Hyundai E&C announced that it published ‘2022 Sustainability Management Report’ that contains the company’s sustainability activities and achievements of last year.
Based on the company’s global-level ESG management guidelines, the report applies principles of global standards on sustainability disclosures (*GRI Standards, *UNGC 10 Principles, *WEF Metrics, *SASB, and *TCFD) that are recognized globally. The report especially applies some of the new GRI Standards 2021, increasing ESG disclosure by 23% compared to the previous year. And it enhanced credibility and quality of the details of the disclosure by containing non-financial information of the company based on the internationally recognized auditing standards (AA1000AS).
* GRI: Global Reporting Initiative, international research center that established the guidelines on ‘sustainability reporting’ that is used globally
* UNGC: UN Global Compact, an organization under the United Nations established to encourage companies to join the movement in sustainable and balanced development pursued by the UN as well as to improve the ethics of the international community and international environment through cooperation between the UN and member companies
* WEF: World Economic Forum, international non-governmental forum held in Davos, Switzerland annually
* SASB: Sustainability Accounting Standards Board, sustainability accounting standards committee of the US
* TCFD: Task Force on Climate-Related Financial Disclosures
The ‘2022 Hyundai E&C Sustainability Management Report’ sets forth 8 areas of values where company and society coexist in harmony and subsequent key agendas based on the four pillars of sustainability of the WEF - Prosperity, Planet, People, and Principles of Governance. The report contains mid-to-long term goals and key performance indicators per each area including creating value for company and customers through forward-looking strategies and technology innovation, environmental responsibility through green management and carbon neutrality, strengthening capability through safety management and fostering innovative talents, and establishing sound governance by building ethical compliance system and integrated risk management.
This year’s report was published as a responsive PDF where stakeholders can move to a specific page or go to relevant websites. By using functions that allow readers to move through items freely and check details in depth, the report enhances communication with external stakeholders. Publishing the report in PDF form minimizes production of printouts, contributing to reducing carbon emissions.
Hyundai E&C has announced its ‘coal exit declaration’ last year to respond to the global climate change crisis and has pursued to expand new and renewable energy and eco-friendly projects. The company is preparing to announce its ‘2045 Carbon Neutrality Declaration’ based on SBTi* as the first listed construction company in Korea by the second half of this year. Hyundai E&C is also dedicated to further establishing key ESG policies (environmental management, diversity inclusion) and expanding sustainable management along with joining global initiatives such as UNGC and TCFD supporters.
* SBTi: Science Based Targets initiative, key carbon emission certification organization
In his introductory remarks, Hyundai E&C CEO Yoon Young-Joon said, “as a global corporate citizen, Hyundai E&C will faithfully comply with global standards and recommendations such as the UN SDGs*, the Universal Declaration of Human Rights, and OECD guidelines as well as dedicate to safety, quality management, shared growth with supply chain, and transparent and fair compliance to open the path where company and society grow together” and added, “we are committed to pursuing energy transition projects to respond to climate change such as offshore wind power, hydrogen, renewable energy trading, carbon capturing, and small modular reactors (SMR) as well as new growth projects including urban air mobility (UAM) and smart city to strengthen our core competitiveness in future projects.”
* UN Sustainable Development Goals (SDGs): goals agreed to achieve by 2030 at the UN General Assembly as common goals of the international community in achieving sustainable development
Hyundai E&C’s 2022 Sustainability Management Report is available via sustainability management menu on the company’s website (https://www.hdec.kr/en/main.aspx).