Initiatives for Social Responsibility
A social responsibility initiative refers a program or activity that clearly contributes to the accomplishment of specific social responsibility-related objectives. Hyosung Heavy Industries seeks to expand its influence for positive change in our society by participating in various domestic and international initiatives related to business or environmental and social sustainability. This is in keeping with the company's stated mission to contribute to the sustainable development of our society.
Task Force on Climate-related Financial Disclosures (TCFD)
TCFD is a global consultative body established by the Financial Stability Board at the G20 Finance Ministers Meeting in 2015 to disclose climate change-related information.
In the process of implementing TCFD, all four major affiliates, including Hyosung, the holding company, Hyosung TNC, Hyosung Heavy Industries, Hyosung Advanced Materials, and Hyosung Chemical, have declared their support for TCFD in order to continuously strengthen climate change response and ESG management, which serve as the essential elements of a company's future global competitiveness.
Hyosung Heavy Industries transparently discloses in its Sustainability Report climate information consistent with TCFD recommendations, and we plan to publish a separate TCFD report.
Carbon Disclosure Project (CDP)
The CDP is an international non-profit organization whose mission is to make environmental reporting and risk management the standard for businesses and to promote disclosure, insight, and action toward a sustainable economy. Through CDP, companies are encouraged to disclose their greenhouse gas emissions, risks and opportunities associated with climate change, and carbon management strategies.
Since 2021, Hyosung Heavy Industries has been transparently disclosing its corporate strategies and operations by submitting reports to the CDP and posting them on its website.
The Energy Alliance is a private enterprise-led energy alliance that was launched in April 2021 in response to the government's carbon-neutral policy and in support of energy transition policies. Ten companies, including Hyosung Heavy Industries, signed an MOU to secure the carbon-neutral innovation initiative, and the alliance consists of 13 member companies as of now.
All member companies adhere to the carbon-neutral policy and collaborate to pursue rational energy conversion for the common good of domestic economic sustainability.
The Energy Alliance intends to respond jointly to related policies and consider business strategies in accordance with the global trend of decarbonization.
Hydrogen Convergence Alliance (H2Korea)
H2Korea was launched with the aim of leading the global hydrogen industry through policy tasks, system improvement, and activation of hydrogen supply led by the private sector. Its primary goal is to achieve a low-carbon hydrogen economy and society as soon as possible by making hydrogen an energy source and developing hydrogen-related industries. By constructing and distributing liquid hydrogen plants and hydrogen charging stations, Hyosung Heavy Industries is at the forefront of establishing the infrastructure for the hydrogen economy.