This undated photo provided by SK Energy Co. shows the construction site of the company’s Vacuum Residue Desulfurization (VRDS) facility in Ulsan, South Korea.
SEOUL, Aug. 18 (Korea Bizwire) — SK Energy Co., a major oil refinery and gas station operator, will become the first South Korean company to release carbon neutral oil product to achieve SK Group’s ‘Net Zero’ initiative, a part of the group’s environment, social and governance (ESG) management plan.
Carbon neutral oil product is produced from a process that reduces greenhouse gas emissions and takes into account the greenhouse gases emitted during consumption.
Carbon neutral oil product calculates the amount of greenhouse gas emitted from all stages of production, transportation, and consumption, and cancels them out through Certified Emission Reductions (CER) issued from reforestation efforts and other projects on greenhouse gas reduction to ‘neutralize’ emissions.
Last July, SK Energy signed a contract with Australia-based Macquarie Group, which will supply the company with high-quality CERs issued by various reforestation and other environmental projects.
The CERs will be used for SK Energy’s carbon neutral marine and aviation fuels sold to other industries and corporations.
Lina Jang (linajang@koreabizwire.com)
