Wednesday, July 21, 2021
South Korea’s refinery-to-battery company SK Innovation Co. will be sourced entirely by renewable by 2030 and become carbon-zero by 2050, according to its roadmap.
SK Innovation released on Tuesday a net-zero roadmap titled “Net Zero Special Report” on its website, detailing its commitments to halve carbon emissions by 2030 and bring them to net-zero by 2050.
Included in the roadmap are concrete goals to lower carbon footprint across its entire production, supply and value chains by dividing greenhouse gas emissions into three scopes—direct emissions (Scope 1), indirect emissions from power generation (Scope 2) and all other emissions from the entire value chain (Scope 3).
SK Innovation has vowed to lower Scopes 1 and 2 emissions by 25 percent by 2025 from the 2019 level of 12.43 million tons, 50 percent by 2030 and achieve net zero by 2050. To that end, the company will invest a total 1.5 trillion won ($1.3 billion) in its petrochemical business by 2050 to bolster energy efficiency, speed up transition into green fuels and introduce low-carbon emitting materials.
For the Scope 3 emissions, the company has set a goal of cutting them 45 percent by 2030 from the 2020 level of 134 million tons and 75 percent by 2050.
The roadmap also reveals that the company is on track to switch to 100 percent renewable energy in its rapidly-growing battery and materials business operations by 2030 in order to reduce 8.2 million tons of greenhouse gas emissions.
“Through the net zero roadmap, we have embodied our long-term, detailed plans to reach net-zero before 2050. We will strive to put it into action and devote ourselves to strengthening ESG management,” said Kim Joon, President of SK Innovation.
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