SKGC President and CEO Na Kyung-soo (SKGC)
SK Global Chemical, an affiliate of South Korean energy giant SK Innovation, said Monday that it would make 70 percent of its products green by 2025.
Currently only 20 percent of its products are considered green, and the change is needed not only for the environment but also to ensure long-term survival, the company noted.
In a recent online meeting with staff and executives, SKGC President and CEO Na Kyung-soo openly questioned whether the conventional chemical business would survive in the long term, after the COVID-19 pandemic triggered a global demand shock. He called for the development of eco-friendly products and establishment of a new business model based on the recycling of plastic waste.
“COVID-19 proved that any business, no matter how well it’s going, can collapse overnight. If SKGC’s chemical business, faced with environmental issues such as plastic waste, doesn’t shift to a completely different business model, it won’t be able to survive,” Na said.
“Also, the COVID-19 outbreak brought our attention back to plastic, a raw material for sterilization wraps and single-use medical devices. As plastic can enhance the quality of our lives, SKGC must develop the advantages of plastic and create a system that can recycle (plastic) 100 percent.”
By Kim Byung-wook (firstname.lastname@example.org)