South Korea’s Posco unveils plans for net zero by 2050

Market: Hydrogen
03/07/23

South Korean conglomerate Posco International has unveiled plans to achieve carbon neutrality by 2050, starting with reducing carbon emissions by 37pc by 2030 from 2021 levels.

Posco intends to cut its carbon dioxide equivalent emissions to 3.24mn t by 2030 from 2021 levels of 5.16mn t, it said on 2 July.

The firm aims to develop hydrogen co-fired power generation capacity, expand its carbon capture and storage (CCS) businesses and secure 2.5MW of new offshore wind energy sources to achieve this net zero goal. This is in line with the government's 2030 national greenhouse gas (GHG) reduction target, according to Posco. South Korea is aiming for a 40pc reduction in GHG levels from 2018 levels by 2030.

Posco's 2050 net zero plan targets domestic workplaces and subsidiaries that generate the most GHGs and is split into two components. The first part involves the reduction of scope 1 emissions from direct operations, while the second is the reduction of scope 2 emissions from electricity use.

Posco's scope 1 plans hinge on fuel conversion and CCS to directly reduce carbon emissions. The firm aims to convert 3.4GW of gas-fired power generation at its Incheon combined-cycle power plant to a hydrogen co-firing facility. The firm also plans to apply CCS technology to reduce residual carbon emissions from power plants. Posco has been accelerating its development of overseas CCS projects, with an eye on projects in Australia, Malaysia and the US.

For scope 2 Posco aims to expand its renewable energy business to secure carbon credits under the renewable energy certificate system, primarily through increasing wind power capacity. A total of 2.5GW of new offshore wind power generation will be secured by 2050. This is in addition to the currently operational 14.5MW of solar power and 62.7MW of onshore wind power in Sinan county, South Jeolla province.

By Simone Tam

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30/04/25

Brazil Aneel rejects grid access for green H2 projects

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Canada H2 sees opening as political chaos engulfs US

25/04/25

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25/04/25

Canada H2 sees opening as political chaos engulfs US

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Danish H2 sector criticises country's mandate draft

25/04/25

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25/04/25

Danish H2 sector criticises country's mandate draft

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Canada election’s CO2 pricing issue one to watch for H2

23/04/25

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23/04/25

Canada election’s CO2 pricing issue one to watch for H2

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Belgian H2 pipeline faces year delay in fruit dispute

17/04/25

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17/04/25

Belgian H2 pipeline faces year delay in fruit dispute

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