NEXEN TIRE, a global leader in tire manufacturing, has made noteworthy advancements in its commitment to ESG (Environmental, Social, and Governance) management. The company recently unveiled its 2023/24 ESG Report and received the esteemed ‘Gold Medal’ from EcoVadis, a prominent global ESG rating agency.
EcoVadis, the largest ESG ratings platform globally, evaluates over 130,000 companies in 180 countries on sustainability metrics, including environmental practices, labor and human rights, ethics, and sustainable procurement. NEXEN TIRE has shown a steady improvement in its ratings, moving from Bronze in 2021 to Silver in 2022 and 2023, and now achieving Gold status, placing it in the top 5% of rated companies. NEXEN TIRE notably ranked in the top 3% for its exemplary performance in environmental and human rights areas, and made significant strides in ethics and sustainable procurement.
Since 2020, NEXEN TIRE has published annual ESG reports to increase transparency and engage with stakeholders about its ESG activities and achievements. This year’s report, the first since the establishment of the ESG Management Committee under the Board of Directors, includes an analysis and goal-setting based on the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD). It also assesses the supply chain, covering raw materials, logistics, and services, and sets targets for increasing the use of sustainable raw materials and the sales of eco-friendly products.
NEXEN TIRE’s efforts to manufacture environmentally friendly products have been acknowledged by various organizations. Last year, the company’s all-weather tire, N’ Blue 4Season 2, received ‘The Green Tire’ rating from Auto Bild, a leading European automotive magazine. Moreover, the company improved its climate change impact evaluation rating from CDP (Carbon Disclosure Project), an international non-profit organization, earning a B rating earlier this year.
In addition to high ESG ratings, NEXEN TIRE has been proactive in promoting human rights. Since joining the UN Global Compact (UNGC) in 2023, the company has adhered to the 10 principles related to human rights, labor, and the environment, and has participated in various initiatives to enhance its human rights management practices.
Since 2020, NEXEN TIRE has been a member of the Global Platform for Sustainable Natural Rubber (GPSNR), contributing to the creation of a sustainable supply chain for natural rubber, a primary raw material for tires. In 2022, the company was recognized for its efforts in information protection by obtaining the Trusted Information Security Assessment Exchange (TISAX) certification from the German Association of the Automotive Industry.
A representative from NEXEN TIRE commented that their consistent efforts to implement ESG management are yielding positive results across various domains. The company plans to continue enhancing its ESG practices to make a beneficial impact on the environment and society.
The 2023/24 NEXEN TIRE ESG Report is available for viewing and download on the company’s official website.