A carbon-neutral petrochemical industry
WHAT
• In 2021, South Korea made a legally binding commitment to reduce carbon emissions by 290 million tonnes by 2030 - and to achieve net-zero carbon emissions by 2050
• The petrochemical industry is a key industry, playing a vital role in national production and exports, accounting for 6.1 percent of total production, 4.4 percent of added-value, and 8.2 percent of exports in Korea's manufacturing sector, contributing immensely to achieving a trade surplus. The petrochemical sector aiming to cut 20.2% compared to 2018 levels by 2030. The petrochemical industry's use of petroleum as a feedstock makes it inevitably a huge CO2 emitter.
• The petrochemical industry has set itself the goal of becoming carbon-neutral and is accelerating its carbon-neutral growth to create opportunities for new businesses and respond to the changing environment.
HOW
• Korean companies seeking to accelerate their green transition can benefit greatly from the Swedish ecosystem's excellent conditions:
o Access to raw materials is facilitated by a long industrial legacy, along with a strong ecosystem.
o Leading the way in the transition to biobased industrial applications.
o The boundaries are being pushed by world-class technology infrastructure. o Strong innovation focus, access to collaborative networks, and co-financing.
CALL TO ACTION
Contact bong-soon.park@business-sweden.se to learn more.