GS Caltex Publishes '2023 Sustainability Report' Highlighting ESG Achievements

Expansion of Information Disclosure on Climate Change Response Activities
Inclusion of Domestic Crude Oil Suppliers in Supply Chain Assessment for the First Time in Korea

GS Caltex announced on the 1st that it has published the '2023 Sustainability Report,' which contains achievements in the ESG (Environment, Social, Governance) sector.

In this 19th edition of the report, GS Caltex included key activities and achievements in various areas of ESG management under the goal of "sustainable and profitable growth." The report is available for viewing on the official GS Caltex website.

Reflecting the global ESG disclosure trends, GS Caltex applied some global disclosure standards such as governance, strategy, risk management, indicators, and targets. The report also includes ESG excellence activities and greenhouse gas emissions of 15 GS Caltex subsidiaries on a consolidated financial statement basis. The company is expanding climate change response activities and information disclosure, including the calculation results of Scope 3 (other indirect greenhouse gas emissions).

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

In the Environment (E) sector, GS Caltex is promoting carbon reduction activities in existing businesses such as refining. Through the implementation of 109 energy-saving tasks, including improvements in process heat efficiency equipment, it reduced greenhouse gas emissions by approximately 290,000 tons compared to 2022. GS Caltex conducted Life Cycle Assessment (LCA) on its products such as gasoline, jet fuel, diesel, ethylene, paraxylene, lubricants, as well as products produced by subsidiaries including GS Bio, GS Ecometal, and Innopolitech. The greenhouse gas emissions were calculated and third-party verification was completed by DNV (Det Norske Veritas, a specialized verification organization in energy and environment).

GS Caltex is newly building a portfolio for sustainable growth through carbon reduction new businesses such as hydrogen, Carbon Capture Utilization and Storage (CCUS), bio, and waste plastic recycling. It is the first domestic refining company to conduct demonstration projects for bio jet fuel and bio marine fuel, contributing to the commercialization of biofuels. Regarding GS Caltex’s MR PP (Mechanically Recycled Polypropylene), about 72% greenhouse gas reduction effect was confirmed from an LCA perspective compared to general PP.

In the Social (S) sector, GS Caltex conducted ESG evaluations for 163 partner companies, including crude oil suppliers, the first among domestic refining companies, to manage supply chain risks and improve ESG levels of partners. It obtained certification under the Family-Friendly Certification System by the Ministry of Gender Equality and Family, recognized as a company supporting work-life balance for employees.

GS Caltex 2023 Sustainability Report Image [Photo by GS Caltex]

In the Governance (G) sector, the ESG Committee continuously discusses key strategies and execution plans for carbon reduction. Starting this year, GS Caltex established company-wide Business Councils in five themes: Biofuel, Recycle, Gas, White Bio, and Lower Carbon, to strengthen the driving force for carbon reduction new businesses.

Huh Se-hong, President of GS Caltex, said, "We will make multifaceted efforts to actively respond to climate change and contribute to building a sustainable society, moving beyond our traditional role of stable energy supply."

Since 2021, GS Caltex has produced the Sustainability Report in the form of an Interactive PDF digital report instead of printed materials as part of environmental protection. For reader convenience, the report allows navigation between internal and external pages to access information.