SK Innovation’s electric vehicle battery plant in Seosan, South Korea (image: SK Innovation)
SEOUL, July 21 (Korea Bizwire) — SK Innovation Co. has unveiled an ambitious goal of halving its net carbon emissions over the next 10 years.
In a report released on its website on Tuesday, the refinery-to-battery maker disclosed detailed plans for reducing net carbon emissions by business, as well as investment plans and a timeline for the achievement of such goals.
The company’s plan encompasses a wide range of actions covering the direct greenhouse gas emissions (Scope 1) generated during the process of production; indirect emissions, including the production of electricity (Scope 2); and the greenhouse gas emissions generated throughout the entire spectrum of the value chain (Scope 3).
To ensure early achievement of the net zero goal, the company plans to reduce its carbon emissions for the Scope 1 and 2 process, estimated at 12.43 million tons in 2019, by 25 percent by 2025, 50 percent by 2030 and 100 percent by 2050.
To this end, SK Innovation intends to invest a total of 1.5 trillion won (US$1.36 billion) in its petrochemicals business by 2030, aimed at reducing its carbon emissions by 2.5 million tons by improving energy efficiency, shifting towards eco-friendly fuels, and introducing low carbon emission materials.
Moreover, the company will increase the usage share of renewable energy sources such as solar and wind power up to 25 percent by 2025 and 100 percent by 2030, while pursuing an additional reduction of carbon emissions through the development of carbon capture and storage technologies and carbon offset programs.
In particular, even in its fast-growing battery and materials business, the company plans to reduce emissions of greenhouse gases by about 8.2 million tons by switching exclusively to renewable sources of electricity.
Kevin Lee (kevinlee@koreabizwire.com)
