South Korean steel giant POSCO has vowed to become Carbon Neutral by 2050. As of recent, climate change has emerged as the greatest challenge for humanity, and POSCO’s commitment to leading carbon neutrality is an especially meaningful one, considering the nature of the steel industry where the emission of CO2 is inevitable. It is the first time for an Asian steelmaker with large scale blast furnace operating systems, among Korea, China, and Japan, to officially declare a carbon-neutral plan. POSCO plans to utilize carbon risk as an opportunity, overcoming its inevitable need for CO2 emission. Through innovative technologies, such as Carbon Capture, Utilization and Storage CCUS and hydrogen-based steelmaking, POSCO aims to equip itself with low carbon competitiveness which enables providing green steel.
As being the representative manufacturer of South Korea, POSCO’s ambition to be carbon neutral demonstrates its determination to play a leading role in line with the Korean government’s policy of achieving 2050 carbon neutrality and implementing the Green New Deal.
In addition to this, POSCO has been making its climate-related data available to the public. Following its support for the Task Force on Climate TCFD related Financial Disclosure) for the first time in the domestic manufacturing industry in March, POSCO issued “POSCO’s Dialogue for Climate Action,” which includes the TCFD’s recommendations, along with its declaration of carbon neutrality. The report discusses POSCO’s plan to reduce CO2 emissions by 20% in the short-term by 2030 and 50% in the mid-term by 2040 with a target to attain net zero emissions by 2050. An analysis of climate scenarios highlighted in the TCFD recommendations was also included in this issue.