Hankook Tire Publishes 2022 & 2023 ESG Report

Hankook Tire Publishes 2022 & 2023 ESG Report

Hankook's ESG report provides updates on its eco-value chain, sustainable products and responsible engagement.

Hankook Tire has published its 2022/23 ESG Report, highlighting its sustainability activities, performance and mid- and long-term strategies for the year. Based on Hankook Tire’s environmental, social, and governance (ESG) vision system – “Innovation for a Sustainable Future” – the 14th report since 2010 provides an overview of the company’s performance in three primary categories: eco-value chain, sustainable product and responsible engagement.

Hankook Tire has been increasing its efforts toward sustainable management, starting with the strengthening of its ESG management system. The company embarked on this journey in 2009 by establishing a corporate social responsibility (CSR) organization, followed by the formation of an ESG strategy committee and steering committee in 2010, and the introduction of its E.Circle declaration in 2018, a strategic initiative focused on implementing sustainable natural rubber policies and promoting an eco-friendly circular economy system. In 2021, an ESG Committee – a decision-making body – was established within the board of directors to share its vision and sustainable management performance with employees and further clarify the company’s ESG engagement.

Highlights from the report include:

  • In May 2022, Hankook unveiled a corporate governance charter, which serves as its foundation for sustainable management and manifests the company’s commitment to transparent and ethical ESG practices, the company said. Beyond this, it is intensifying efforts to establish responsible governance by introducing a code of ethics for independent directors and implementing regular evaluations of its board operations.
  • Hankook Tire has reduced greenhouse gas emissions. It has developed and integrated a systematic climate change response strategy, led by the climate change committee, into its management activities. Moreover, Hankook Tire is carrying out diverse energy reduction activities, such as implementing high-efficiency facilities, optimizing energy use, and using renewable energy to reduce greenhouse gas emissions.
  • In March 2022, Hankook Tire was the first tire company in South Korea to join the Science-Based Targets Initiative (SBTi) and submit its greenhouse gas reduction targets.
  • By 2030, Hankook Tire aims to achieve a 46.2% reduction in the total amount of direct greenhouse gas emissions and indirect greenhouse gas emissions generated during the production stage, compared to 2019 figures. Additionally, the company has set a target to reduce the total amount of greenhouse gas emissions generated throughout the value chain by 27.5% compared to 2019 figures.
  • In May, the company partnered with Kumho Petrochemical Co., Ltd. to develop tires that utilize an eco-friendly, high-performance synthetic rubber called Eco-SSBR.
  • The company is putting its efforts towards minimizing the environmental impact of its products, from raw material acquisition and manufacturing to usage and disposal. Hankook Tire has made progress in preserving natural resources and reducing carbon emissions by excavating sustainable resources and developing implementable technologies in the design and raw material acquisition phases.
  • Currently in progress is Hankook’s intelligent tire technology, which utilizes sensors embedded within the tire to detect parameters such as air pressure and tread wear, and the i-Flex, a non-pneumatic tire. Last year, Hankook Tire also gained significant attention from the industry. For instance, WheelBot, a modular spherical wheel robot that is optimized for future smart cities, has been successfully brought to life and has garnered great interest in the field.

More information about the ESG report is available at here.

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