Big firms' greenhouse gas emissions rise 5.9 percent over 3 years

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Big firms' greenhouse gas emissions rise 5.9 percent over 3 years

Published: 01 Feb. 2023, 10:21 Updated: 01 Feb. 2023, 10:29

Power plants stand in western Incheon, the city just west of Seoul. [YONHAP]

The greenhouse gas emissions of Korean large companies have increased by nearly 6 percent in recent years, going against the country's carbon neutrality goal, a corporate tracker said Wednesday.

The volume of greenhouse gases emitted by 50 big businesses in Asia's fourth-largest economy reached 272.8 million tons in 2021, up 5.9 percent from three years earlier, according to the Leaders Index.

Of the total, 25 saw emissions grow over the cited period, with the remainder posting decreases. Those firms are the country's top 50 emitters and exclude state-run power companies.

Yet their emissions per 100 million won ($80,900) in sales came to 26.9 tons in 2021, down 5.6 percent from 2018.

During the three-year period, Korea's overall greenhouse gas emissions shrank 6.6 percent to 679.6 million tons.

Industry watchers said those highest-emitting companies need to dial up efforts to decrease their emissions in line with a local law on carbon neutrality.

Under the law that took effect in March last year, Korean companies are required to cut their greenhouse gas emissions by 40 percent by 2020 compared with 2018 levels.

According to the Leaders Index, steelmakers, chip firms, chemical manufacturers and oil refiners increased emissions, while companies in the automaking, display, communication and cement industries reported declines.

Steelmaker Posco was the top emitter in 2021 with 78.5 million tons, which was up 7.3 percent from three years earlier. Another steelmaker Hyundai Steel came next with its emissions surging 26.5 percent to 28.5 million tons.

Samsung Electronics ranked third as its emissions soared 34.5 percent to 14.5 million tons in 2021, while chemical company OCI chalked up the biggest decrease rate of 42.2 percent over the cited period.

Yonhap