ENVIRONMENT HEADLINESEnvironment
Posco Green Growth Committee Declares Emissions Reduction Goals
Feb. 9, 2010 Posco has decided to cut down on carbon dioxide (CO2) emissions by 9% based on the average of the three most recent years by 2020, as well as to reduce 14 million tonnes of social carbon emissions through manufacturing of energy-efficient steel products and green growth businesses.
The company plans on reaching annual sales of 1 trillion KRW in the green growth sector by investing a total of 700 million KRW in related projects such as developing low-carbon steel manufacturing processes.
Chairman Joon-yang Chung announced Posco’s carbon emission reduction plans at the 7th Green Growth Committee hosted by President Lee Myung-bak at Cheong Wa Dae on February 3.
“Prompt and proactive actions are the most important to solve climatic changes,” said Chung. “Posco is planning to lead responses to climatic changes by converting to low-carbon steel processes and expanding the green business.”
According to the reduction plans, Posco will reduce CO2 emissions in manufacturing each tonne of melted iron from the current 2.18 tonnes to 1.98 tonnes by 2020, a reduction of 9%.
The company plans to use commercialized technology such as FINEX compound electricity to reduce carbon emissions during the steel manufacturing process by 3%; the remaining 6% is expected to come from “innovative technologies not yet commercialized” such as POSBOP (Posco Basic Oxygen Process).
Posco says it will also expand production of steel materials including high tension automobile steel plates that can reduce automobile weight and increase fuel efficiency, along with electric sheets that can increase the energy efficiency of motors and transformers; localize next-generation fuel cells for electricity; and invest in green growth projects such as marine wind power generation and smart grids for “energy-guzzling” sites. In the process, the company expects to help create 870,000 jobs.
Meanwhile, Posco released the 2009 Carbon Report with information of the climatic change countermeasures and results of carbon-emission reduction activities, along with carbon-emission reduction goals by 2020.
The company says that this carbon report is the first of its kind in the global steel industry, and that it secured high credibility through confirmation and review by external verification institutions regarding carbon emissions on site.