Ⅰ. Industry Overview (Sector Overview)


1) Industry definition

This sector combines "power and energy supply," "new energy (hydrogen and fuel cells)," and "emission reduction (CCUS)." ESG is directly linked to regulations, capital costs, and project financing potential, rather than simply a "green" image . In particular, this industry (1) involves
significant facility investment, (2) regulatory, licensing, and safety risks are immediately reflected in profitability, and (3) frequent debates arise not only about Scope 1 and 2 but also about the value chain (Scope 3) and life cycle (LCA). Therefore, ESG functions not as a "declaration" but as a condition for project establishment .


2) Purpose of provision

This report is an industry-level global ESG
persuasion material that ① presents the **US Investor Practice** as a reference point,
② visualizes the **current position (strengths/weaknesses)** of the Korean energy, hydrogen, and CCUS industries compared to the US, and
③ encourages Korean listed companies to prepare and supplement **'US-level' ESG documents (for projects, investments, and exports) ** .

II. Summary of the Industry-Wide ESG Structure

Environment (E) – “Conversion/Evidence” rather than “Total Amount”

  • The power, oil refining, chemical, and plant sectors have large total emissions, so Scope 1 and 2 are the basics, but investors look at how the **transition roadmap (fuel conversion, facility efficiency, grid, CCUS)** is connected to actual CAPEX/OPEX.
  • Hydrogen and CCUS are not defined by their "eco-friendliness" or "environmental friendliness," but rather by the reliability of their Life Cycle Emissions (LCA) and Measurement, Reporting, and Verification (MRV). In the US, hydrogen incentives (45V) are legally graded based on life-cycle emissions standards , and the final rules for this have been announced. ( US Department of the Treasury )

Society (S) – “Safety” means stability of production and supply.

  • In power generation, plant, chemical, and hydrogen infrastructure, major accidents and industrial safety issues can immediately lead to shutdowns, insurance, lawsuits, and licensing issues . Therefore, in US practice, "safety is not the S in ESG, but rather cash flow stability ." (Information on industrial safety regulatory systems and enforcement is constantly disclosed by OSHA and other organizations.) ( IFRS Foundation )
  • Community acceptance (location conflict), just transition, and partner safety are also included.

Governance (G) – “Project Governance”

Boards of directors and compliance are fundamental, and this industry faces significant risks of corruption, collusion, and third-party involvement due to the intertwining of project contracts, supply chains, and licensing . Therefore, due diligence systems for contracts, procurement, lobbying, and partner companies are crucial. The OECD's risk-based due diligence framework serves as a common language for investors and financial institutions. ( OECD )

III. US 'Baseline' (Investor Practice) — A Practical Standard for the Energy, Hydrogen, and CCUS Sectors

The US baseline is not a “one ESG law in the US,” but rather a combination of ① investor KPI practices + ② incentives/regulations (federal) + ③ project finance documentation requirements .

 

1) “SASB/ISSB Industry KPIs” is the primary language (investor practice)

The most practical framework in the U.S. capital market is the industry-based KPI system (the SASB framework).
The ISSB has clearly provided educational materials to "refer to and consider the applicability of SASB (ISSB industry-based guidance)" when applying IFRS S1/S2. ( IFRS Foundation )

→ The meaning of this statement is simple:
"American investors look at the industry KPI table first."
For power/utilities/energy/plants, etc., a report becomes "worth reading" only when it can be compared against industry KPIs (emissions, conversion CAPEX, water, safety, regulatory risk, etc.).

 

2) Hydrogen: Life Cycle Assessment (LCA) and qualification requirements are more important than “green/blue” claims.

The US 45V (Clean Hydrogen Production Tax Credit) is a tiered credit structure where credits vary based on the lifecycle GHG emissions of hydrogen production. The Treasury has announced the final rules. ( US Department of the Treasury )
This means investors should ask the following questions when evaluating Korean companies' hydrogen businesses.

  • “What kind of electricity/raw materials is used to produce it, and how was the LCA calculated?”
  • “Does this hydrogen have a system of certification that will allow it to be recognized as ‘clean’ in global trade/procurement?”

