GS Caltex blamed for manipulation of emissions pushes for issuing green bonds
GS Caltex blamed for manipulation of emissions pushes for issuing green bonds
  • Jung Jun-ho
  • 승인 2019.10.18 12:04
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GS Caltex, which was in trouble over the manipulation of emissions at the Yeosu Industrial Complex, said on Oct. 17 that it will issue a green bond worth 100 billion won to strengthen investment in environmental facilities.

The company said it will conduct a demand forecast for the issuance of green bonds on Oct. 21, adding that it will use the funds mobilized by the bonds to expand environmental facilities at its plant in Yeosu.

In particular, the company will focus on investing in facilities to reduce emissions of pollutants, such as installing air pollution reduction devices and a system for managing odors.

Earlier in April, about 230 companies, including GS Caltex, were found to have colluded with emission measurement companies and emitted pollutants at the Yeosu Industrial Complex.

In a related move, independent lawmaker Lee Yong-joo pointed out during a parliamentary audit on Oct. 2 that the manipulation of emissions by oil refining and chemical companies based in the Yeosu Industrial Complex that ran from 2015 to 2018 was systematic.

"Benzene, hydrogen chloride, and vinyl chloride emitted from refined petroleum and chemical plants can cause leukemia and liver cancer if exposed for a long time," Lee said.

"This incident has led me to realize the problems in the internal work process," GS Caltex President Kim Ki-tae said at the meeting as a witness for the parliamentary audit. "We will sincerely apologize to the damaged citizens and correct the internal process to prevent a recurrence."

Meanwhile, GS Caltex CEO Huh Se-hong came under fire after he was found to have played golf at a golf course on Singapore's Sentosa Island on the day of the inspection.

Initially, the commission adopted Huh as a witness for parliamentary inspection, but excluded him from the witness list because he was going on a business trip abroad, which led to allegations of false reporting when a scene of him playing golf at a golf course was revealed.

In response, GS Caltex explained, "The meeting venue was a meeting room inside the golf course as shareholders went on a business trip to attend the meeting according to the schedule."

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