conglomerate Kakao (Courtesy of Kakao Pay)
South Korea’s Kakao Pay Corp. said on Monday that it signed a green premium purchase agreement with Korea Electric Power Corp. (KEPCO), the South Korean state-run utility company, and has begun procuring renewable energy for its electricity usage.
The Green Premium is a method of renewable energy procurement where KEPCO produces electricity entirely from environmentally friendly renewable energy sources, and this power is purchased separately from regular electricity bills.
Through this purchase agreement, Kakao Pay will procure 100% of the electricity consumed in its business operations at the Pangyo office in the second half of this year from renewable energy. This also accounts for 14% of the total electricity usage of the company, including data centers, from last year.
Previously, Kakao Pay committed to participating in its parent company Kakao Corp.’s Active Green Initiative and, in its 2023 ESG report, established the RE100 goal of transitioning 100% of its electricity usage to renewable energy by 2040, along with a roadmap to achieve this.
By Mi-Hyun Jo
mwise@hankyung.com
