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RWE Supply & Trading GmbH

RWE delivers LNG cargo on a carbon-neutral basis to Korean steel company POSCO

2021-03-29-rwe-delivers-lng-cargo-on-a-carbon-neutral-basis-to-korean-steel-company-posco
  • RWE is now ready to offer carbon-neutral LNG to all of its customers

Essen / Singapore, 29 March 2021

Through close co-operation RWE has arranged the delivery of a carbon offset cargo for its customer POSCO end of March. The Korean POSCO Group is one of the world's leading steel producers. The cargo was delivered to the Gwangyang Terminal, South Korea. Under the agreement between RWE and POSCO, carbon emissions associated with the LNG cargo from wellhead to delivery, including exploration, production and transport, have been offset. This is achieved through the retirement of a corresponding amount of carbon credits, so called Verified Emissions Reductions (VER) certificates. High quality carbon credits have been sourced and independently certified under the internationally recognised Gold Standard, which adheres to strict environmental and social principles, and will be retired in order to compensate for the associated CO2 emissions of producing and delivering the cargo to Korea. The carbon emission intensity of the cargo delivery was estimated using the Wood Mackenzie LNG Emissions Tool. RWE is now able to provide all its customers with the opportunity to offset carbon emissions related to LNG deliveries through the use of emission reduction certificates.

Ji-Won Suh, Senior Vice President at POSCO, says: “We acknowledge that tackling climate change is not a matter for the future but rather a pressing issue that requires immediate action to create a better world. As one of the biggest steelmakers, we aspire to fulfil our responsibility to reduce our carbon footprint. Therefore, we would like to express our sincere gratitude to RWE for supplying our first carbon-neutral LNG which represents much to our business based on our strong partnership. We will also seek opportunities to collaborate with all our stakeholders to build a net-zero society worldwide.”

Javier Moret, Global Head of LNG at RWE Supply & Trading, is also convinced: “We believe offsetting of emissions can play an important role in fighting climate change during the transition to a carbon-free economy. Therefore, we are very pleased to have partnered together with our customer POSCO to deliver to them an LNG cargo with carbon offsets for their domestic market. Furthermore, we are delighted to be able to provide our customers with solutions for reducing their carbon intensity on a more regular basis in the future.”

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