South Korea: POSCO plans to achieve carbon neutrality by 2050, committees to play vital role

Steel giant POSCO has planned to achieve carbon neutrality by 2050 with the help of its Carbon Neutrality Committee and Carbon Neutral Green Steel Advisory Group.

The Carbon Neutrality Committee is a consultative body which was formed with an objective of taking appropriate decisions by adjusting POSCO's carbon neutrality achievement strategy and to check the smooth flow in implementing the roadmap.

"In order to achieve a healthy system that responds to the carbon-neutral demands of global customers and accelerate the transition to a carbon-neutral production system by CY'50, POSCO is likely to discuss its carbon neutral strategy in-depth and make timely decision such as investments and executive ability," said Kim Hak-dong, Vice Chairman, POSCO.

The Carbon Neutral Green Steel Advisory Group is another consultative body which will play an important role in achieving POSCO's carbon neutral plan.

There are eight external experts in the advisory group, who will serve as strategic advisors in the fields of steel, carbon capture, utilisation and storage (CCUS) technology, energy policy, and government R&D support and who will enhance the roadmap by adding objectivity and expertise to the carbon neutral strategy promoted by POSCO. This advisory group was launched in Jan'22 to collaborate with industry, universities and research institutes.

In December 2020, POSCO conveyed its "2050 Carbon Neutral Plan" for the first time amongst Asian steel companies and announced its "2050 Carbon Neutral Basic Roadmap" in 2021.

Furthermore, the steel major plans to develop innovative low-carbon process technologies, secure green fuels and raw materials, and move to green steel production systems.

Note: This article has been published in accordance with an article exchange agreement between SteelDaily and SteelMint.