GS Caltex Publishes '2022 Sustainability Report'

114 Greenhouse Gas Reduction Tasks Identified... Enhancing Execution Capability

GS Caltex has published the ‘2022 Sustainability Report’ detailing its achievements in the ESG (Environmental, Social, and Governance) sector.

Published for the 18th time this year, the report introduces GS Caltex’s fundamental innovations and Deep Transformation initiatives for sustainable growth, along with key activities in each ESG area. It is available for viewing on the official GS Caltex website. Since 2021, as part of environmental protection efforts, the Sustainability Report has been produced as an interactive PDF digital report instead of printed materials.

GS Caltex is implementing Deep Transformation to address climate change and energy transition. GS Caltex’s Deep Transformation is being pursued in three areas: Business Transformation, which improves the overall structure and profitability of the existing business value chain; Digital Transformation (DX), which strategically utilizes data to create business value; and Green Transformation (GX), which accelerates carbon reduction and low-carbon new businesses.

Huh Se-hong, President and CEO of GS Caltex [Photo by GS Caltex]

Through the ESG Committee, GS Caltex discusses ESG promotion strategies and various implementation plans to generate results. In the Environmental (E) sector, 114 greenhouse gas reduction projects were identified by deriving the marginal abatement cost curve. The marginal abatement cost curve is a graph that visualizes all greenhouse gas reduction opportunities of a company by compiling the marginal abatement costs?the cost to reduce one ton of greenhouse gas?by each business.

Through activities such as optimizing fair operation and improving energy efficiency, GS Caltex saved 26.8 billion KRW annually in energy costs and reduced 28,000 tCO2eq of greenhouse gases. A Life Cycle Assessment (LCA) is conducted to check greenhouse gas emissions throughout the entire product production process and identify reduction opportunities.

In the Social (S) sector, GS Caltex shared social value with approximately 160,000 people through major social contribution activities, conducted ESG education and evaluations for 286 partner companies, and expanded the evaluation scope to overseas subsidiaries and affiliates. In the Governance (G) sector, the corporate code of conduct enforcement regulations were revised to strengthen the ethical management system.

Huh Se-hong, President of GS Caltex, stated, “Based on ESG management, we will advance as a 100-year company with the industry’s best competitiveness in the energy and chemical sectors,” and added, “We will continue to respond to global ESG trends and communicate sincerely with various stakeholders.”