Hankook Tire recently received an A- score from CDP (previously known as Carbon Disclosure Project) in the “Climate Change” sector. This underscored its leadership and commitment to environmental sustainability management.
CDP is a global non-profit organization that evaluates environmental transparency among companies. It assesses their climate change and water security disclosures. Like the Dow Jones Sustainability Index, the CDP annual report is considered as one of the most reliable indicators of corporate, social, and environmental governance. It gives scores ranging from D- to A, with A and A- depicting leadership levels.
Only companies that perform excellently in environmental risk management, climate change response activities, and related information disclosure get the leadership score. Hankook got an A- in this year’s report, showcasing its leadership in environmental sustainability.
The attainment underscores the company’s commitment to its CSR goals. They include a 50% reduction in greenhouse gas emissions by 2050 with 2018 as the base year and the use of 100% sustainable materials by then. Hankook Tire also takes part in sustainability initiatives with the UNGC (United Nations Global Compact) and encourages CSR-related policies such as the Sustainable Natural Rubber Policy.
In addition, the company is also including environment-caring efforts in its R&D and production. For example, it has minimized the rolling resistance in Hankook tires to help reduce greenhouse emissions and improve fuel efficiency in vehicles. The company is also among the leaders that keep tabs on greenhouse gas mitigation amounts and converts them into monetary value. This is then reflected in the investment process.
Hankook’s commitment to environmental sustainability has also been recognized elsewhere. This year, the company was awarded a platinum medal by EcoVadis, one of the most prominent recognitions for achievements in Corporate Social Responsibility. The medal is only given to companies that make the top 1% of their industry sector. The tire manufacturer was also named in the Dow Jones Sustainability Indices World, making this its fifth consecutive recognition. It also got a gold award at the 2020 Galaxy Awards that was organized by MerComm Inc.
“It is indisputable that climate change is one of the most critical and urgent issues that the world is facing right now,” says Sooil Lee, President of Hankook Tire America Corp. “As a responsible global corporate citizen, we will continue focusing on environmental disclosure and transparency as well as providing products that contribute to bringing a sustainable future closer.”