SK Innovation declares carbon neutrality as key goal for 2022

The Korea Times

The Korea Times

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Tue, September 26, 2023 | 08:43

Companies

SK Innovation declares carbon neutrality as key goal for 2022

Posted : 2022-01-07 14:34

Updated : 2022-01-07 18:56

SK Innovation Vice Chairman Kim Jun, first from left, speaks with executives in a strategy meeting held at the Consumer Electronics Show (CES) 2022 in Las Vegas, Thursday, local time. Courtesy of SK Innovation

By Kim Bo-eun

SK Innovation declared carbon neutrality as a key pursuit in managing its businesses in 2022, at the company's first management-level meeting held at the Consumer Electronics Show 2022 in Las Vegas, Thursday, local time.

At the meeting, Vice Chairman Kim Jun reviewed the company's net-zero plans, based on the company's "Carbon to Green" strategy that he unveiled last July. He pledged the company would achieve net-zero greenhouse gas emissions before 2050.

This is part of SK Group's "Net-Zero Pledge" unveiled earlier. SK has pledged to cut 200 million tons of carbon emissions globally by 2030.

"Carbon neutrality is a goal we must all achieve for a sustainable future," Kim was cited as saying at the meeting. "The final destination of our Carbon to Green plan is achieving net-zero emissions."

At the meeting they shared plans to cut Scope 1, 2 and 3 greenhouse gas emissions for each SK Innovation affiliate and how these will be executed. SK plans to increase investments into electric vehicle batteries and battery materials and to achieve net-zero at its refineries.

The company is also seeking businesses in recycling batteries, plastic waste and industrial lubricant waste, as part of business models that support the development of a circular economy. This is a paradigm that encourages the innovation of systems to reduce waste, boost resource efficiency and keep materials in use.

SK Innovation has been reducing greenhouse gas emissions by using carbon capture and storage technology ― a process that traps the carbon dioxide emissions from industrial operations to be recycled for further use.

SK Innovation also pledged to introduce a system under which it seeks to bring down carbon emissions from its employees commuting to and from work, and traveling for business to zero via carbon credits secured through a project to protect forests around the world. The company estimates these emissions amount to 12,000 tons on an annual basis. To offset these emissions, a forest spanning 8.7 square kilometers needs to be created.

The company stated it will continue to reduce indirect emissions such as these, in addition to emissions arising from its core businesses.

bkim@koreatimes.co.kr