POSCO Profile

The SFOC POSCO Profile series aims to provide insightful analysis into diverse issues linked to the carbon neutrality commitments and decarbonization progress of South Korea’s largest and world's seventh-largest crude steel producer, POSCO.

No. 2 - The Journey Toward Greenwashing: Greenate

The profile analyses the green credentials and greenwashing risks of POSCO's carbon reduced steel brands, including Greenate certified steel™, which reply on a mass balance methodology to calculate emissions reductions. 

In particular, the analysis finds that:

• The estimated amount of reduced carbon emission of Greenate certified steel™ is only equivalent to three days of POSCO's annual emissions, and its manufacturing methodology significantly lacks both carbon reduction capability and relevance to decarbonization technologies. 
• The mass balance methodology, which is at the core of the sustainable credentials claimed by Greenate certified steel™, carries significant risk of greenwashing. 
• This could be detrimental to the development of Korean and global green steel technologies and related markets. 
• POSCO must establish transparent and environmentally friendly standards when utilizing the mass balance methodology, to strengthen the eco-friendliness of individual brands, and clearly present the volume of carbon reduction using basic units.

For more information, please download the profile below.