Hyosung’s Leading Action to Climate Change
Hyosung Group expanded its ESG Management Committee in April 2021 and has long committed to research and development efforts and prompt sustainability decision-making. As part of this, it has also announced ‘Green Management Vision 2030’, designed to lead a better life for humanity. One might wonder what has driven Hyosung’s commitment to the issue of climate change.
Last July, the oldest glacier in Switzerland, Rhone Glacier, was covered with blankets.
The glacier has lost around 40 meters in ice thickness in the past decade due to climate change, and thus Swiss authorities decided to halt the ice melt by covering the glacier with white blankets.
Switzerland is not the only country to suffer from climate change. It has affected every bit of the world. The US has been afflicted by heat waves, flooding, and bushfires, while Europe has witnessed the frequency of heat waves jumping 3 to 4 times over the past 42 years. The UN Secretary-General Antonio Guterres warns that humanity is facing ‘collective suicide’ without prompt action on climate change.
Corporates with a global footprint should take the lead
Since the Industrial Revolution, corporates have seen their production volume grow exponentially while humanity, in turn, can purchase things whenever in need. However, we have not paid enough attention to carbon dioxide emissions in the manufacturing, shipping, and development process, being indifferent.
Situations have changed, governments worldwide are scrambling to strengthen environmental regulations, and consumers are more conscious of the carbon footprint of the products they purchase.
Multinational companies are thus faced with this imminent challenge of shifting their technology focus from convenience to the survival of humanity and the environment.
Hyosung’s response to climate change: Green Management Vision 2030
Hyosung’s Green Management Vision 2030 has four objectives: greenhouse gas cut, development of green technology and expanding the subsequent market, building green corporate culture, and enhancing stakeholder trust. The following plans for each objective are established respectively to pursue and implement climate change strategies at the corporate level.
Hyosung aims to reduce its carbon emission by 14.5% compared to 2018 by 2030. To achieve this goal, the company has been transitioning to green fuels. Hyosung TNC, for example, has been implementing a low-carbon energy policy for its assembly lines. It uses heat waste from nearby incineration plants and taps into biogas from anaerobic digesters within its assembly lines. Each factory sets up its annual environment investment plan, making efforts toward saving energy.
Hyosung has also been pouring efforts into building a green corporate culture. Green procurement practices and in-house chemical management systems are pursued, and air and water pollutant management system have been advanced to minimize carbon footprint. Also, working closely with its vendors and partners, Hyosung supports its energy-saving efforts, mutually benefiting through growth and development.
Hyosung has been forthcoming in disclosing related information as part of its efforts to enhance stakeholder trust. In line with the Task Force on Climate-related Financial Disclosures (TCFD) created by the Financial Stability Board, Hyosung issues sustainability reports annually and has been building a green management system by obtaining green certifications across its production sites. Hyosung Advanced Materials has acquired the ISO 50001 certification for the energy management system, while Hyosung Chemical’s Yongyeon Plant has obtained ISO 14001 certification for its environmental management system.
A green society built on our green portfolio
As a responsible global corporate, Hyosung has been making tangible contributions to building a green environment with its products while continuing to develop related technologies to transition itself into a truly green business.
Hyosung TNC offers the fiber ‘regen polyester’ made from recycled PET bottles and ‘regen ocean nylon’ on recycled fishing nets from the ocean.
In the meantime, Hyosung Advanced Materials pursues green management on three pillars zero emission, zero waste, and zero impact. Its tire cord product is made with lyocell extracted from wood, emitting 30% less carbon dioxide than existing rayon and nylon-based tire cords. It also supplies ‘TANSOME®,’ the carbon fiber used for green energy sectors such as hydrogen and car light-weighting.
Hyosung Heavy Industries has pursued various renewable energy businesses, including hydrogen stations, liquefied hydrogen, wind turbine, and energy storage system. It has also been very active in research and development on transitioning existing products, including transformers, into greener products. Additionally, it has adopted green construction technologies while obtaining green construction certifications and sustainable landscape design.
Hyosung Chemical has continued R&D efforts to expand its green business portfolio. Based on proprietary technologies developed in 2013, it has acquired the green engineering plastic Polyketone, which is widely applied to various sectors such as automobiles and everyday goods. Hyosung continues its research efforts to use the material across our daily lives broadly.
Sustainability creates business opportunities
Our collective understanding of the environment has increased going through the pandemic and climate change. Multinational companies have a new homework to solve since consumer preferences have changed, ‘Greensumers’ who prefer eco-friendly products that consider the environment is increasing. With these changes, Hyosung has been agile in exploring and creating business opportunities in green markets and fulfilling its corporate responsibility.
Hyosung will relentlessly make efforts to make a better planet, from its manufacturing processes to finished goods, across its entire business value chain. By advancing the green management system, developing green products, and actively communicating with stakeholders, Hyosung will continue focusing on creating a society where humanity, our business partners, nature, and the environment can harmoniously coexist and prosper altogether.