By Baek Byung-yeul
SK hynix announced Thursday a roadmap to achieve newly set social contribution goals by 2030 as part of SK Group's effort to improve its environmental, social and corporate governance (ESG) standards.
The semiconductor company said its social contribution goals, Social Values 2030 (SV 2030), is designed to make the firm a more eco-friendly company and to help increase the capabilities of its local partner firms in fostering the country's chip industry ecosystem.
SK hynix's SV 2030 also aims to help disadvantaged and vulnerable groups by introducing various charitable activities and hiring more people with disabilities. The company will work to focus on cultivating a better corporate culture by offering employees more time to practice self-improvement, and increasing the number of female employees.
The company's commitment is in line with SK Group Chairman Chey Tae-won's vision, which is upgrading the group's ESG standards. In his New Year address, Chey emphasized now was the time for the group's employees to embrace a new spirit of entrepreneurship that prioritizes working together to solve social issues.
The chairman also said the group will expand its Happy Lunch Box charitable program nationwide. At a time when the country's food distribution agencies are struggling due to the spread of COVID-19, SK Group will provide a total of 400,000 meals to vulnerable groups across the country for the next three months.
"In line with Chairman Chey's vision for a new spirit of entrepreneurship, SK hynix decided to unveil its mid-term social value creation goals for the next 10 years," the company said.
One of SK hynix's four SV 2030 goals is for the company to meet 100 percent of its electricity demand with power generated from renewable energy sources by 2050. Its Chinese unit is already close to meeting this goal as the facility will become 100 percent reliant on renewable energy by 2022.
The company will also keep providing financial support ― 1.22 trillion won until 2030 ― to upgrade the competitiveness of its local partners. "Our announcement is focused on the role that corporations must perform to make society better," SK hynix added.
While SK Group is concentrating on raising its ESG standards, the chairman is also expected to emphasize a corporation's role to fulfill its social contribution, to member companies of the Korea Chamber of Commerce and Industry (KCCI).
Chey will lead the KCCI, the country's largest and most influential business lobby group, succeeding incumbent Chairman Park Yong-maan whose term will end this March. KCCI member companies will formally elect Chey as new chairman at next month's meeting.
Chey is forecast to ensure the KCCI keeps pace with the government's moves to highlight the need for ESG management.
The Moon Jae-in administration has underlined corporations' responsibility to create jobs, promote ethical management and strive to achieve mutual growth with partner firms, since its inauguration.
SK's focus on going green can also be seen in the group's business strategy to expand its renewable energy business.
On Thursday, SK Holdings, the holding company of SK Group, and SK E&S, a natural gas business arm, will acquire a 9.9 percent stake in U.S. fuel cell maker Plug Power for 1.6 trillion won ($1.5 billion) as part of the group's move to expand into the hydrogen business.
SK Holdings said the deal will be finalized in the first quarter and SK Holdings and SK E&S will set up a joint venture with Plug Power to enter the domestic and Asian hydrogen markets.
SK Group already has a broad energy business portfolio, ranging from refineries and batteries for electric vehicles to natural gas and renewable energy. With this investment, SK Group is expected to accelerate its goal to expand its presence in the hydrogen sector.
In December, SK announced plans to produce 30,000 tons of hydrogen in 2023 and increase the figure to 280,000 tons by 2025. It also aims to establish a hydrogen value chain that can be involved in production, distribution and supply.
SK hynix announced Thursday a roadmap to achieve newly set social contribution goals by 2030 as part of SK Group's effort to improve its environmental, social and corporate governance (ESG) standards.
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| SK Group Chairman Chey Tae-won |
SK hynix's SV 2030 also aims to help disadvantaged and vulnerable groups by introducing various charitable activities and hiring more people with disabilities. The company will work to focus on cultivating a better corporate culture by offering employees more time to practice self-improvement, and increasing the number of female employees.
The company's commitment is in line with SK Group Chairman Chey Tae-won's vision, which is upgrading the group's ESG standards. In his New Year address, Chey emphasized now was the time for the group's employees to embrace a new spirit of entrepreneurship that prioritizes working together to solve social issues.
The chairman also said the group will expand its Happy Lunch Box charitable program nationwide. At a time when the country's food distribution agencies are struggling due to the spread of COVID-19, SK Group will provide a total of 400,000 meals to vulnerable groups across the country for the next three months.
"In line with Chairman Chey's vision for a new spirit of entrepreneurship, SK hynix decided to unveil its mid-term social value creation goals for the next 10 years," the company said.
One of SK hynix's four SV 2030 goals is for the company to meet 100 percent of its electricity demand with power generated from renewable energy sources by 2050. Its Chinese unit is already close to meeting this goal as the facility will become 100 percent reliant on renewable energy by 2022.
The company will also keep providing financial support ― 1.22 trillion won until 2030 ― to upgrade the competitiveness of its local partners. "Our announcement is focused on the role that corporations must perform to make society better," SK hynix added.
While SK Group is concentrating on raising its ESG standards, the chairman is also expected to emphasize a corporation's role to fulfill its social contribution, to member companies of the Korea Chamber of Commerce and Industry (KCCI).
Chey will lead the KCCI, the country's largest and most influential business lobby group, succeeding incumbent Chairman Park Yong-maan whose term will end this March. KCCI member companies will formally elect Chey as new chairman at next month's meeting.
Chey is forecast to ensure the KCCI keeps pace with the government's moves to highlight the need for ESG management.
The Moon Jae-in administration has underlined corporations' responsibility to create jobs, promote ethical management and strive to achieve mutual growth with partner firms, since its inauguration.
 |
| Plug Power's hydrogen tank lorry is seen in this photo provided by SK Holdings, Thursday. SK Holdings and SK E&S will invest 1.6 trillion won in Plug Power to expand into hydrogen business. / Courtesy of SK Holdings |
SK's focus on going green can also be seen in the group's business strategy to expand its renewable energy business.
On Thursday, SK Holdings, the holding company of SK Group, and SK E&S, a natural gas business arm, will acquire a 9.9 percent stake in U.S. fuel cell maker Plug Power for 1.6 trillion won ($1.5 billion) as part of the group's move to expand into the hydrogen business.
SK Holdings said the deal will be finalized in the first quarter and SK Holdings and SK E&S will set up a joint venture with Plug Power to enter the domestic and Asian hydrogen markets.
SK Group already has a broad energy business portfolio, ranging from refineries and batteries for electric vehicles to natural gas and renewable energy. With this investment, SK Group is expected to accelerate its goal to expand its presence in the hydrogen sector.
In December, SK announced plans to produce 30,000 tons of hydrogen in 2023 and increase the figure to 280,000 tons by 2025. It also aims to establish a hydrogen value chain that can be involved in production, distribution and supply.
