SEOUL, South Korea, Aug. 25, 2021 /PRNewswire/ -- Hyosung Chairman Cho Hyun-joon is taking the lead in applying more ESG elements to Hyosung Group's core business processes.
Hyosung Chairman Cho Hyun-joon takes the lead in ESG for a sustainable business
"ESG is an identity that Hyosung must have to become a premium brand in the global market", said Hyosung Chairman Cho Hyun-joon. "We hope that Hyosung will grow into a century-long business that is loved and trusted by shareholders and society as it expands environmental protections, precision management, transparent management, and growing together".
Hyosung's three major businesses (Hyosung TNC, Hyosung Advanced Materials, and Hyosung Chemical) all received a grade of A+ in the 2020 Listed Company ESG Evaluations, as announced by KCGS (Korea Corporate Governance Service) last year. Hyosung Heavy Industries was awarded an A, an excellent score for its first evaluation after the holding company conversion of Hyosung's major subsidiaries, proving that it also has sustainable management systems.
Among 760 companies investigated, just 16 received an A+ grade, with none receiving the highest possible grade of S and A+ companies being the top leaders in ESG.
Hyosung converted to a holding company system after the appointment of Chairman Cho Hyun-joon and improved its governance structures. The group was divided into the holding company Hyosung and four subsidiaries (Hyosung TNC, Hyosung Advanced Materials, Hyosung Heavy Industries, and Hyosung Chemical), and management was entrusted to professionals.
In addition, the position of candidate for representative of the recommendation committee for outside directors was handed over to outside directors so that they could be selected independently and outside directors could even serve as chairman of the board of directors. A transparent management committee was instituted to prevent unfair internal transactions.
Hyosung has issued annual reports on sustainable management since 2012 to proactively communicate with its shareholders, customers, employees, partners, and communities. This report openly publishes the company's sustainable management activities and results in the fields of economy, society, and the environment and solicits opinions from interested parties.
Hyosung has constructed systems to reduce greenhouse gases since before it was divided as a holding company and builds and operates anticipative internal management systems. It has reduced its greenhouse gas emissions by about 18 million kWh of energy and about 9,000 tons of carbon dioxide per year through activities such as increasing production line operating efficiency, replacing facilities for greater efficiency, renewable energy use, and replacing fuels with lower carbon varieties.
Hyosung Group subsidiaries are also engaged in eco-friendly work. They manufacture environmentally friendly products such as Hyosung TNC's eco-friendly fiber(regenR), Hyosung Advanced Materials' carbon fiber(TANSOMER), Hyosung Chemical's polyketone(POKETONETM), and Hyosung Heavy Industries' hydrogen chargers.
Furthermore, all Hyosung subsidiaries' worksites are certified green. Hyosung TNC and Hyosung Advanced Materials are certified with the GRS (Global Recycled Standard) mark, while Hyosung Chemicals holds a green business certification and Hyosung Heavy Industries has a green construction certification.
Hyosung TNC is rising to the top of the international green fiber industry with its eco-friendly fiber called "regenR". regenR is a polyester fiber made by recycling PET bottles, reflecting consumer demand for green products. Hyosung TNC also promotes a virtuous cycle project to recycle PET bottles collected in Seoul and Jeju into "regenR seoul" and "regenR jeju" fibers, expanding into the international recycled fiber market.
Hyosung Advanced Materials is the only company in Korea that can produce carbon fiber and is taking the lead in the green era based on the hydrogen economy.
Carbon fiber is a key material for manufacturing fuel tanks for hydrogen cars. As this material is ten times stronger than steel but just 1/4 the weight, it is used to manufacture lighter cars, which reduces carbon emissions.
Hyosung plans to invest 1 trillion won annually until 2028 to expand its Jeonju carbon fiber plant to 24,000 tons per year, and it has invested 75.8 billion won this year to upgrade to 6500 tons by 2022.
Based on the world's first independent technology in 2013, Hyosong Chemical has successfully developed technology to commercialize the eco-friendly engineering plastic "polyketone(POKETONETM)".
Polyketone(POKETONETM) reduces carbon monoxide by about 0.5 tons per 1 ton manufactured. As the EU strengthens its carbon regulations, interest in polyketone(POKETONETM), which is made from the air pollutant carbon monoxide (CO), is expected to grow.
Hyosung Heavy Industries will establish the world's largest liquefied hydrogen plant, capable of handling 13,000 tons annually, in Ulsan by 2023 in cooperation with the global gas engineering company Linde. About 120 hydrogen charging stations will also be established at key sites nationwide in time for the completion of the plant so Hyosung can start supplying the South Korean market in earnest. Liquefied hydrogen is created by liquefying hydrogen gas, and this is expected to contribute to reducing greenhouse gas emissions by establishing a hydrogen mobility industry.
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Hyosung Corporation
Nari Kim
lesleykim@hyosung.com
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