Hyundai Oilbank, South Korea’s major refiner, said Friday that the company would lower its carbon emissions by 30 percent over the next 30 years. Under the plan, the South Korean refiner would cut its carbon emissions by 1.79 million tons, from 6.78 million tons last year to 4.99 million tons in 2050.

Hyundai Oilbank said the company would also seek zero net growth in greenhouse gas emissions, even while expanding its business.

Hyundai Oilbank is currently conducting joint research with local institutions and partner companies to develop a recycling technology to transform carbon dioxide from the oil refining process into calcium carbonate and methanol. These materials could be reused to produce various industrial materials, the company said.

Hyundai Oilbank plans to apply the technology in its production lines, starting in the second half of 2021. Hyundai Oilbank believes the resulting annual reduction of carbon emissions will reach 0.54 million tons. The technology will contribute around 100 billion won to the company’s operating profit by 2030, when it is fully commercialized, it added.

Meanwhile, Hyundai Oilbank plans to replace its three heavy fuel oil boilers with liquefied natural gas boilers by 2024. The company will also change to renewables by 2050 to power all its production lines, and this will reduce carbon emissions by 1.08 million tons.

By Shim Woo-hyun (ws@heraldcorp.com)