Climate Partners: Hanwha’s Work with the World Economic Forum Amplifies Impact of Sustainable Solutions

This year’s World Economic Forum (WEF) meeting in Davos, Switzerland convened under the theme of “Rebuilding Trust,” following a year of divisive global challenges including climate impacts, political unrest, inequality, and slowing growth. In an effort to repair the cracks, leaders of government, business, and civil society came together under a framework of trust to find solutions to these shared challenges in an increasingly complex environment.

This year the content was split across four key areas, spanning diverse topics from security and AI to job creation and climate change. Addressing the urgent mission of achieving net zero, UN Secretary-General Antonio Guterres told Davos the phase-out of fossil fuels is “essential and inevitable,” stating the world must act now “to ensure a just and equitable transition to renewable energy.” U.S. Special Presidential Envoy for Climate John Kerry noted that the private sector will be especially important in meeting these challenges.

While the WEF’s annual meetings provide a venue for public and private sector leaders to take stock of the status quo and plan for the future, the WEF’s work isn’t limited to these meetings. The organization works year-round to drive progress and address key challenges facing our world through its centers. These centers work to integrate private and public efforts to amplify impact.

With a relentless commitment to sustainability, Hanwha is leveraging the power of these partnerships through its participation in the WEF’s Center for Nature and Climate (CNC). Hanwha is a member of three initiatives run by the center: the First Movers Coalition (FMC), the Circular Transformation of Industries (CTI), and 1t.org. Through these initiatives, Hanwha is working to energize change and empower progress through innovation and the power of partnership.

The CTI is a cross-industry, multi-stakeholder initiative that aims to enable a growing, resilient, and sustainable economy through the adoption of circularity at scale. A circular economy minimizes waste and encourages the sustainable use of natural resources by promoting the reuse and regeneration of materials or products. Put simply, the initiative seeks to revolutionize the way we extract, use, and dispose of resources.

Hanwha, as a CTI partner, has been contributing to this mission as detailed in a WEF white paper through its hydrogen-to-gas-turbine (H2GT) technology, which enables the retrofitting of LNG-fired gas turbines to run on a mixture of hydrogen fuel and LNG. Because hydrogen produces no carbon emissions when burned, H2GT reduces CO2 emissions and offers an effective intermediary solution for fossil fuel infrastructure as the world transitions to a cleaner energy system. Importantly for circularity, as the energy transition progresses, H2GT can mitigate the risk of gas turbines becoming stranded assets, meaning infrastructure that is rendered unusable before the end of its anticipated lifespan due to systemic changes. The hybrid solution is estimated to extend the lifespan of aging LNG-fired gas turbine parts by more than 20 years, which aligns with the CTI’s vision of unlocking new value and growth in a world of limited resources.

As the clean energy transition continues, the urgency of how to deal with existing coal-fired and other hydrocarbon-based infrastructure will also grow. Hanwha’s strategy of delivering retrofit and repurpose solutions to the global operators of gas turbines is one step on the path to adopting circularity at scale and ensuring as many stakeholders as possible can participate in the clean energy transition.

At Davos 2024, world leaders called for global solidarity in the face of geopolitical divides, enhanced efforts around AI governance, as well as swift and decisive leadership to combat the climate crisis and move the energy transition forward. Given that half of the top 10 risks over the next 10 years are environmental, with extreme weather events, critical change to Earth’s systems, and biodiversity loss and ecosystem collapse being the top three, multilateral cooperation and effective deployment of technologies were seen as critical drivers of climate action. As the world grapples with the impact of climate change, this year’s Forum provided a crucial space for public and private sectors to come together to ensure a long-term future that is inclusive, net zero, and nature positive.

As a WEF Strategic Partner, Hanwha is one of 100 leading global companies committed to improving the state of the world, with the belief in the power of collaboration to drive positive change. Hanwha will continue to deliver future-ready solutions and flexible innovations that enrich communities and transform industries, offering them the resources they need to tackle climate change. In close cooperation with the WEF, the company will leverage innovation to drive progress for green shipping, resource circularity, and reforestation. By continuing to collaborate with global partners, Hanwha hopes to deliver reliable solutions that anticipate the evolving needs of the future and achieve synergy through cross-industry collaboration.