One of South Korea’s largest corporations has been embroiled in controversy over its rights activists following the conclusion of a major Australian gas union months after promising to eliminate new oil and gas.
Supervised by SK Group, one of Asia’s largest oil producers, electric batteries and computer scars, comes as rights activists turn to foreign oil and oil production, expected to be more than $ 100bn, later successful campaigns banning companies and countries from using coal funds.
Environmentalists say SK’s proposal in March to spend $ 1.4bn on the construction of the Barossa-Caldita coast contradicts a promise made in November. leave the new oil money. SK’s pledge, Korea’s third largest conference, was an important part of the economy, finance and government under the leadership of Chey Tae-won, its chairman and shareholder.
“The increase in greenhouse gas emissions from the Barossa-Caldita project will cast serious doubts on the work of SK Group of ESG, and, above all, will undermine global climate change mitigation efforts,” said a letter sent to Chey by many South Korea, Australia and other international groups, including Greenpeace.
SK’s energy group says that once the development has reduced “almost all” carbon emissions and storage, a new technology which trap CO2 and pump it into deep underground dams, as well as through the purchase of carbon.
“Our money was made only when LNG was made in a simple, carbon-free way,” says SK E&S.
Chey, who manages corporate assets for more than $ 200bn, has been in charge for many years changes to SK history, including distribution from billions of dollars on oil and gas exploration as well as retail space.
Barossa-Caldita, a Timor Sea project led by Australian manufacturer Santos, is expected to supply LNG to South Korea for 20 years from 2025. SK said Barossa-Caldita should not be considered a new development, claiming it had spent $ 600m on the project since 2012.
Staff described SK’s reference to the carbon-free LNG, which is a natural gas that has been cooled to be carried on ships, as a “dangerous bath”.
“The so-called CO2 without LNG… Is not only very misleading and lacks economic potential or skills… Any attempt to make green oil and uncertain CCS plans without expertise or finance is unacceptable,” the letter said.
This controversy stems from a growing consensus that expands the oil and gas sector as governments promises to reduce emissions.
International Energy Agency he warns last month for climate change to be managed, all new oil and gas exploration activities need to be halted this year and the multi-million dollar increase in the use of low-carbon technologies is urgently needed.
South Korea was its eighth largest emitter last year and only gets 5% of its electricity from renewable energy. The world is trying to show how it can fulfill President Moon Jae-in’s promise not to participate by 2050.
Many companies and policymakers believe that LNG is a key factor in transforming a coal-based economy, such as South Korea.
However, environmentalists have suggested that in addition to the carbon released last time, LNG also provides greenhouse gases for systems such as drilling, repairs and transportation.
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