This photo provided by Korea National Oil Corp. shows its headquarters in Ulsan, 300 kilometers southeast of Seoul. (Image courtesy of Yonhap)
SEOUL, Dec. 26 (Korea Bizwire) — The state-run Korea National Oil Corp. (KNOC) said Tuesday it will explore potential sites for undersea carbon capture and storage (CCS) facilities in the seas surrounding the Korean Peninsula.
The move is part of the government’s plan to reduce greenhouse gas emissions through CCS facilities by 4.8 million tons a year by 2030, the KNOC said in a statement.
The 2030 carbon dioxide reduction target through CCS facilities was revised up in April from the previous goal of 4 million tons.
“The company plans to explore three separate sites for the CCS facilities in three seas surrounding the peninsula,” a KNOC official said.
In 2021, South Korea significantly revised its national greenhouse gas reduction target, known as the Nationally Determined Contribution (NDC), from the earlier 26.3 percent to 40 percent by 2030.
The 2021 goal aims to reduce greenhouse gas emissions by 40 percent compared to the national output level in 2018, aligning with the broader objective of the then Moon Jae-in government to gradually phase out conventional resources and achieve carbon neutrality by 2050.
To go carbon neutral by 2050, the government needs to build facilities capable of storing 1 billion tons of CO2, the statement said.
(Yonhap)