3) CCUS: MRV + incentive fit + accountability structure are the criteria, not “technology”

미국 45Q(탄소 산화물 격리/저장 세액공제)는 IRS가 신청·보고 구조를 안내하고 있습니다. (국세청)
CCUS는 투자자 관점에서 “포집”보다 저장/이용의 검증(MRV), 법적 책임(누가 언제까지 책임지는지), 장기 리스크가 핵심입니다.
(45Q는 ‘톤당 크레딧’ 구조의 대표 사례로 CRS가 정리합니다.) (Congress.gov)

 

4) 결론: 미국 기준선은 “정책 선언형”이 아니라 “프로젝트 금융형”

따라서 미국 실무 기준선은 다음 3문장으로 요약됩니다.

Ⅳ. 미국 대비 한국 산업의 현재 위치 (산업 레벨) — 기준선 구체화 + 갭(차이) 근거

아래 표는 “미국 투자자가 먼저 보는 질문”을 기준으로, 한국 산업이 흔히 빠뜨리는 지점을 Disclosure Gap으로 고정한 것입니다.

구분

미국 기준선(Investor Practice)

한국 산업의 흔한 상태

갭(Disclosure Gap) + 근거

수소 ‘청정성’LCA 기반 등급·자격요건 충족(45V 등)‘수소사업 확대’ 서술 중심LCA 산식·경계·가정 공개 부족 → 청정성 신뢰 약화 (U.S. Department of the Treasury)
CCUS 실현성MRV/책임/경제성(45Q 등)까지 포함“CCUS 추진” 선언MRV/장기책임·인허가·저장 안정성 설명 부족 (국세청)
전환 재무연결전환 CAPEX/OPEX와 목표(배출·믹스) 연결목표 중심(중장기 비전)비용·수익·리스크 연결(가치평가) 약함 (IFRS Foundation)
안전·가동중단사고/중단 KPI + 재발방지 + 재무영향안전 슬로건/교육중대사고·중단시간·보험/소송 영향 KPI 부족 (IFRS Foundation)
공급망·인권위험기반 실사 범위/결과 공개협력사 서약실사 결과(발견·개선·해지) 데이터 부족 (OECD)
“ISSB 언어”SASB/IBG 참조해 업종 KPI로 정리보고서 형식 다양업종 KPI 표준화 부족 → 비교·투자자 효용 저하 (IFRS Foundation)

핵심은, 한국 기업이 ESG를 안 한다는 의미가 아니라
미국 투자자가 이해하는 ‘증빙 언어(정량 KPI·LCA·MRV·재무연결)’로 쓰지 않는 경우가 많다는 점입니다.

Ⅴ. 한국 제도·공시 구조에서 ‘갭’이 발생하는 이유

1) 제도 전환기: ISSB 정합 공시 도입은 진행 중, “산업 KPI 표준화”는 초기

ISSB는 IFRS S1/S2를 내고, “산업기반 가이던스(=SASB/IBG)를 참조”하도록 교육자료까지 배포하며 구현을 촉진하고 있습니다. (IFRS Foundation)
하지만 한국 기업의 지속가능보고서는 (1) GRI 중심의 서술형, (2) 산업 KPI는 기업별 편차가 큰 경우가 많습니다.
→ 결과적으로 “해외 투자자 비교”가 어려워집니다.

 

2) 산업 특성: 프로젝트 단위 정보(수주/설비/인허가)가 보고서에서 축약되기 쉬움

에너지·플랜트·CCUS는 프로젝트 성과가 핵심인데,
보고서에서는 민감 정보(수주 구조·원가·인허가 리스크)가 축약되는 경향이 있습니다.
그러나 미국 투자자 기준선은 반대로 **프로젝트 성립 조건(LCA/MRV/책임/안전)**을 묻습니다. (U.S. Department of the Treasury)

 

3) “규제 대응형” 문서와 “투자자형” 문서의 문법 차이

국내에서는 ‘규정 준수’ 중심 문서가 많고,
미국 투자자는 “규정 준수”보다 사건·손실·개선 KPI를 통해 리스크를 가격에 반영합니다. (이 차이가 ‘갭’의 본질입니다.)

