The South Australian government on Wednesday signed a memorandum of understanding (MoU) with Hyundai Engineering and Construction (Hyundai E&C), paving the way for what is intended as “significant collaboration” in areas such as renewables and hydrogen.
Signed as part of the first trade mission to Korea and Japan made by South Australia’s trade and investment minister, Joe Szakacs, the MoU aims to build on South Australia’s track record as a renewable energy and green hydrogen leader with one of Korea’s major industrials.
South Australia currently operates with over 70 per cent renewable energy in its network, with an aim to hit 100 per cent net renewables by 2027 and to reduce net greenhouse gas emissions by at least 50 per cent by 2030.
“This MoU further enhances South Australia’s global standing as a leading jurisdiction in the transition to net-zero,” said Szakacs.
“This partnership with Hyundai E&C – a global industry heavyweight – demonstrates that major international players take our state’s commitment to decarbonisation seriously and want to join with us as we pursue these ambitious goals.
“The opportunities that will be explored for investment in renewable energy, infrastructure, housing, and hydrogen projects in South Australia will create additional jobs and prosperity in our state and encourage South Australian businesses and industry to decarbonise their operations.”
Established in 1947 as a major component of the larger Hyundai Group – which would later spin out the more well-known Hyundai Motor Group – Hyundai E&C is one of the world’s leading construction and engineering firms, boasting nearly 15,000 employees across 34 countries and having completed more than 880 projects across 62 countries.
The MoU signed between South Australia and Hyundai E&C will help to facilitate further investment projects and job creation in South Australia and is expected to further solidify the state’s position as a leader in the transition to net-zero.
“Our mutual cooperation with the State of South Australia, a world leader in renewable energy, will serve as a catalyst for innovation in Australia’s energy infrastructure,” said an unnamed official from Hyundai E&C’s NewEnergy Division.
“We hope that this partnership will contribute to the revitalization of South Australia’s economy and create strong synergies in global public-private partnerships for mutual growth.”
