SK Construction Rebrands as SK Ecoplant for a Fresh Start... "3 Trillion Won Investment by 2023"

Final Approval of New Company Name at Temporary Shareholders' Meeting on the 21st
Commitment to 'Plant Eco-Friendly Ideas and Innovative Technologies for the Earth'

[Asia Economy Reporter Onyu Lim] SK Construction is changing its name to ‘SK ecoplant’ and is reborn as an ‘Asia-leading environmental company’ that leads ESG (environment, society, governance).

SK Construction announced on the 24th that it has finalized the name change to SK ecoplant and unveiled a new corporate identity (CI) and future vision. The new name was officially approved at the extraordinary general meeting of shareholders held on the 21st.

SK ecoplant is a coined term combining ‘Eco,’ meaning environmentally friendly, and ‘Plant,’ meaning to plant, embodying the ambition to ‘plant eco-friendly ideas and innovative technologies for the Earth.’

SK Construction has been promoting the name change to emphasize the importance of environmental business that protects the Earth, aiming to create new economic and social values beyond construction. With sincerity, it has faced the environmental issues confronting the planet and sought the most effective solutions by leveraging collective intelligence through connected leadership.

First, it focused on the growing severity of various environmental issues recently emerging, such as China’s ban on importing waste plastics and the surge in mask and disposable product usage. It judged that environmental problems cannot be fundamentally solved by the existing one-way linear economy?from production to distribution and disposal after consumption?and that realizing a circular economy, which ensures the flow of energy and resources is not interrupted, is key.

It also analyzed that, unlike the ICT and bio sectors, it is difficult to find innovative technologies in the environmental field, and opportunities to verify them by integrating with actual businesses are significantly lacking. It recognized that while major advanced countries achieved industrial advancement by emitting large amounts of carbon dioxide in the past and now have the capacity for environmental protection, Asian developing countries face the dilemma of having to protect the environment while pursuing economic growth.

SK ecoplant will make ESG a new core value of corporate management to solve these problems and realize a circular economy, and will actively promote eco-friendly and new energy businesses. The eco-friendly business will utilize ‘Environmental Facility Management’ (formerly EMC Holdings), acquired last year, as an anchor and lead downstream businesses such as incineration and landfill including water treatment, while considering M&A of technology innovation companies and new industrial complex development. It will enhance productivity by integrating eco-friendly technologies with artificial intelligence (AI) and digital transformation technologies, and apply eco-friendly production methods as much as possible to building materials. Since upstream areas such as waste classification and collection are also important in waste treatment, it plans to establish cooperative relationships with governments and local authorities to activate the 3Rs (Reduce, Reuse, Recycle) of waste.

The new energy business will continuously promote hydrogen fuel cell projects, RE100 projects, offshore wind power projects, and accelerate the supply of eco-friendly renewable energy, contributing to the group’s carbon neutrality. Furthermore, based on the technology and capabilities accumulated domestically, it plans to acquire local environmental companies in key Asian hub countries and build value chains to expand its business area throughout Asia.

SK ecoplant will invest a total of 3 trillion KRW by 2023 to develop eco-friendly new businesses and pursue M&A with technology innovation companies. It will also practice transparent management centered on the board of directors and autonomous compliance with fair trade, and build the OTO (One Team Operation) platform to strengthen communication by cooperating as one team from the early stages of business with various stakeholders including SK member companies, business partners, and financial institutions.

Jae-hyun Ahn, President of SK ecoplant, said, “With the new name, we plan to sincerely plant eco-friendly ideas and innovative technologies for the Earth going forward,” adding, “We will find impactful solutions by exercising connected leadership with various stakeholders to grow into Asia’s leading environmental company that leads ESG.”

Ahn Jae-hyun, President of SK Ecoplant

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