GS Caltex Publishes 2024 Sustainability Report

GS Caltex (CEO Saehong Hur) announced the publication of its 2024 Sustainability Report, detailing the company’s environmental, social, and governance (ESG) performance over the past year.

Now in its 20^th edition, the 2024 Sustainability Report arrives in a challenging business environment marked by growing uncertainties in global supply chains. Against this backdrop, the report highlights key achievements in carbon reduction operations and new lower-carbon businesses under the company’s Green Transformation roadmap, aimed at driving sustainable and profitable growth.

GS Caltex is evolving into a Lower Carbon Refining & Chemical Complex by implementing structural changes in its energy practices through measures such as the expansion of self-generated power, the introduction of carbon-free steam, and the use of renewable energy. Solar power systems installed in 2024 are now operational in facilities nationwide. The company also plans to directly purchase over 100 MW of renewable energy, which is expected to reduce tens of thousands of tons of CO₂ annually and lower long-term electricity costs.

To build a New Energy Platform for the energy transition, GS Caltex is advancing lower-carbon businesses in hydrogen; carbon capture, utilization and storage (CCUS); bio-based solutions; and chemical/material recycling technologies. The company recently secured land at the Yulchon Convergence Logistics Complex in Yeosu to establish a hydrogen hub. It also became the first Korean refiner to export ISCC CORSIA-certified sustainable aviation fuel (SAF) at commercial scale. ¹

Aligning its new businesses with carbon reduction efforts, GS Caltex plans to issue carbon credits in the Voluntary Carbon Market. These credits will be certified by Verra’s Verified Carbon Standard Program, based on CO₂ reductions achieved through the company’s nationwide EV charging network.

A key driver of progress in lower-carbon businesses is GS Caltex’s revised investment decision-making process. The company now incorporates carbon pricing into evaluations of major investments, considering both short-term profitability and long-term climate risks.

GS Caltex is also advancing its biofuels, recycling, and lower-carbon projects after establishing a corporate-level Business Council in 2024. At the same time, its enhanced compliance due diligence and information security frameworks are helping it proactively manage a broad range of risks.

Additionally, the company is strengthening the reliability of ESG disclosures by adopting a new ESG disclosure system connected to existing platforms to improve data consistency. The system is structured in accordance with global ESG guidelines, positioning the company to efficiently meet future domestic ESG disclosure requirements.

“We are committed to sustainable management that goes beyond short-term achievements to strengthen our core competitiveness. Amid rapid change, we will steadfastly fulfill our responsibilities and strive to become a centennial company by sincerely challenging ourselves and pursuing innovation,” said GS Caltex CEO Saehong Hur.

In 2021, GS Caltex shifted its Sustainability Report from print to an interactive PDF to reduce its environmental impact. The PDF design allows readers to easily navigate between the report and linked external content.

1. ISCC CORSIA is a certification program that verifies aviation fuels meeting the CORSIA Eligible Fuels (CEF) criteria under the International Civil Aviation Organization’s Carbon Offsetting and Reduction Scheme for International Aviation (CORSIA). ↩︎