POSCO Energy Publishes Corporate Citizenship Report Outlining 2050 Carbon Neutrality Strategy

Including ESG Management Performance and Carbon Neutrality Response Roadmap

POSCO Energy employees are introducing the newly published "2021 POSCO Energy Corporate Citizenship Report." Photo by POSCO Energy

[Asia Economy Reporter Jeong Dong-hoon] POSCO Energy announced on the 20th that it has published the '2021 Corporate Citizenship Report,' which contains ESG management performance and a roadmap for responding to climate change.

Through this report, POSCO Energy revealed a blueprint to become a 'leading eco-friendly power generation company based on renewable energy and hydrogen by 2050,' along with the achievements made so far in addressing environmental and social issues.

In this 10th report, POSCO Energy selected six major sustainable management achievements over the past decade to provide an overview of its representative corporate citizenship activities. These include ▲expansion of LNG Mid to Downstream (LNG storage and power generation business), ▲family-friendly company, ▲eco-friendly energy company for future generations, ▲trust-based mutual growth, ▲implementation of a solid safety workplace, and ▲expansion of sustainable management and social contribution activities. The report explains the LNG terminal business achievements, safety management, and efforts toward carbon neutrality in a way that stakeholders can easily understand.

In particular, POSCO Energy disclosed for the first time its carbon neutrality strategy to respond to climate change in this report. Under the vision of 'POSCO Energy Blue & Green 2050 Achievement,' the company plans to gradually carry out key strategic tasks for greening electricity.

First, to convert LNG power generation to hydrogen co-firing and full combustion, the company will gradually introduce hydrogen co-firing/full combustion and Carbon Capture, Utilization, and Storage (CCUS) at the Incheon LNG Combined Power Plant. It will also build a new hydrogen power ecosystem. Incheon, a major business site, will be developed as storage infrastructure for mid- to long-term hydrogen power generation and hydrogen supply in the metropolitan area, and the expansion of the Gwangyang LNG Terminal will be gradually promoted to respond to future increases in hydrogen demand. Furthermore, to expand renewable energy based on profitability, POSCO Energy plans to enhance existing renewable power generation capabilities such as solar and wind power and actively pursue new renewable energy business development through open innovation with external specialized companies.

Jung Ki-seop, CEO of POSCO Energy, said in his CEO message, "POSCO Energy plans to seek new opportunities and strive for sustainable growth amid the rapidly changing environment, including achieving carbon neutrality by 2050 and transitioning to the hydrogen energy era. To this end, besides the LNG tank leasing business, we will diversify the LNG business portfolio by promoting customer-oriented businesses such as LNG ship commissioning, and explore commercialization plans for new technologies such as hydrogen co-firing power generation, Carbon Capture, Utilization, and Storage (CCUS), and Energy Storage Systems (ESS)."

The '2021 POSCO Energy Corporate Citizenship Report' is available for anyone to view on the POSCO Energy website.

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