Kumho Petrochemical "2035 as the First Year of Carbon Neutrality... Establishing 5 Key Strategies"

ESG Committee Presents 5 Major Strategies
"29% Reduction Compared to Projected Emission Increase by 2030"

[Asia Economy Reporter Moon Chaeseok] Kumho Petrochemical announced on the 23rd that it has entered full-scale operations after establishing five key strategies in the carbon neutrality sector as part of its ESG (Environmental, Social, and Governance) management activities announced last year.

The ESG Committee, Kumho Petrochemical's ESG management think tank, announced the ESG vision 'Triple A (Act?Advance?Accelerate)' last year. Immediately after the announcement, the committee, along with working-level teams such as ESG management and safety/environment departments, devised a climate change response strategy through external consulting, organizing a mid- to long-term carbon neutrality growth plan into five key strategies. The five strategies are ▲ accelerating reduction across all business sites based on clean energy transition ▲ switching to eco-friendly products ▲ switching to eco-friendly bio raw materials ▲ expanding recycling ▲ establishing a communication foundation through digital transformation of carbon asset management.

Based on these five strategies, Kumho Petrochemical plans to reduce carbon emissions by 29% compared to the business-as-usual (BAU) greenhouse gas emission forecast by 2030, and by 23% based on the government's nationally determined contribution (NDC) targets. Ultimately, the company aims to make 2035?the year when reductions exceed increases in carbon emissions?the inaugural year of carbon-neutral growth and to implement strategies targeting carbon-neutral growth by 2050.

Reduction activities will begin with areas directly and indirectly related to Kumho Petrochemical's business in line with the five strategies. These include applying carbon capture, utilization, and storage (CCUS) and fuel switching in the energy generation business; expanding the proportion of eco-friendly raw materials such as bio-silica-based synthetic rubber in the chemical business; and recycling waste into raw materials through pyrolysis, such as recycled styrene monomer (RSM). The company plans to digitalize carbon asset management activities at each carbon emission stage through life cycle assessment (LCA) analysis of products, establishing an advanced system that enables communication and cooperation with stakeholders.

Kumho Petrochemical plans to actively implement carbon-neutral growth by developing innovative reduction technologies and eco-friendly products for carbon-neutral growth by 2050. Baek Jonghun, CEO of Kumho Petrochemical, said, "We have taken the first concrete step toward carbon reduction activities," adding, "Based on the five strategies, all employees will unite and strive for ultimate carbon-neutral growth."

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