Hyundai E&C has released the “2023 Sustainability Report” including its sustainable management performance and ESG profile.
This year's report, the fourteenth since its first publication in 2010, is based on globally recognized principles of sustainability disclosure (GRI Standards*, WEF Metrics*, TCFD, SASB). In particular, the report preemptively incorporates the International Sustainability Standards Board's (ISSB) ESG disclosure standards, subject to international mandatory disclosure in 2025.
* Global Reporting Initiative (GRI) Standards: Globally accepted guidelines for corporate “sustainability reports”.
* WEF Metrics (World Economic Forum): An international private-initiated conference held annually in Davos, Switzerland.
*Task Force on Climate-Related Financial Disclosure (TCFD): A consultative body on climate change-related financial disclosure.
*SASB (Sustainability Accounting Standards Boards): U.S.-based board governing Sustainability Accounting Standards.
In addition, Hyundai E&C enhanced corporate credibility by disclosing its green sales (sustainable products) performance in accordance with the EU Taxonomy and the Korean Green Classification System (K-Taxonomy), which provide clear standards for green business performance. In particular, it is the first Korean builder to apply the EU Taxonomy standard, taking the lead in expanding information disclosure and enhancing its green business operations. In fact, over the past three years, Hyundai E&C has expanded its business portfolio with tangible results in renewable energy and net zero, including offshore wind power, hydrogen plants, CCUS, and biogas.
*Taxonomy: The EU's green classification system that distinguishes between green and non-green businesses.
The report covers 12 critical areas, including △safety, △quality, and △climate change, based on Hyundai E&C's four pillars of sustainability management (△Prosperity, △Planet, △People, and △Principle) and eight ESG sector-specific strategies.
In particular, the company's quality management and safety and health activities are actively carried out and detailed. Hyundai E&C has reorganized its quality organization under the Strategic Planning Division and introduced a third-party construction quality assessment (Q-TPI) system using an external quality inspection firm to enhance its quality management. The company is also accelerating safety management by increasing its safety and health investment by 23% year-on-year and expanding and implementing the number of safety inspections at all sites from 2,500 to 4,735 (up 84%).
In the release, Hyundai E&C President Yoon Young-joon said, “We are the Korea's first listed construction firm to declare Net Zero by 2045 based on SBTi, and we are committed to advancing ESG management in areas such as safety, quality, governance, and climate change.” He added, “The company plans to open a sustainable future that contributes to promoting human happiness by faithfully executing our duties and responsibilities as a member of the international community.”
For more information on the report, please visit the ESG Management menu on Hyundai E&C's website (https://www.hdec.kr).