Yeosu City Partners with Jeonnam Province and GS Caltex to Commercialize Carbon Capture Utilization Technology

Yeosu City (Mayor Jeong Gi-myeong), Jeollanam-do Province (Governor Kim Young-rok), and GS Caltex (CEO Heo Se-hong) have signed an agreement to promote the ‘Carbon Capture and Utilization (CCU) Mega Project’.

The memorandum of understanding ceremony held on the 6th at the Jeonnam Provincial Office brought together the three organizations to establish an organic cooperative system for early commercialization of CCU technology, including technology development and establishment of an industrial foundation.

Yeosu Mayor Jeong Gi-myeong, Jeollanam-do Governor Kim Young-rok, and GS Caltex CEO Heo Se-hong are posing for a commemorative photo after signing a business agreement for the 'CCU Mega Project' on the morning of the 6th.
Photo by Yeosu City

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On this day, ▲ Jeollanam-do pledged support for creating and fostering the CCU industrial ecosystem ▲ Yeosu City promised administrative support such as permits and approvals, as well as support for technology development and demonstration ▲ GS Caltex committed to securing process technology and developing business models.

CCU technology refers to the process of converting carbon dioxide emitted from business sites through chemical, biological transformation, and mineralization processing to produce high value-added products such as fuels and chemicals.

It is gaining attention as a key means to achieve the national greenhouse gas reduction target (NDC) by 2030, but due to the high difficulty of technology implementation, many industries are conducting development and research.

Accordingly, the Ministry of Science and ICT is leading a ‘CCU Mega Project’ competition targeting high greenhouse gas emitting industries, aiming to secure business models covering the entire CCU technology cycle from carbon dioxide supply to product utilization.

Jeollanam-do formed an industry-academia-research consortium led by GS Caltex based in Yeosu City to promote and sign this agreement for the project application.

At the signing ceremony, Jeong Gi-myeong, Mayor of Yeosu City, said, “I hope the CCU Mega Project will overcome the crisis of the petrochemical industry and lead a successful transition to a high value-added and eco-friendly industry,” adding, “Yeosu City will also provide wholehearted support for the carbon neutrality efforts of the Yeosu National Industrial Complex.”

Asia Economy Honam Reporting Headquarters, Reporter Heo Seon-sik hss79@asiae.co.kr

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