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Hyosung Advanced Materials was awarded the best grade by Carbon Disclosure Project CDP), a world-famous institution, for its global efforts to cope with climate changes.
The UK-based CDP awarded Hyosung Advanced Materials an A grade in the 2020 carbon management sector for running the global disclosure system for investors to cope with climate changes. The Company’s achievement of the best rating “A” in the first CDP evaluation is significant since it comes after the company’s switch to a holding company. An “A” rating is awarded only to a few businesses standing out among many in terms of activities for coping with climate changes, relevant risk management, and disclosure of information. A total of 9 Korean businesses made it to this year’s climate change “A” list out of 9,600-plus participating businesses and it means that they are in the top 3%.
Hyosung Advanced Materials is believed to have achieved such honor due to its proactive activities for coping with climate changes. The Company strives for the reduction of greenhouse gases and minimization of their environmental impact through the establishment of a green management strategy, aiming to reduce greenhouse gases by 19.7% compared to 2017 by 2030.
Hyosung Advanced Materials operates the Green Management Committee and the Risk Management Committee within its Sustainable Management Committee Governance System to fulfill its social responsibilities related to green management. It engages in activities designed for climate change-related risk management and improvement of the relevant status. Especially, it has made its major products go through the Carbon Footprint International certification since 2013 to disclose the environmental impact level in the production process as part of efforts to promote low-carbon management within its supply network.
“We are carrying out positive activities for the reduction of carbon emissions, setting ‘Zero Emission’ as our basic target based on the mindset that the capability for coping with climate changes is essential in securing our future sustainability and global competitiveness. We will be a business that leads others in carbon reduction through the continued development of new materials,” said Company President Hwang Jeong-mo.
CDP has secured its status as the most reliable indicator in the evaluation of the level of coping with climate changes, which is an area of sustainable management, along with the Dow Jones Sustainability World Index (DJSI World) and the FTSE4GOOD Index (a series of ethical investment stock market indices). Each year, CDP evaluates the level of disclosure of information on strategies and activities related to the three sectors, i.e., coping with climate changes, water resources, and forest resources, for businesses recommended by global financial investment institutions.
Meanwhile, Hyosung Corporation acquired an “A”- grade, which is awarded by CDP to businesses playing a lead role in the climate change management process and activities. The Company has taken part in CDP since 2010. Its President heads the Environment, Health & Safety (EHS) Committee, which deals with matters concerning the formulation of strategies for green management in general including coping with climate changes, promotion of the relevant activities, and management of the relevant risks (conversion).