SK Chemicals joins global initiative to cut carbon emissions

South Korea's SK Chemicals said on Monday that it has joined a global initiative that aims to set science-based targets for reducing greenhouse gas emissions.

The initiative, called Science Based Targets initiative (SBTi), was founded by four organizations: Carbon Disclosure Project (CDP), United Nations Global Compact (UNGC), World Resources Institute (WRI) and World Wide Fund for Nature (WWF).

Companies that are part of SBTi are required to establish and disclose their emission reduction goals within two years, based on scientific evidence and aligned with the Paris Agreement.

SK Chemicals, a unit of the country's third-largest conglomerate SK Group, said it plans to submit its target and plan to SBTi by the first half of this year. The company previously announced its goal of achieving net zero emissions by 2040, by eliminating all direct and indirect emissions from its operations.

“We will accelerate our net zero implementation through SBTi verification, which is a credible initiative, and strive to become a domestic best practice for responding to climate change,” said Ahn Jae-hyun, president of SK Chemicals.

Write to Seo-woo Jang at suwu@hankyung.com