NEWS
Kumho Petrochemical unfolds its unique ESG initiative through the ESG Vision: “Let’s Act, Advance, and Accelerate for ESG!”
Kumho Petrochemical enhances stakeholder trust through continuous ESG strategies.
CEO Baek Jong-hoon says, “We will continue company-wide efforts to put ESG management as a top priority and achievement.”
Kumho Petrochemical presents the Environmental, Social, and Governance (ESG) Vision: “Let’s Act, Advance, and Accelerate (AAA) for ESG!” together with the strategic directions and key areas to achieve it.
The group announced that the ESG committee finalized its “ESG management strategy” and began its full-fledged activities. Kumho Petrochemical internally prepared to carry out a systematic and prolonged ESG management strategy by reorganizing and establishing an ESG management team.
The core strategy of the ESG Vision is represented as “Triple A: Act, Advance, Accelerate.” Kumho Petrochemical defines nine key areas to focus on for each strategic direction of AAA and ESG management.
■ ESG Strategic Direction: Triple A
▲ Act on Climate & Environment: Improvement of management processes to proactively respond to climate change
Key Area No. 1: Climate change adaptation
Key Area No. 2: Environmental management advancement
Key Area No. 3: Product responsibility expansion
▲ Advance Social Value Management: Pursuit of company operations that weigh on social value management
Key Area No. 4: Safety and health-care section enhancement
Key Area No. 5: Human capital management
Key Area No. 6: Responsible supply chains strength
▲ Accelerate Sustainable Portfolio: Discovery and commercialization of ESG-related businesses to spread sustainable management
Key Area No. 7: Renewable resources and recycled products development
Key Area No. 8: ESG product portfolio management
Key Area No. 9: ESG perspectives–based investment
The company has decided to build an “ESG management groundwork” to manage ESG-related risks and businesses from a unified perspective and establish a virtuous cycle for planning, executing, and monitoring ESG management. The groundwork includes ESG management advancement, ESG information management and disclosure, ESG operating system implementation, compliance and risk management, etc.
Consequently, Kumho Petrochemical has selected key disclosure indicators for overall ESG management, including greenhouse gas emission management, to provide collated information to stakeholders and move forward as a trustworthy company. The company also plans to establish by the first half of next year a road map that specifies greenhouse gas reduction goals and implementation measures for the 2050 carbon-neutral initiative.
Baek Jong-hoon, the Kumho Petrochemical CEO, said, “Our ESG vision presents a blueprint for creating a sustainable future together with our stakeholders … From now on, Kumho Petrochemical will put ESG management as the top priority and exert company-wide efforts to achieve it.”
