The Petrochemical Industry Also Joins Efforts for '2050 Carbon Neutrality'

[Sejong=Asia Economy Reporter Kwon Haeyoung] The petroleum refining industry, a sector with high carbon emissions, has pledged to actively work towards achieving '2050 Carbon Neutrality.'

On the 11th, the Ministry of Trade, Industry and Energy launched the 'Petroleum Industry Carbon Neutrality Council,' a public-private consultative body, at EL Tower in Seocho-gu, Seoul, with petroleum companies including SK Innovation, GS Caltex, S-Oil, and Hyundai Oilbank to discuss carbon neutrality promotion strategies. Following steel last month, carbon neutrality councils have been consecutively formed and meetings held with various industries such as petrochemicals, cement, semiconductors & displays, and non-ferrous metals.

The petroleum refining industry accounted for approximately 32 million tons of annual carbon emissions in 2019, representing about 6% of total industrial emissions. It ranks fourth after steel, petrochemicals, and cement.

Im Jaegyu, Senior Research Fellow at the Korea Energy Economics Institute, stated in his presentation, "The petroleum refining industry is South Korea's sixth largest export industry with the world's fifth largest refining capacity, but serious difficulties are expected in the process of pursuing carbon neutrality," and suggested, "Industrial advancement through technological innovation and additional alternatives beyond existing reduction measures are necessary."

The Korea Petroleum Association introduced the industry's ongoing greenhouse gas reduction efforts, including energy savings through heat integration within refineries and industrial complexes, switching from high-carbon fuels (B-C oil) to low-carbon fuels (LNG), and capturing carbon dioxide emitted during manufacturing processes. They also mentioned that further carbon reduction and carbon neutrality efforts will require blue hydrogen production, development and application of carbon capture and utilization (CCU) technologies, use of renewable energy, and diversification into eco-friendly businesses.

Jung Dongchae, Chairman of the Petroleum Association, said, "Last year, due to the decrease in petroleum demand caused by COVID-19, the domestic petroleum industry recorded its largest operating loss since its inception, and given the fossil fuel-based nature of the industry, achieving carbon neutrality is a challenging goal," adding, "Nevertheless, we will devise and strive for various sustainable measures that can contribute to carbon neutrality."

The petroleum industry requested government support for the introduction of next-generation biofuels and the use of eco-friendly raw materials in refining processes. The government plans to form a separate task force (TF) with industry and experts to review technology levels, quality, safety, and other factors.

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