SK Rent-a-Car to replace internal combustion engine cars with EVs

SK Rent-a-Car plans to overhaul its existing fleet of internal combustion engine vehicles in favor of electric cars. The company aims to capitalize on the emissions reductions by selling the saved carbon credits through the emissions trading scheme. 

The South Korean Ministry of Land, Infrastructure and Transport announced on Friday that it has approved four environmental projects aimed at cutting greenhouse gas emissions in both the construction and transportation sectors. The projects were greenlit after a comprehensive review by the country's Emissions Certification Committee.

Under South Korea's Emissions Trading System, firms without obligatory emissions-reduction commitments can opt to voluntarily participate in eco-friendly initiatives. These projects are part of a broader strategy to meet the country's greenhouse gas reduction goals.

Another project approved by the Ministry is a plan by Korea District Heating to modernize apartment heating systems by transitioning from centralized to district heating models. This will reduce the need for individual boilers in apartments, which will help to reduce emissions.

Seoul Energy Corporation also received the nod to install regenerative braking mechanisms in apartment building elevators, a move that will allow energy generated during elevator movements to be repurposed.

Finally, financial institution Shinhan Bank has plans to retrofit its building heating systems, replacing electricity-based heating with renewable energy-powered heat pumps. This will help to reduce the bank's reliance on fossil fuels.

The four projects are expected to slash greenhouse gas emissions by an estimated 393,000 tons over a span of 10 years. This amount is on par with the annual carbon-absorbing capacity of pine forests spread across an area equivalent to 3.6 soccer fields.

Write to Hyung-Kyu Kim at khk@hankyung.com