SK Innovation Participates in Creating a Global Sustainable Ecosystem for the Battery Industry

[Asia Economy Reporter Hwang Yoon-joo] SK Innovation, a member of the 'Global Battery Alliance (GBA),' announced the '10 Principles for Building a Sustainable Battery Value Chain.'

Kim Jun, President of SK Innovation, commented on the GBA announcement, stating, "We will faithfully support the 10 principles for the development of the global battery industry ecosystem," explaining the significance of participating in the GBA's 10 principles. A total of 42 organizations participated in this announcement.

The GBA is a global alliance formed in the second half of last year, where various stakeholders in the battery industry participate annually at the World Economic Forum held in Davos, Switzerland, to enhance economic value and simultaneously seek solutions to environmental and social issues.

This alliance includes more than 60 organizations linked to the battery industry's development, such as academia, raw material companies, battery companies, automobile companies, and international organizations. At the national level, Congo participates, and from South Korea, SK Innovation is involved.

To faithfully carry out its founding purpose, the GBA established 10 guiding principles through the 2020 World Economic Forum and announced them with active participation from many member companies.

These 10 principles include ▲ maximizing battery productivity and promoting a circular economy through reuse and recycling ▲ ensuring transparency and reduction of greenhouse gas emissions, increasing the use of renewable energy to contribute to building a low-carbon economy ▲ creating quality jobs, prohibiting child/forced labor, and generating regional value.

SK Innovation explained that the principles proposed by the GBA perfectly align with SK Innovation’s pursuit of ▲ growth through Green Balance 2030, securing growth engines by expanding eco-friendly businesses ▲ contributing to the creation of a healthy ecosystem for the sound development of the battery industry, and thus decided to actively participate.

President Kim stated in the GBA announcement, "We respect the GBA’s vision and 10 principles aimed at creating a sustainable global battery industry value chain by 2030," adding, "This vision and timeline exactly match SK Innovation’s 'Green Balance 2030,' which focuses on nurturing eco-friendly businesses."

He continued, "According to the social value evaluation conducted at the SK Group level, the battery business has been proven to lead low-carbon-centered growth, which is why SK is focusing on nurturing the battery business," and suggested, "Accurate measurement is important for a sustainable value chain."

Meanwhile, SK Innovation added that it will also secure new growth business opportunities based on the ‘sustainable battery value chain’ advocated by the GBA through promoting the BaaS (Battery as a Service) platform business based on the battery life cycle.

This content was produced with the assistance of AI translation services.