In a new stride towards environmental sustainability, SK multi utility Co., the company responsible for supplying steam to businesses in the Ulsan Mipo National Industrial Complex, has recently replaced its boiler facilities with systems utilizing liquefied natural gas (LNG) and liquefied petroleum gas (LPG). This move aims to contribute to a reduction in carbon emissions. Moreover, the new boilers allow the simultaneous use of hydrogen, further diminishing carbon footprints.

After the replacement, the company reported an impressive reduction in sulfur oxides and nitrogen oxides emissions by 80-90 percent each, compared to the usage of conventional fuels. Overall, the carbon emission reduction effect has reached a 27.3 percent.

This initiative aligns with the Carbon Neutrality Transition Project led by the Ministry of Trade, Industry, and Energy, along with the Korea Industrial Complex Corporation (KICOX), which has been identifying outstanding companies actively pursuing carbon neutrality since 2022.

The project provides long-term, low-interest funding to companies investing proactively in achieving carbon neutrality. The support period spans ten years, with interest rates discounted by 1.5 percentage points for large corporations and 2 percentage points for small and medium-sized enterprises, based on the standard loan rates disclosed by the government’s fund that manages public funds.

Notably, the project is open to companies planning greenhouse gas emission reduction facilities and research and development investments, even if they are not currently located within industrial complexes.

Commencing with a budget of 91.2 billion won ($68.5 million) in 2022, the project’s scale has steadily grown to 147 billion won last year and 223.6 billion won this year. For this year, a confirmed 135.6 billion won has been allocated for new support measures.

KICOX Chairman Lee Sang-hoon expressed optimism about the government’s commitment to continuously drive efforts to reduce carbon emissions and enhance energy efficiency for the strengthening of the manufacturing sector’s competitiveness.

By Kim Si-gyun and Minu Kim

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