[2023 National Audit] Carbon Neutrality Urgent... 10 Major Corporations Increased Greenhouse Gas Emissions by 9% in 4 Years

Over the past four years, greenhouse gas emissions from public power companies have decreased, while emissions from private companies have actually increased.

On the 11th, an analysis of data submitted by the Greenhouse Gas Comprehensive Information Center by the office of Lee Hak-young, a member of the Democratic Party of Korea, revealed that the greenhouse gas emissions of the top 10 emitting companies last year increased by 9% compared to 2018.

According to the data, POSCO, which has been the largest greenhouse gas emitter for five consecutive years, recorded emissions of 70,185,587 tons last year, a 4% decrease from 2018. POSCO temporarily suspended operations at its Pohang Steelworks last year due to flooding damage caused by Typhoon Hinnamnor.

Greenpeace activists performed a demonstration on March 24, 2021, in front of the National Assembly building in Yeouido, Seoul, delivering an oversized medicine envelope labeled "Climate Crisis Prescription" and "UN Pharmacy" to the National Assembly. This performance was organized to urge the National Assembly to take strong action on the climate crisis, including the legislative push for the Basic Act on Climate Crisis Response, which mandates carbon neutrality by 2050, and to specify mid- to short-term carbon reduction targets that are key to reducing greenhouse gas emissions. Photo by Yoon Dong-ju doso7@

The greenhouse gas emissions of five public power companies ranked 2nd to 6th among the top emitters also all decreased. Korea South-East Power, ranked 2nd in emissions, recorded 35,384,901 tons last year, a 38.6% reduction compared to 2018. Korea Southern Power (-12.5%), Korea Midland Power (-11.2%), Korea Western Power (-20.5%), and Korea East-West Power (-26.2%) also saw decreases during the same period.

Most large corporations in the top greenhouse gas emitting group saw their emissions increase.

Hyundai Steel, ranked 7th in greenhouse gas emissions, recorded 28,500,741 tons last year, a 26.7% increase from 2018.

Samsung Electronics, ranked 8th, emitted 14,922,978 tons, a 38.6% increase over the same period. Following were S-Oil at 9th (9,386,360 tons, +49.6%), GS Caltex at 11th (8,870,672 tons, +63.2%), LG Chem at 12th (8,616,934 tons, +7.7%), Hyundai Oilbank at 14th (6,453,281 tons, +4.4%), and Lotte Chemical at 15th (6,214,656 tons, +6.8%), all of which also increased emissions.

On the other hand, Ssangyong C&E at 9th (10,670,032 tons, -2.8%) and SK Energy at 13th (6,847,471 tons, -7.6%) saw decreases in emissions.

The office of Lee Hak-young stated, "Earlier this year, the Yoon Suk-yeol administration was criticized for significantly reflecting industrial complaints when revising sectoral reduction targets, but it maintained the goal (NDC) of reducing national greenhouse gas emissions by 40% from 2018 levels by 2030," adding, "Achieving carbon neutrality goals by 'squeezing public enterprises' alone is uncertain."

Status of Top 15 Companies in Certified Greenhouse Gas Emissions [Image source=Office of Lee Hak-young, Democratic Party of Korea]

The 2050 Carbon Neutral Green Growth Committee set targets in the ‘Basic Plan for Climate Change Response’ that the ‘industry’ sector, where most companies are concentrated, must reduce greenhouse gas emissions by 11.4% from 2018 levels by 2030, and the ‘energy transition’ sector, which includes the five major power companies, must reduce emissions by 45.9%.

The industrial sector’s target is 3.1 percentage points lower than the '2030 NDC' target set by the Moon Jae-in administration, while the energy transition reduction target is 1.5 percentage points higher.

Lee Hak-young said, “Achieving carbon neutrality goals is the best measure to respond to the climate crisis,” and pointed out, “While efforts by the government and public enterprises are important, appropriate incentives and sanctions must be established to encourage participation from private companies.”

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