Existing and anticipated technology strategies for reducing greenhouse gas emissions in Korea's petrochemical and steel industries

This study examines the existing and anticipated technology strategies for reducing greenhouse gas (GHG) emissions in Korea's petrochemical and steel industries. The results of the cluster analysis identify three types of technology strategies employed by firms for reducing GHG emissions: “wait-and-see” “in-process-focused”, and “all-round” strategies. The “in-process-focused” strategy was the most widely used strategy, followed by the “all-round” strategy. However, firms in these industries are expected to change their technology strategies to “treatment-reliance”, “inbound-substitution”, and “all-round” strategies in 5-10 years by employing a wider range of technology options to respond more effectively to the issue of GHG emissions. The demand for new energy sources and raw material substitutes is expected to strengthen in the near future as related technologies advance rapidly and become more widely available.