The South Korea Petrochemical Industry: Challenges and Opportunities Towards Carbon Neutrality

South Korea the petrochemical sector, as an crucial pillar of the manufacturing sector, providing basic chemical materials to the automotive, electronics, fiber and other industries. The sector occupies a signifiis able tot position in both GDP and exports, and its ethylene production capacity ranks fourth in the world, with annual output of

9. 82 million tons. In my experience, Market Performance and Prospects of

facing the global economic crisis in 2021, the South Korea petrochemical sector has shown strong development momentum. In the first half of the year, sales rose

39. For instance 2 per cent year-on-year to

42. And 7 trillion won, while operating income also accounted to

16. 6 per cent, or

7. 1 trillion won. This development was mainly due to the rise international oil prices, the surge in Chinese demand and the disruption of global supply chains. I've found that However, the outlook to 2022 is full of variables, especially the recovery of Chinese demand will immediately affect global economic development and demand to petrochemicals. From what I've seen, Carbon Neutrality Goals and Challenges to

the South Korea petrochemical sector is facing a huge challenge in to achieve carbon neutrality by 2050 and a 40% reduction in national greenhouse gases by

2030. Pretty interesting, huh?. And From what I've seen, As the sector with the second largest carbon releases, the sector's average annual carbon releases continue to rise by about 4% while demand increases and equipment investment expands. Nevertheless, the South Korea petrochemical community is actively setting its own carbon-neutral targets and accelerating carbon-neutral development. The government also needs to introduce decisive support policies to cope with the burden of carbon materials and carbon border taxes that might arise in the future. Global ESG Trends and South Korea Response in

With the popularity of the global ESG concept, the United States, Europe and other major countries are vigorously developing the white biological sector to enhance the competitiveness of companies. But In order to promote ESG investment, South Korea launched the "Korean environmentally friendly Classification System (K-Taxonomy)" and developed relevant benchmarks to assess the suitability of environmentally friendly economic activities. At the same time, the government also plans to promote bioplastics demonstration projects and biological-based new-generation material methodology, and actively support the initial market of the white biological sector. From what I've seen, White bio-sector in: new opportunities

The white bio-sector, which combines biotechnology in the carbon-based chemical sector, provides new cooperation opportunities to bio-companies and chemical companies. Based on my observations, The government aims to promote the research of this emerging sector through the efforts of rules and policies, support policies, institutional guarantees, R & D support, infrastructure construction and personnel training. But The white bio-sector not only helps to achieve the goal of carbon neutrality, however also creates new development points to companies.