GS Caltex to go eco-friendly with bio-degradable polymer compound
Local oil refiner GS Caltex said Thursday it plans to expand its application of eco-friendly raw materials in an effort to use resources efficiently and reduce carbon.
In particular, the company plans to strengthen its capabilities with regard to the environment, society and governance based on use of the polymer compound made from recycled plastics.
Compounded resin is a functional plastic widely used as a raw material for automotive and home appliance parts and GS Caltex is the only domestic refinery that is producing it.
GS Caltex said its production of eco-friendly composite resin exceeded 10 percent of the total compounded resin production. When plastics are recycled to make eco-friendly composite resin instead of being incinerated, a total 61,000 tons of carbon dioxide will be reduced annually aiding in the reduction of greenhouse gas emissions.
Such effect is equivalent to planting 9.3 million pine trees or reducing greenhouse gases emitted by 30,000 cars annually.
GS Caltex started its green efforts in 2010 and now it produces 25,000 tons of eco-friendly polymer compound, which increased 2.5 times that of its initial production amount.
According to a global report released by the OECD, 62 percent of plastic waste is buried, 24 percent is incinerated and only the remaining 14 percent is recycled.
The OECD predicts the amount of plastic waste being recycled will increase to 44 percent by 2050.
Hereupon, GS Caltex is focusing on the “upcycling method” of further improving the quality of compounded resin by recycling plastic waste and mixing materials of various properties.
“The existing resource consumption method that goes through mining, consuming and disposing, has faced limitations. An upcycling method that increases the resource circulation rate and creates new value through efficient use of waste minimization is essential,” GS Caltex CEO Hur Sae-hong said.
“GS Caltex will work with global customers to develop and produce products using eco-friendly materials in the future to fulfill its social responsibility of reducing greenhouse gas emissions and create economic value with our high value-added products at the same time.”
GS Caltex is capable of producing 300,000 tons of polymer compound annually. It takes about 50 kilograms of combined resin to produce one medium-sized car.