SK Innovation marks 60 years with new climate initiative

South Korea's leading refiner SK Innovation celebrated 60 years since its foundation with a new climate initiative to become more carbon-free on Thursday.

The company said it would go beyond achieving its 2050 net-zero goals, pledging to drastically reduce its carbon emissions across all workplaces by 2062, its 100th anniversary.

Under a new initiative, called "All Time Net Zero," the company aims to offset carbon emissions by recycling plastic, streamlining manufacturing processes and expanding the use of carbon capture and utilization technologies.

Thursday's ceremony was attended by SK Group Chairman Chey Tae-won and other top executives at SK companies, including SK Group Senior Vice Chairman Chey Jae-won, SK Supex Council Chairman Cho Dae-sik, SK Inc. CEO Jang Dong-hyun, SK Innovation Vice Chairman and CEO Kim Jun and the company's board chairman Kim Jong-hoon.

"SK Innovation has been the driving force behind South Korea’s growth," SK chief Chey said in his opening speech.

"The global energy market is changing rapidly and requires sustainable energy sources to meet the demands of future generations," he added.

SK Innovation, one of the top five refiners globally, is also a leading player in efforts to achieve carbon neutrality goals here. On Tuesday, the company unveiled a 5 trillion won ($3.54 billion) investment plan to advance carbon neutrality goals at its Ulsan Complex, its flagship refining factory site in the southeastern port city.