Yoo Jung-jun: "The Goal of Our US Business Is Carbon Neutrality Contribution Over Profit"

SK Group North America External Cooperation Head and US Energy Solutions Corporation Passkey CEO
"Net Zero, Not a Threat but a New Opportunity... Carbon Emissions Are Not Free"

[Asia Economy Reporter Oh Hyung-gil] Yoo Jung-joon, recently appointed as SK Group's North America External General Manager and Vice Chairman of SK E&S, stated, "The goal of our business in the United States is to contribute to carbon neutrality through eco-friendly businesses such as batteries and energy solutions, rather than focusing on profits."

On the 4th, through the newly established 'Media Room' by SK E&S, Vice Chairman Yoo said, "The ESG theme of SK Group in the U.S. is carbon reduction, and as part of this, SK E&S signed a participation contract in May for the world's largest carbon capture and storage project."

He added, "It is a project that captures 12 million tons of carbon annually in partnership with longtime partners Continental Resources and the agricultural company Summit," and introduced, "There was absolutely no hesitation in participating in this project."

SK Group announced last year that it will contribute to reducing 200 million tons of carbon, about 1% of the global carbon reduction target by 2030.

Vice Chairman Yoo predicted, "Carbon emissions are not free in the end," and "The trend of imposing fees on carbon emissions is inevitable, and the amount will gradually increase."

He further added, "Investment in carbon capture is to prepare for such a future, and from a long-term perspective, current investments will lead to future cost savings."

He particularly pointed out that systems like the European Emissions Trading System (ETS) are necessary to actively drive companies' carbon reduction activities.

He explained, "By clearly defining carbon reduction, the reduction process, and the approving authorities, companies' carbon reduction efforts can be objectively recognized, and a market where carbon-neutral products can be freely traded should be created," adding, "Companies will naturally establish governance centered on carbon reduction and increase investments."

Vice Chairman Yoo also spoke about 'Passkey,' a corporation established by SK Group at the end of last year for the U.S. energy solutions business, saying, "It will play a pivotal role in entering the North American energy market."

He said, "Passkey not only oversees and manages energy solution-related companies acquired and invested in so far but also formulates and executes strategies to expand the energy solutions business within the U.S.," adding, "The pattern of producing and consuming electricity is changing from the past due to the increasing share of power generation through renewable energy and the spread of electric vehicles, and energy solutions are the way to efficiently control and manage this."

Additionally, Vice Chairman Yoo revealed that they are preparing to establish a branch office in London, UK.

He elaborated, "Due to the COVID-19 pandemic, the Russia-Ukraine war, and other factors, there have been fluctuations not only in the European market but also in the global energy market," and added, "Without understanding the European market, one cannot be a good market participant or a global player, and the London office is expected to play a role in this regard."

Meanwhile, SK E&S stated through the Media Room, "To advance as a carbon-neutral energy company, we plan to present differentiated content that makes the essential topic of eco-friendly energy easier to understand."

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