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| The headquarters of Hankook Tire & Technology in Seongnam, Gyeonggi Province. Courtesy of Hankook Tire & Technology |
By Lee Kyung-min
Hankook Tire & Technology is advancing carbon neutrality through efforts to outline and meet tangible reduction goals under the guidance of the Science Based Targets initiative (SBTi), a framework for best practices in emissions reductions and net-zero targets in line with climate science.
Hankook Tire announced the 2050 Carbon Neutral Roadmap this month and obtained approval from the SBTi for the 2030 short-term greenhouse gas reduction target and the 2050 net zero target.
SBTi is a global initiative whereby individual firms' greenhouse gas reduction targets are met as backed up by scientific evidence.
Thousands of industrial leaders around the world are joining the move. Hankook Tire is among only a handful of companies approved by SBTi.
Hankook Tire will reduce by 2030 each of the total amount of direct and indirect greenhouse gas emissions generated during the production stage by 46.2 percent compared to 2019.
The reduced amount will be 27.5 percent compared to 2019 by 2030. All greenhouse gases emitted from production throughout business activities will be reduced in the long term.
Sustainability has been one of the top priorities for Hankook Tire since 2010. It has since been making efforts to outline and implement an advanced environmental, social and corporate governance (ESG) management system.
In 2021, it established an ESG committee under the board. A 2050 carbon-neutral roadmap was established the following year.
The firm's greenhouse gas reductions will be disclosed in its annual ESG report.
The firm's committee said last year that Hankook Tire was able to save about 2.74 percent of energy compared to 2021, as underpinned by its energy-saving campaign.
Included among the step-by-step efforts were energy efficiency in buildings, the use of low-carbon energy and green fuel and energy efficiency optimization.
Hankook Tire is recognized for its carbon-neutrality efforts, as illustrated by obtaining top grades from global ESG rating agencies.
In November last year, the firm was included in the list of the Dow Jones Sustainability Indices World.
Only the top 10 percent of 2,500 global players make the list for excellent ESG management practices.
Hankook Tire was among the highest-rated (Gold Class) in the automotive parts industry at the Industry Awards 2022 selected by S&P Global in its 2022 Sustainable Management Annual Report.
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