On November 3, the Ministry of Science, ICT and Future Planning signed MOUs with four local governments (Jeollanam-do, Gwangyang, Yeosu and Suncheon) and 20 companies including POSCO in order to promote a national strategic project of converting carbon into future resources.
The national government, local governments and participating companies held the ceremony at the Jeonnam Creative Economy and Innovation Center to promote the development and diffusion of carbon reduction technology. It is considered an innovative greenhouse gas reduction measure that existed prior to the Paris Agreement, which took effect on November 4.
The national strategic project aims to produce useful goods by using carbon sources in by-product and greenhouse gases. This project, designed to cope with the new climate system, will proceed with the Carbon Conversion Flagship and the Carbon Mineralization Flagship by investing 47.5 billion won over six years starting from 2017. Once a budget is allocated to the project by the National Assembly, the government will start on it in full force by assembling a project group in early 2017.
When this technology is completed and applied to steel mills and petrochemical companies, it will contribute to reducing a considerable amount of greenhouse gas emissions.
Approximately 20 companies that participated in the agreement, including POSCO, LG Chem and Lotte Chemical, will contribute not only to slashing greenhouse gas emissions, but to revitalizing local economies by pushing ahead with carbon conversion and enforcing the national strategic project.