Ⅵ. 한국 대표 상장사 사례

아래 평가는 사용자 제공 공식 URL(홈페이지/ESG/공시 링크) 기준으로, “미국 기준선 질문에 답하는 구조인지”를 중심으로 작성했습니다. (세부 KPI/수치 확인은 각 사 보고서 원문에서 최종 확인 필요)

 

1) 한국전력공사(KEPCO)

2) 두산퓨얼셀(Doosan Fuel Cell)

3) 효성중공업(Hyosung Heavy Industries)

4) 삼성엔지니어링(Samsung Engineering)

5) 한화솔루션(Hanwha Solutions)

6) LG화학(LG Chem)

VII. Why Korean Companies Should Adopt US-Level ESG Practices

In this industry, "writing to American standards" doesn't mean using fancy language, but rather creating a supporting package that investors and clients can "approval" for the project . Why is it necessary? (4 key reasons)

 

1. Substantive Requirements of Project Finance/Export Contracts

  • Without LCA/MRV, hydrogen and CCUS are left with only a "clean" claim, putting them at a disadvantage in trade, incentives, and partnerships. ( US Department of the Treasury )

 

2. Ensuring comparability (avoiding valuation discounts)

  • The ISSB clearly advises that industry-based guidance (SASB/IBG) be utilized.
  • Standardizing industry KPIs is a minimum requirement for "readable reporting." ( IFRS Foundation )

3. Industries where regulations, accidents, and disruptions immediately translate into financial losses.

  • Safety/environmental incidents lead to shutdowns, insurance, litigation, and licensing requirements, so incident and recurrence prevention KPIs are about trust. ( IFRS Foundation )

4. Response to the flow of mandatory supply chain due diligence (conditions for maintaining transactions)

  • The OECD Due Diligence Framework is a common language for global investors and financial institutions. ( OECD )

Recommended Fixed Items to Raise to “American Standard” (6 Common Industry Items)

  1. Transition Finance Map
  2. Hydrogen LCA Fact Sheet (Boundaries/Equations/Assumptions/Verification) ( US Department of the Treasury )
  3. CCUS MRV·Responsibility Structure (Who, What, By When) ( National Tax Service )
  4. Safety/Disruption KPI Leisure (Incidents, Downtime, Prevention of Recurrence, Cost Impact) ( IFRS Foundation )
  5. Summary of Supply Chain Audit Results (Findings → Improvements → Action Data) ( OECD )
  6. ISSB/SASB Alignment 1-Page Summary (KPI Table) ( IFRS Foundation )
Ⅷ. Summary of Foreign Investor Perspectives

The mindset of foreign institutions and investors when looking at Korean companies in this sector is simple.

  • “Is this company’s transformation a fundable project rather than a plan ?”
  • “Is hydrogen proven clean by LCA ?” ( US Department of the Treasury )
  • “Is CCUS feasible, including MRV/responsibility/licensing ?” ( IRS )
  • “When a safety or regulatory incident occurs, is the company able to control it through KPIs and governance ?” ( IFRS Foundation )
  • “Are the scope and results of supply chain due diligence (including of suppliers) presented in numbers?” ( OECD )

Therefore, a ‘well-written’ report for overseas investors is not one that has a lot of
carbon-neutral language , but one that clearly links “evidence-figures-financials”
like a project approval document .

Ⅸ. Notice

This document is a reference document that structured industry-level ESG information based on publicly available corporate disclosures, website data, and credible disclosure standards (e.g., ISSB/CSRD).
It is not intended for investment decisions, buy/sell recommendations, or valuations of specific companies. The final decision and responsibility for any use of this material lies with the user.

 

Ⅹ. 'Analyzable Results' (Industry Report → Service)

To sell this sector report through platforms, overseas distribution, or B2B, it is efficient to divide the final output into the following three categories.

  • (A) 2-Page Sector Scorecard for Overseas Investors: Korean Industry Position vs. US Baseline + Top 5 Key Gaps
  • (B) Writing Kit for Listed Company Professionals: 6 fixed sections above + KPI template (table/definition/formula)
  • (C) Verification Package (Fact Check): Evidence Pack with “Evidence Links/Regulations/Standards” attached to each claim
    (e.g. ISSB Validity/Guide, SEC Rule Changes, Korea Implementation Roadmap, Industry SASB Topic Basis) (IFRS Foundation) ( IFRS Foundation )