KT&G shares ESG achievements in 2023 report

South Korea’s top tobacco maker KT&G on Monday released its 2023 business report, renewing its commitment to advancing its carbon neutrality goals and improving corporate governance.

The report, an amalgam of its annual strategic reports and publications on activities tied to environmental, social, and governance, outlines a quantitative account of the company’s eco-friendly management vision and advancements in corporate governance.

“Our ESG capabilities are the driving force behind our transformation and global growth ambitions,” said KT&G CEO Bang Kyung-man in the report. “Under our vision of ascending to the top tier, we are converting contemporary demand into opportunities for sustainable advancement and true corporate value-up.”

Compared to 2020, the company’s workplaces reduced carbon emissions by 9 percent while elevating the use of renewable energy to 19 percent.

Based on its recent achievements, the company also advanced the deadline for its net-zero goals across its key value chain from 2050 to 2045.

Alongside these milestones, the report revealed the company's new commitments to tackling deforestation and land conversion issues in protected areas, fortifying its environmental management vision.

The report also tapped into governance measures, saying KT&G has met all the 15 governance indicators recommended by the Financial Services Commission, including external board chairmanship and cumulative voting.