Korea Philip Morris Signs Tripartite Agreement to Establish Eco-Friendly Carbon Reduction Facilities

(From left) Jo Young-tae, President of the Korea Conformity Laboratories, Ahn Byung-ok, Chairman of the Korea Environment Corporation, and Baek Young-jae, CEO of Philip Morris Korea, are posing for a commemorative photo after signing a business agreement to establish eco-friendly carbon reduction facilities.

[Asia Economy Reporter Eunmo Koo] Korea Philip Morris announced on the 5th that it has signed a tripartite agreement with the Korea Environment Corporation and the Korea Conformity Laboratories to establish carbon reduction and air purification facilities using microalgae at Korea Philip Morris's Yangsan plant in Gyeongnam.

Through this agreement, Korea Philip Morris will pilot the installation of carbon reduction facilities utilizing microalgae at the Yangsan plant and actively engage in carbon reduction efforts. In this process, with the advice and assistance of the Korea Environment Corporation and the Korea Conformity Laboratories, the company plans to build a continuous carbon reduction and management system. Notably, the company explained that this agreement is significant as it is the first joint project where the Korea Environment Corporation, a Ministry of Environment-affiliated organization, collaborates with a private company to establish eco-friendly carbon reduction facilities using microalgae.

Microalgae are known to absorb carbon dioxide equivalent to 1.8 to 2.23 times their own weight during photosynthesis, drawing attention as a source of eco-friendly and highly efficient carbon reduction technology. Philip Morris International aims to convert 100% of the energy sources used in its factories to renewable energy by 2025 and achieve carbon neutrality.

Baek Young-jae, CEO of Korea Philip Morris, stated, “This agreement is an excellent example that aligns with Philip Morris's goal to participate in the global carbon reduction movement and ultimately practice carbon neutrality,” adding, “We will spare no support to achieve tangible carbon reduction effects with the help of various experts from the Korea Environment Corporation and the Korea Conformity Laboratories.”