POSCO International issues 2022 Corporate Citizenship Report
POSCO International's 2022 Corporate Citizenship Report / Courtesy of POSCO International
By Lee Kyung-min
POSCO International published the “2022 Corporate Citizenship Report,” Wednesday.
The report outlines the POSCO affiliate's vision for reaching sustainability goals, as well as its environmental, social and corporate governance (ESG) achievements.
Also included are ways to fortify its energy business and enhance transparency as well as the reliability of stakeholder-oriented communication.
The POSCO affiliate detailed the specifics of its projects in the fields of energy, materials and agri-bio, or agricultural biotechnology.
Its energy operation will expand offshore wind power in cooperation with its advanced overseas peer to foster the “future green energy business,” as underpinned by hydrogen and ammonia production.
In the materials sector, optimizing its global network for trading steel is cited as key to strengthening supply channels to better secure raw materials.
Its green growth initiative will be promoted to advance the steel needed for its wind and solar energy businesses.
As for agri-bio, the current food value chain will be strengthened to bolster the firm's efforts to transform into a comprehensive food business.
The report referenced International Financial Reporting Standards (IFRS) to best comply with the global ESG sustainability information disclosure standards.
Task Force on Climate-related Financial Disclosures (TCFD) recommendations were used to reflect the estimates on the financial impact of climate change risks.
The report cited achievements of its major ESG activities, including its efforts to advance the 2050 Carbon Neutrality Declaration.
“We will pursue sustainable development, as buttressed by responsible ESG management,” POSCO International Vice Chairman Jeong Tak said. “We will continue efforts to become an ESG leader and a positive influencer, a pledge to be fulfilled through our responsible business practices.”