Coway aims to go net-zero by 2050

Coway, a South Korean home appliance rental firm, will gradually reduce its greenhouse gas emissions and go net-zero by 2050, the company said Monday.

Reiterating its commitment to its environmental, social and corporate governance initiative, the firm said it aimed to cut its emissions in half by 2030. By 2050, the company plans to operate entirely on renewable energy sources.

To that end, Coway is using solar power at its three factories and one distribution center, with plans to invest further in green energy, the company said.

Coway will also promote a circular economy, aim to achieve 100 percent rates of recycling and reusing industrial waste, and sell 20,000 refurbished products by 2030, it added.

In 2007, the rental firm introduced a refurbishment system that benefits both the customer and the company by reducing product disposal costs.

On the 2020 Dow Jones Sustainability World Index, Coway was the only Korean company in the Household Durables category, having made the list for the fifth consecutive year.

“Coway’s commitment to a sustainable future is continuing for more than a decade. We will continue to make a concerted effort to fulfill our responsibility in environment, society and governance, and transparently communicate our progress,” a Coway official said.

By Jo He-rim (herim@heraldcorp.com)