Korea’s SK gas creates record $232.79 million in social value

[Courtesy of SK gas]

SK gas Co., an eco-friendly liquid petroleum gas (LPG) supplying unit of South Korea‘s second-largest conglomerate SK Group, announced on Tuesday that it created 298.8 billion won ($232.79 million) in social value last year, the highest since its measurement began in 2018. The figure is an increase of 18 percent from the previous year when it recorded 252.4 billion won.

By sector, the company’s indirect contribution to the economy increased 15 percent year-on-year to 255.7 billion won, with increases in all the areas of employment, dividends, and tax payment.

Social performance increased by 66 percent year-on-year to 31.7 billion, showing a significant growth rate. Social contribution and shared growth climbed 144 percent and 43 percent, respectively, contributing significantly to social value creation.

Environmental performance fell 4 percent on year to 11.4 billion won, however. Thanks to the reduction in greenhouse gas emissions, the environmental process area improved by 7 percent from the previous year, but the overall performance declined as the decline in liquefied petroleum gas (LPG) vehicles undermined air pollutant reduction performance.

“We will accelerate our efforts to create more social value based on the liquefied natural gas (LNG) business, which will be commercially operated from next year,” said Woo Byung-jae, who oversees environmental, social, governance (ESG) management at SK gas.

SK Group encourages each affiliate to redouble its efforts to create social value by establishing a system to measure and manage social value every year, along with economic value (EV) such as operating profit, and to strengthen it.