POSCO releases carbon offset steel products for first time

By Park Sae-jin Posted : June 5, 2023, 17:19 Updated : June 7, 2023, 22:17


SEOUL -- For the first time as a South Korean steelmaker, POSCO has released carbon offset steel products targeting vehicle and electrical device manufacturers that seek to reduce their carbon output and create a net reduction in greenhouse gas emissions by funding atmospheric carbon reduction actions of another company or organization.
Carbon offset products, or carbon offsets, are products that are created using methods that release less carbon in the atmosphere by using renewable energy sources like solar power plants, wind farms, and micro hydro power plants, or using fuel that emits less carbon like liquefied natural gas (LNG) or liquefied petroleum gas (LPG). By purchasing carbon offset products, a company could receive various kinds of benefits such as a partial tax reduction in trade in many countries including Britain and the United States.
POSCO said in a statement on June 4 that the company released "Greenate certified steel" brand products. The steelmaker said the brand's carbon offset products were certified by a publicly-trusted organization and companies that buy the Greenate products will be approved as contributing to the reduction of carbon from the atmosphere.
According to the steelmaker, LG Electronics ordered 200 tons of Greenate steel products for its dryer components. The South Korean electronics giant plans to review additional adoption of green steel products in the future. 
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