POSCO announced its vision of carbon neutrality by participating in the 28th Conference of the Parties to the United Nations Framework Convention on Climate Change (COP28) held at Expo City in Dubai, United Arab Emirates, from November 30 to December 12, 2023. We covered the COP28 site where POSCO disclosed its roadmap to achieve carbon neutrality and low-carbon technology to 198 countries.
What is COP?
COP is an official global conference that brings together climate representatives from 198 countries that have signed the UN Framework Convention on Climate Change to seek responses and solutions to climate change. It has been held every year since the first meeting in 1995 and celebrated its 28th meeting in 2023. At COP21 held in Paris, France, in 2015, the Paris Agreement was signed as the first climate agreement to ensure that all countries make efforts to prevent the global average temperature from rising by more than 2℃. Korea also joined in the agreement, setting a national target to reduce greenhouse gas emissions by 40% compared to 2018 by 2030.
POSCO promotes excellent low-carbon technology at COP28
The Ministry of Environment and the Korea Environmental Industry & Technology Institute operated the Korea Pavilion at COP28 from November 30 to December 12 to promote the commitment of the Korean government, institutions, and companies to responding to climate change and low-carbon technologies. The theme of the exhibition, held for the first time this year, was “Team Korea, Green Industry for a Sustainable Future,” and 16 Korean companies, including POSCO, SK E&S, and Korea Hydro & Nuclear Power, showcased various green technologies in the circular economy and energy transition.
POSCO’s hydrogen reduction steelmaking technology attracts global attention
greenhouse gas reduction target and leading a low-carbon circular economy, opened an exhibition booth in the COP 28 Korea Pavilion to introduce hydrogen reduction steelmaking technology as a leading steel company. POSCO demonstrated its commitment to reducing carbon emissions in the steelmaking industry by publicizing the excellence of its unique hydrogen reduction steelmaking technology, HyREX.
The models of the HyREX fluidized reduction reactor and electric smelting furnace (ESF) systems and the hydrogen-reduced iron samples exhibited at the POSCO booth attracted the attention of participating countries. Representatives from the countries toured the POSCO booth and recognized the excellence of POSCO’s technology for manufacturing high-grade steel using abundant low-grade iron ore fines.
The large number of visitors to POSCO’s low-carbon technology exhibition booth at COP28 confirmed that the world’s attention is focused on achieving carbon neutrality in the steel industry, the foundation of all industries. COP28 was a meaningful opportunity for POSCO to inform domestic and global stakeholders about its carbon neutrality efforts and garner support.
Many dignitaries visiting POSCO’s booth, including Special Presidential Envoy to COP28 Hong-sik Cho, Ambassador of the Ministry of Foreign Affairs for Climate Change Hyo-eun Kim, Chairman of the Carbon Neutral Green Growth Committee Sang-hyeop Kim, Jeollanam-do Governor Young-rok Kim, Jeju-do Governor Young-hoon Oh, CEO of ResponsibleSteel Annie Heaton, a Global Director for Environment, Natural Resources and Blue Economy at the World Bank Valerie Hickey, and CEO of Singapore Stock Exchange Loh Boon Chye, expressed interest in the significance of POSCO’s HyREX technology.
After viewing the POSCO’s technology exhibition, Valerie Hickey, a Global Director for Environment, Natural Resources, and Blue Economy at the World Bank, commented, “POSCO’s HyREX technology development plan was impressive, and I could feel the company’s determination to achieve carbon neutrality.”
POSCO HyREX technology to open a new future
POSCO is leading the sustainable steel industry by converting to eco-friendly steel mills and is actively implementing a plan to achieve carbon neutrality. In particular, the company has completed the basic design of the test facility for HyREX technology and began basic engineering this year. POSCO plans to introduce a HyREX test facility with a capacity of 300,000 tons in 2026 to validate the hydrogen reduction commercialization operation and complete the HyREX technology by introducing commercial facilities by 2030.
As we did at COP28, POSCO will continue to lead the development of carbon neutrality technology and publicize its importance. We ask for your continued interest in POSCO’s efforts for carbon neutrality and low-carbon technology!