Global Battery Alliance (hereafter “GBA”), an organization counting SK Innovation as its member, has declared the “10 guiding principles for a sustainable battery value chain.”

CEO of SK Innovation, Kim Jun, explained the meaning of the company’s participation in the “GBA’s 10 guiding principles” with a comment included in the declaration of the GBA, “SK Innovation fully supports the 10 guiding principles and GBA’s ambition to build sustainable global battery value chain.”

GBA is made up of more than 60 organizations from academia, material industry, battery industry, automobile industry, and international organizations, all related through and necessary for the development of the global battery industry. SK Innovation is one such participant from Korea.

▲ Global Battery Alliance, an organization of which SK Innovation is a member
– Source: Official website of the World Economic Forum (https://bit.ly/3aX51TN)

The “10 guiding principles,” as declared by the GBA through the World Economic Forum 2020, include ▲maximizing the productivity of batteries, enabling a productive and safe second life use, circular recovery of battery materials, ▲ensuring transparency of greenhouse gas emissions and their progressive reduction, prioritizing energy efficiency measures and increasing the use of renewable energy, ▲high-quality job creation and skills development, eliminating child and forced labor, local value creation, etc.

SK Innovation’s decision to take an active part in the GBA stems from its recognition that the principles proposed by GBA are identical to the directionality of the company’s own battery business, namely the ▲growth driven by “Green Balance 2030” strategy or the expansion of eco-friendly business for future growth, and ▲contributing to the establishment of a healthy battery industry ecosystem.

As such, SK Innovation will implement the battery life cycle-based Battery as a Service (BaaS) platform project, which is, in turn, expected to generate opportunities for new growth businesses based on GBA’s “sustainable battery value chain.”