S-OIL Secures Carbon Emission Credits Through Investment in 'Startup' Companies

[Asia Economy Reporter Park So-yeon] S-OIL is investing in a startup company that supplies clean drinking water to residents of developing countries to secure carbon emission credits.

On the 19th, S-OIL announced that it plans to invest in 'Glory Entech,' a Clean Development Mechanism (CDM) project operator that builds and manages water purification systems in developing countries, improving the quality of life for residents in Bangladesh while securing 13,000 tons of carbon emission credits annually.

Going forward, S-OIL plans to continue its virtuous cycle of social contribution activities through ongoing business expansion in cooperation with Glory Entech.

This investment by S-OIL is drawing attention as a new form of Corporate Social Responsibility (CSR) management that secures greenhouse gas emission credits through social contribution activities that improve the lives of residents in developing countries by supporting small and medium-sized startup companies.

Recognizing climate change as an immediate challenge for the company and responding proactively, S-OIL has established a company-wide carbon management system to systematically manage greenhouse gases, and has identified improvement items through an energy monitoring system and applied them to actual processes.

Through these efforts, in 2019, S-OIL achieved a reduction of approximately 6% in greenhouse gas emissions at its existing Ulsan plant compared to the previous year. Additionally, in 2018, it actively pursued greenhouse gas reduction activities such as replacing the fuel used in boilers at the Ulsan plant from bunker-C to LNG.

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