Park Jae-hyuk is a seasoned journalist who has provided comprehensive coverage of South Korea's corporate dynamics, economic policies, industry challenges and the global positioning of Korean companies. Based on the articles he has written since joining The Korea Times in 2016, his investigative approach has helped readers understand corporate governance, economic trends and business strategies shaping South Korea’s economy.
Hyundai Elevator declares goal of net zero by 2050
The cover image of Hyundai Elevator's 2022-23 ESG report / Courtesy of Hyundai Elevator
By Park Jae-hyuk
By Park Jae-hyuk
Hyundai Elevator pledged to achieve carbon neutrality by 2050, in a report it released Monday. The report shows the company's efforts between 2022 and 2023 to pursue management with consideration of the principles of environmental, social and corporate governance (ESG).
Its recent ESG report is comprised of three parts.
The first part, on ESG management, is related to the current situation of the elevator maker's ESG management and its materiality assessment methods. The second part, on ESG progress, is on qualitative achievements in the company's ESG management, while the last part, ESG fact book, discloses quantitative achievements.
In the report, the Hyundai Group affiliate mentioned its vision and strategies for ESG, as well as its declaration of carbon neutrality by 2050, based on the Science Based Targets initiative's (SBTi) campaign to limit global warming to 1.5 degrees Celsius. SBTi is a global body enabling businesses to set emissions reduction targets in line with climate science.
To achieve net zero by 2050, Hyundai Elevator seeks a 71 percent reduction in its carbon emissions by 2040 and a 42 percent reduction by 2030, compared to 2022, the year the company finished building its smart factory in Chungju, North Chungcheong Province.
For this goal, the elevator firm will install additional solar power generation facilities, increase reliance on electric and hybrid vehicles and carry out campaigns to save energy.
“Through transparent ESG management, we will make efforts to be a trustworthy company in the global market, which can take the lead in creating a sustainable future,” Hyundai Elevator CEO Cho Jae-cheon said.