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Posco International seeks to go carbon-neutral by 2050

July 2, 2023 - 14:31 By Hwang Joo-young
Posco International’s LNG terminal in Gwangyang, South Jeolla Province (Posco International)

Posco International said Sunday it will achieve its carbon neutrality goal by 2050 in pursuit of establishing its position as a global environmental company.

Under the new road map recently approved by its board, the company plans to reduce carbon emissions by 37 percent by 2030 compared to its emissions level in 2021. Ultimately, the company said, it aims to achieve “net zero” by 2050.

The company will reduce carbon emissions in both direct and indirect ways. While reducing greenhouse emissions directly, it will also secure carbon credits by expanding the production of renewable energy.

As part of its efforts to reduce carbon emissions directly, the company will transfer its key power plant in Incheon into a hydrogen-powered plant in phases. Carbon capture storage, or CCS technologies, will be more widely adopted, with plans to set up related storage facilities in the oceans near Korea and Southeast Asia.

The company also will secure more certified emission reductions, or CER, through solar power, onshore and offshore wind power. Adding to its existing 14.5-megawatt solar power plant and 62.7-megawatt onshore wind plant in Shinan, South Jeolla Province, it aims to secure an additional 2.5 gigawatts of electrical power from its offshore wind power business by 2050.

“Posco International, which started as a merged entity this year, aims to build a sustainable ecosystem for carbon neutrality across the whole energy value chain and establish itself as a global eco-friendly energy company,” the company said in a statement.