SK Chemicals Joins SBTi... "Leading Global Carbon Reduction"

Bio Eco-friendly Focused Portfolio Shift
50% Carbon Reduction by 2030... Net Zero by 2040
Submission of Targets and Implementation Plan to SBTi in First Half

[Asia Economy Reporter Choi Seoyoon] SK Chemicals is accelerating its net-zero strategy to achieve zero greenhouse gas emissions.

SK Chemicals announced on the 20th that it has joined the Science Based Targets initiative (SBTi).

SK Chemicals is the fourth domestic chemical company and the first innovative pharmaceutical company to join SBTi.

SBTi is a global coalition established in 2015 by the Carbon Disclosure Project (CDP), United Nations Global Compact (UNGC), World Resources Institute (WRI), and World Wide Fund for Nature (WWF). It supports various companies with guidelines for reducing greenhouse gas emissions and verifies and approves their targets as a global initiative.

Upon joining SBTi, companies must set and disclose greenhouse gas reduction targets within two years. SK Chemicals plans to establish specific greenhouse gas reduction targets and implementation plans based on scientific evidence and submit them to SBTi within the first half of the year.

SK Chemicals Pangyo Headquarters Exterior [Photo by SK Chemicals]

SK Chemicals already published its first Task Force on Climate-related Financial Disclosures (TCFD) report last year. It announced concrete goals to expand the use of eco-friendly fuels such as liquefied natural gas (LNG) and hydrogen, as well as renewable energy, to reduce 100% of direct and indirect greenhouse gas emissions from its business sites by 2040 (including offsets).

Additionally, the company plans to establish a plastic circular economy ecosystem based on a chemical recycling business system. It also announced a long-term strategy to reduce greenhouse gas emissions across all value chains of product production by 91% compared to 2021 by 2050.

Jae-Hyun Ahn, CEO of SK Chemicals, said, “As the world unites to address the climate crisis, SK Chemicals is actively participating. Through verification by the credible SBTi initiative, we will accelerate the implementation of net-zero and strive to become a model case for climate change response in Korea.”

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