South Korean steelmaker POSCO International has officially released its new road map for carbon neutrality.
Under the new road map, the company plans to reduce carbon emissions by taking direct and indirect routes. Accordingly, carbon emissions are aimed to be reduced by 37 percent by 2030 compared to 2021 in order to achieve the net zero target by 2050.
POSCO will focus on increasing onshore and offshore energy sources and expanding hydrogen hybrid and electric power generation along with carbon capture and storage technologies. The company divides its plan into two phases, direct and indirect. In the first phase, POSCO will gradually convert its LNG facility with a capacity of 3.4 gigawatts at the Incheon mill to co-firing a hydrogen-based plant. It will also adopt CCS technologies at its plants to reduce residual emissions.
Moreover, in the second phase, the company will expand renewable energy operations like solar and wind power and will secure carbon credits. It plans to add 2.5 gigawatts of capacity to its offshore wind power plant by 2050.