SK Innovation pledges to erase its carbon footprint by 2062

SK Group Chairman Chey Tae-won speaks during a ceremony celebrating SK Innovation's 60th anniversary on Thursday held in Jung District, central Seoul. [SK INNOVATION]

SK Innovation promised to erase its carbon footprint from the past six decades by 2062, raising the bar for itself from its previous goal of achieving net-zero emissions by 2050.

Titled “all-time net zero,” the vision was introduced during the oil refiner’s 60th-anniversary ceremony, held Thursday in Jung District, central Seoul.

“All-time net zero is our promise to uphold our responsibility as the previous generation and to hand over a sustainable world to the next generations,” said Kim Jun, SK Innovation CEO.

The year 2062, which SK Innovation set as the target for the all-time net zero plan, also marks the company’s 100th anniversary.

Thursday's event was attended by SK Group Chairman Chey Tae-won, as well as other present and former executives of SK companies.

SK Innovation's history over the past sixty years “perfectly overlaps with Korea's industrial history,” said Chey. "SK Innovation is themed green, which represents the environment, to become a better company by moving beyond the red and white colors that represented the company's past as Korea Oil Corporation."

Founded on Oct. 13, 1962, SK Innovation — then Korea Oil Corporation — was Korea’s first oil refinery.

SK Innovation emitted 11.2 million tons of carbon dioxide in 2021. The company aims to achieve net-zero emissions ahead of 2050 and curb 50 percent of its emissions by 2030 compared to 2019.

In October last year, Chey set a goal for all SK companies to cut a combined 200 million tons of carbon emissions by 2030.

“SK, which has been running the petrochemical business as its core business, emitted an accumulated amount of 450 million tons of carbon dioxide as of now,” said Chey at an executive-level meeting on Oct. 22, 2021. “It is our mission to remove all of that carbon emission soon."

SK Innovation recently pledged an investment of 5 trillion won ($3.5 billion) over the next five years. Of the 5-trillion-won investment, SK Innovation plans to spend 1.7 trillion won in the recycling business, and 3 trillion won in expanding its eco-friendly product line-up by replacing equipment and expanding the production of more sustainable fuel products.

BY SHIN HA-NEE [shin.hanee@joongang.co.kr]