2023.11.10
SK Innovation recognized for green transformation strategy
By Park Jae-hyuk, The Korea Times - SK Innovation’s “green transformation” strategy has been noted as superior to those of the company's competitors by a foreign academic citing its high feasibility, the company said Wednesday.
Kannan Ramaswamy, a
professor at Arizona State University's Thunderbird School of Global
Management, expressed the opinion during a teleconference last Friday,
regarding a case study analyzing global peers of the Korean petrochemical firm.
This was the second
intensive study on SK Innovation following one last year which the professor
reflected for an in-depth comparative analysis.
During the
teleconference, Ramaswamy analyzed SK Innovation’s green transformation
strategy, identifying its differences from the strategies of similar companies.
The strategy, he
noted, is more feasible due to the company’s entrepreneurial spirit.
“SK Innovation is
one of the companies that is firmly pursuing large-scale changes toward an
eco-friendly energy future,” the professor said. “The willpower to implement
this is reflected throughout the company, including its company-wide vision and
business strategy.”
Global petrochemical
companies having business structures, history and goals similar to those of SK
Innovation were selected as peers to be evaluated for comparison. They were
analyzed on two axes — concentration of eco-friendly strategies and diversity of
portfolios.
“Despite the
company’s identity as a petrochemical company, it announced a bold vision to
reduce its carbon footprint in 2030 and achieve net zero by 2050,” Ramaswamy
said. “Within just a few years, SK Innovation showcased clear business results
in the eco-friendly field, demonstrating a true corporate innovation.”
He praised the
company for its management system and corporate culture that inspired its
employees.
The professor
explained that SK Innovation is pursuing a two-track strategy that strengthens
the efficiency of existing businesses and expands new businesses based on its
diversified portfolio. He added that this resulted from the company's continued
exploration of sustainable profitability for fuel-based businesses and future
business options.
“A rapid business
model transition is taking place in all SK Innovation-affiliated business
areas, such as SK On and SK IE Technology’s business expansion into mobility
and SK Geo Centric securing chemical recycling technology,” he said.
SK Innovation said
it was pleased with the recognition that its green transformation strategy has
received from global scholars.
“As we have shared
the results and meaning of the analysis with all members of SK Innovation, we
will develop a strategy based on the analysis’s findings and will further
accelerate this implementation,” the company said.
Source: https://www.koreatimes.co.kr/www/tech/2023/11/419_362806.html