MOSCOW (MRC) -- SK Innovation has become the first in the oil refining industry to complete a Life Cycle Assessment (hereafter, LCA) for its entire oil-petrochemical related products, said Skinnonews.
The company aims to strengthen its response to domestic and international clients who are increasingly focused on ESG evaluation standards, and plans to utilize the findings for process improvement data.
On September 1, SK Innovation announced that the company’s Institute of Environmental Science and Technology has successfully completed the industry’s first comprehensive LCA, which measures the environmental impact across all stages of a product’s life cycle. LCA quantifies a variety of environmental impacts, including greenhouse gas emissions of the entire production process, from resource input to the production of finished goods, in accordance with international standards. SK Innovation launched an LCA unit under its Institute of Environmental Science and Technology in January 2022 to review not only products and supply chains within the SK Innovation subsidiaries but also the environmental impacts of new businesses.
The subjects for the LCA were about 470 oil-petrochemical related products and semi-products (including gasoline, diesel, ethylene, para-xylene, etc.) produced by SK Innovation’s subsidiaries, including SK Energy, SK Enmove, SK Geo Centric, and SK Incheon Petrochem. Key environmental impact indicators, such as carbon emissions, acidification, resource consumption, and ozone depletion, were measured to evaluate the environmental loads. Moreover, the company also secured a company-wide environmental impact assessment database that includes these LCA results.
SK Innovation is expanding its LCA to its overseas business sites with plans to actively respond to clients’ demands for environmental information to support both current and future businesses in reviewing their environmental impact by using the assessment results. The company also aims to secure the capabilities to evaluate social impact in order to contribute to carbon reduction and the creation of an ESG ecosystem.
We remind, Technip Energies and Enerkem Inc. have signed a memorandum of understanding to enter into a Collaboration Agreement aimed at accelerating the deployment of Enerkem’s technology platform for biofuels and circular chemical products from non-recyclable waste materials.