SK Innovation steps up carbon offset, green investments

The refinery and chemicals unit of SK Group will buy carbon credits and create forests to offset 480 million tons of CO2 by 2062

Kim Jun, vice chairman and CEO of SK Innovation
Kim Jun, vice chairman and CEO of SK Innovation
Ik-Hwan Kim 1
2023-02-06 17:59:44 lovepen@hankyung.com
ESG

SK Innovation Co., the refinery and chemicals unit of South Korea’s second-largest conglomerate SK, is poised to strengthen its eco-friendly businesses to achieve its net zero targets.

Kim Jun, vice chairman and CEO at SK Innovation, said on Feb. 6 the company will buy carbon credits and create forests to offset 480 million tons of carbon by 2062. The amount equals what the firm has emitted since its inception in 2007.

The company will enhance its corporate value through the expansion of green investments, the CEO said. As part of its portfolio restructuring, SK Innovation will ramp up businesses of electric vehicle batteries, plastic recycling and lithium-ion battery recycling.

It will also accelerate its production of clean energy and securing recycle value chains. The company will expand collaborations with global tech firms as well as step up in-house research and development.

The SK unit will use Open Innovation Post, a Silicon Valley-based center for joint R&D, as a hub for expanding global partnerships in green technologies. SK Innovation and US tech advisory firm Silicon Foundry co-established the center last November.

SK Innovation will intensify its risk management with various scenarios amid volatilities in global energy prices and interest rates, as well as a potential economic downturn, the CEO said.

Write to Ik-Hwan Kim at lovepen@hankyung.com

Jihyun Kim edited this article.

SK Innovation-invested Amogy tests ammonia-powered heavy truck

SK Innovation-invested Amogy tests ammonia-powered heavy truck

▲ Amogy Presents World’s First Ammonia-Powered Semi Truck Amogy Inc. has successfully tested its ammonia-hydrogen power system for large-size semi trucks – the first time that ammonia has been used as a fuel for heavy-duty transportation vehicles.The US ammonia-based power system de

SK Innovation to inject $1.6 bn into SK On's rights offering

SK Innovation to inject $1.6 bn into SK On's rights offering

SK Innovation's Ulsan Complex in Korea (Courtesy of SK Innovation) South Korea's top refiner SK Innovation Co. said on Dec. 21 it will invest 2 trillion won ($1.6 billion) in its electric battery maker unit SK On Co. as the subsidiary will execute a 2.82 trillion won rights offering by issuing

SK Innovation to adopt internal carbon pricing system

SK Innovation to adopt internal carbon pricing system

SK Innovation Co. on Sunday announced its adoption this year of an "internal carbon pricing system" recently approved by its board of directors. The gist of this system is to calculate the expected carbon emissions from a new project into an amount and reflect it as cost. Investment that redu

SK Innovation tech turns 98% of carbon dioxide into carbon monoxide

SK Innovation tech turns 98% of carbon dioxide into carbon monoxide

An SK Innovation display on carbon neutrality at CES 2022 (Courtesy of SK Innovation) The Institute of Technology Innovation operated by SK Innovation Co. announced on Friday that it has developed electrochemical catalytic technology, which can transform carbon dioxide into carbon monoxide, and

(* comment hide *}