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Last time we talked about why we need to go net-zero, and why we need to invest in it. Today, we’ll look at three examples of carbon neutrality from major Korean companies to illustrate the need for carbon neutrality and what steps and actions companies should take.
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Carbon neutrality case 1: E-Mart
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Carbon neutrality case 2: SK E&S’ blue hydrogen
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Carbon Neutrality Case 3 : SK Innovation
E-Mart has established a 2050 carbon neutrality strategy and roadmap for sustainable environmental management, and published the ‘Net Zero Report 2023’. From there, the company set an interim goal of reducing carbon emissions by 32.8% by 2030 compared to 2018. Furthermore, the report outlines the company’s strategic plan and progress toward achieving Net Nero, a goal of “zero” emissions of all six major greenhouse gases by 2050.
Since 2009, the company has invested about $113.4 billion in its ESCO (Energy Service Company) business to replace eco-friendly, high-efficiency equipment such as LED lights, high-efficiency inverters, turbo chillers, and low-power exhaust fans. E-Mart was the first in the industry to install a solar power system and a geothermal system, and as of last year, it had 37 renewable energy facilities. This has resulted in 5547 MWh of renewable energy production as of last year. In addition, the company plans to manage quantitative data on its direct and indirect greenhouse gas emissions to establish optimal reduction strategies for future emissions.
Source: emart
SK E&S is said to be actively working to build a domestic blue hydrogen industry that can contribute to carbon neutrality. Blue hydrogen is hydrogen that has reduced carbon emissions in the process of extracting it. SK E&S expects the blue hydrogen ecosystem to reduce carbon emissions by 2.2 million tons per year. SK E&S says hydrogen will play a key role in the future, given the intermittency of renewable energy and the vulnerability of electric vehicles to long-distance transportation. He also expressed his intention to contribute to the expansion of the domestic hydrogen ecosystem and achievement of carbon neutrality through the successful promotion of the Boryeong Blue Hydrogen Plant.
Source: SK E&S
SK innovation became the first company in the refining industry to start measuring ‘environmental assessment’ for all refined petroleum products in September 2023. It measures the environmental impact of every step in the production of a product, whether it’s gasoline or diesel. In particular, by establishing SK innovation’s own environmental impact measurement evaluation standard, Life Cycle Assessment (LCA), we quantified various impact factors (carbon emissions, acidification, ozone layer, resource consumption, etc.) that occur in the cycle from resource input to finished product production in accordance with international ESG evaluation standards.
Source: SK E&S
■ Build consensus around the need for carbon neutrality
As greenhouse gases have continued to rise since industrialization, the average global temperature has risen by about 1.2 degrees over the past 120 years. According to the IPCC’s 1.5°C Special Report, a global temperature increase of more than 2°C above current levels will result in climate catastrophes such as heat waves, flooding, and sea level rise. To prevent this, it is said that global temperature rise must be kept to within 1.5 degrees Celsius, and that we must achieve carbon neutrality before 2050. With the declaration of carbon neutrality by major countries around the world, including Korea, there is a growing consensus on the need to reduce carbon.
In fact, in Berlin, Germany, a referendum was held to move the date of climate neutrality to 2030. While the referendum ultimately failed, it did leave a mark. That’s because the incoming Christian Democratic Union (CDU) and Social Democratic Party (SPD) coalition government has since agreed to create a €5 billion (roughly $7 trillion) special fund to combat climate change. There is a growing consensus around the world about the need to be carbon neutral, and related environmental regulations and campaigns are being implemented. For example, Apple, a global company, has made a strong commitment to be carbon neutral by 2050 and is encouraging its partners to achieve RE100.
■ Carbon neutrality, what does it do to a company?
The growing consensus on the need for carbon neutrality has created a new market order in which it is in the economic interest of industry to respond to the climate crisis. While many companies are looking for ways to measure and reduce their carbon footprint, it’s difficult for them to set up a system to manage it closely. Many companies struggle with measuring their carbon footprint. For small and midsize businesses, especially those with multiple locations, it’s no easy task to stay organized and on top of things.
