SK Innovation Shares ESG Know-How with Social Ventures... Supporting Environmental Value Creation

SK Inno's Supported Social Venture 'More Than'
Support for Life Cycle Assessment (LCA) Execution and Verification

SK Innovation's Environmental Science and Technology Institute supports stakeholders in creating environmental value by utilizing specialized Life Cycle Assessment (LCA) capabilities. On the 21st, SK Innovation announced that it held a third-party verification certificate awarding ceremony for the LCA results of upcycling products by the social venture 'More Than' at the SK Seorin Building.

Life Cycle Assessment is a method that measures and evaluates the environmental impacts occurring at all stages of a product's life cycle, including raw material procurement, manufacturing, packaging, transportation, use, and disposal. It quantifies resource inputs and emissions at each stage according to internationally standardized procedures, enabling the measurement of various metrics such as carbon footprint. It also allows for the management of data aimed at improvement.

More Than is a fashion product manufacturing company that upcycles discarded waste sheets and airbags. SK Innovation derived the LCA results for the 'Thames Flap Briefcase' product, which utilizes automotive waste seats. To ensure objectivity of the results, third-party verification was conducted by the global verification body DNV. This verification holds significant meaning as it confirms that the assessment results were calculated based on reasonable data without distortion. DNV (Det Norske Veritas) is a global certification and verification organization headquartered in Norway, with over 350 offices worldwide. It conducts various eco-friendly certifications and verifications for global companies.

SK Innovation plans to continuously share ESG know-how, including conducting Life Cycle Assessments, to help fostered and supported companies enhance their competitiveness. Through this, it is expected that social ventures will increase the reliability of environmental information and contribute to creating business opportunities. Since 2019, SK Innovation's Environmental Science and Technology Institute has established an LCA measurement system, applying it to SK Innovation affiliate products and new business reviews, utilizing it for environmental impact management and carbon reduction efforts.

Kim Ilsu, Head of the Technology Strategy Group at SK Innovation's Environmental Science and Technology Institute, stated, "SK Innovation has established an objective LCA measurement system to achieve Net Zero. Going forward, we will actively support the creation of social value for stakeholders through continuous collaboration not only with SK Innovation affiliates but also with social ventures."

Choi Ihyun, CEO of More Than, said, "We are pleased to conduct environmental impact assessments through SK Innovation's verification system and receive third-party verification from a global certification body. We will continue to improve on areas for enhancement and strive to grow as a sustainable upcycling specialized company."

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