South Korea’s largest trading company has officially committed to achieve carbon neutrality by 2050, with the aim of becoming a globally recognized eco-friendly corporation.
To kickstart, the company has established an intermediate target to reduce carbon emissions by 37% by 2030. This will be followed by a comprehensive plan to reduce emissions from its operations while simultaneously expanding its renewable energy infrastructure.
POSCO intends to gradually convert its 3.4-gigatonne liquefied natural gas (LNG) power facility, the Incheon LNG Combined Cycle Power Plant, to the hydrogen mixed-combustion technique to directly address emission reduction. This conversion will take place in stages to provide a smooth transition. Furthermore, the corporation plans to use carbon capture and storage technology to reduce residual emissions from its power facilities.
In terms of indirect emission reduction, POSCO Group aims to significantly expand its renewable energy operations, particularly in wind power, aligning with the RE100 initiative. By 2050, the company plans to add 2.5 gigawatts (GW) of offshore wind power projects to its existing portfolio, which includes 14.5 megawatts (MW) of solar power and 62.7 MW of onshore wind power in Sinan County, South Jeolla Province.