Hanwha Group

Environmental defense

1 minute read

The “Lockheed Martin'' of Asia has made a good business year out of the ongoing global geopolitical crises. Hanwha Aerospace’s market value jumped 69% in 2023, and now tops $7.8 billion, as it signed multibillion dollar deals with Poland on the Ukraine war’s frontlines, and Australia in the fraught Indo-Pacific due to U.S.-China tensions. But despite its significant defense manufacturing presence, the South Korean company has gone beyond what its former name of Korea Explosives Group suggests, moving further into the renewable energy industry through solar and wind farms and clean hydrogen technology. Late last year, Hanwha received approval from the American Bureau of Shipping for the world’s first large-scale, carbon-emission-free liquefied natural gas carrier, equipped with an ammonia-fueled gas turbine that is expected to significantly reduce carbon emissions from the ship. With 90% of goods traded across the ocean, Hanwha’s initiative could usher in a future of more sustainable supply chains.

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