SK Inno invests 15 trillion KRW... Halving carbon emissions by 2030

SK Inno, Releases 'Carbon Net Zero Special Report'
Investing in Energy Efficiency Improvements, Plastic Waste Recycling, etc.
100% Carbon Emission Reduction by 2050

[Asia Economy Reporter Hwang Yoon-joo] SK Innovation will invest 1.5 trillion KRW to reduce its net carbon (greenhouse gas) emissions to half the 2019 level by 2030. Through the utilization of waste plastics, expansion of renewable energy, and growth of battery and separator businesses, the company plans to achieve a 100% reduction in carbon emissions by 2050. This aligns with the timeline milestones set forth in the 'Net Zero and Carbon Neutral Energy Roadmap Report' released by the International Energy Agency (IEA) in May.

On the 20th, SK Innovation released a 'Net Zero Special Report' detailing these plans. This is the first time a domestic company has concretized its net zero promotion plan in the form of a special report, as part of the Story Day declaration made on the 1st.

According to the report, SK Innovation aims to reduce its direct greenhouse gas emissions (Scope 1) and indirect emissions (Scope 2) of 12.43 million tons in 2019 by 25% by 2025 and by 50% by 2030. Furthermore, the company has set a goal to achieve 100% net zero before 2050.

To this end, SK Innovation plans to invest 1.5 trillion KRW by 2030 in areas such as energy efficiency improvements, transition to eco-friendly fuels, and introduction of low-carbon raw materials to reduce carbon emissions by 2.5 million tons. Additionally, the company will increase the use of renewable energy sources such as solar and wind power to 25% by 2025 and 100% by 2030, while developing carbon capture and storage technologies and carbon offset programs for further reductions. In the battery and materials business, SK Innovation aims to switch all electricity used to renewable energy production power by 2030, reducing greenhouse gas emissions by 87% compared to the 2030 business-as-usual (BAU) scenario, and achieve 100% net zero by 2035.

For greenhouse gases generated across the entire value chain (Scope 3), the company plans to reduce about 45% of last year's carbon emissions (approximately 134 million tons) by 2030 and cut 75% of the total emissions by 2050.

Kim Jun, SK Innovation CEO, stated, "The publication of the Net Zero Special Report concretizes and publicly announces the promise to achieve net zero before 2050 declared on Story Day. It clearly expresses our determination to lead the eco-friendly era through strong action and to complete ESG (Environmental, Social, and Governance) management."

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