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30 Dec SK Group to Reduce 1% of Global Carbon Emissions
Korean conglomerate SK Group [034730:KS] will announce its vision to reduce 1% of global carbon emissions at the Consumer Electronics Show 2022 (CES 2022), as reported by the Korea Herald on December 29. According to Andrew Kwon, Vice President and Head of Strategy at SK Hydrogen Biz Development Center, the company will present its hydrogen strategy to promote the global transition towards carbon neutrality, as he believes that employing hydrogen as a sustainable energy source is critical to winning time against climate change. SK Group aims to invest KRW18.5tr (USD15.5bn) in hydrogen production, retail, and sale for this vision. In addition to the ambitious announcement, other units of the SK Group, including SK hynix [000660:KS], SK Innovation [096770:KS], SK Telecom [017670:KS], SK Ecoplant, and SK E&S, will also present their carbon neutrality visions at the upcoming CES.
In October 2021, the South Korean government declared that it will cut greenhouse gas emissions (GHG) by 40% and roll out 600,000 electric vehicles (EVs) all by 2030. However, SK Group suggests that the EV strategy is insufficient to meet the emissions reduction target. According to SK Group, heavy-duty trucks currently account for 60% of all transportation-related emissions in Korea but are much more difficult to electrify compared to passenger vehicles. As a result, SK Group hopes to power such trucks with hydrogen fuel cells instead of fossil fuels, as a way to cut down emissions from the transportation sector.