Hyundai Engineering & Construction (Hyundai E&C) has released its ‘Sustainability Report 2023,’ providing an overview of its sustainability management performance and ESG (environmental, social, and governance) information. This marks the 14th edition of the report since its inaugural publication in 2010. The report adheres to internationally recognized disclosure standards, including the Global Reporting Initiative Standards (GRI Standards), World Economic Forum Metrics, Task Force on Climate-related Financial Disclosures (TCFD), and the Sustainability Accounting Standards Board (SASB).
Notably, the report also incorporates elements of the International Sustainability Standards Board (ISSB) ESG disclosure standards, which are expected to be mandatory by 2025. Hyundai E&C’s proactive adoption of these standards demonstrates its commitment to staying ahead in the field of sustainability reporting.
Furthermore, the company has bolstered public trust by disclosing its green sales performance in alignment with the European Union (EU) taxonomy and the Korean green classification system, known as K-taxonomy. These frameworks set clear criteria for evaluating and promoting environmentally friendly business practices.
Hyundai E&C has emerged as the first Korean construction company to adopt the EU taxonomy standard, underscoring its leadership in transparent information disclosure and its dedication to eco-friendly operations. Over the past three years, the company has diversified its business portfolio by leveraging new and renewable energy sources, including offshore wind power, hydrogen plants, carbon capture/use/storage (CCUS), and biogas.
The ‘Sustainability Report 2023’ outlines Hyundai E&C’s sustainability management approach through its four key pillars: Prosperity, Planet, People, and Principles. Each pillar is supported by eight strategic initiatives related to ESG sectors. The report delves into 12 critical issues, such as safety, quality, and climate change.
Specifically, the company has demonstrated a strong emphasis on quality control, safety, and health measures, implementing detailed strategies to address these areas. Hyundai E&C has restructured its quality organization under the Strategic Planning Division and introduced a third-party construction quality evaluation system (Q-TPI) in order to enhance quality management practices.
Furthermore, the company has increased its investment in safety and health by 23% compared to the previous year. It has also ramped up safety inspections, increasing the number of inspections per site from 2,500 to 4,735, thereby bolstering its overall safety management efforts.
Yoon Young-joon, CEO of Hyundai E&C, stated, “We are the first listed construction company in Korea to commit to achieving carbon neutrality by 2045, based on the Science-Based Targets initiative (SBTi). We are dedicated to promoting ESG management across all areas, including safety, quality, governance, and climate change.”
Hyundai E&C’s sustainability initiatives reflect its unwavering commitment to responsible business practices and a sustainable future. By prioritizing ESG factors and implementing robust strategies, the company is setting an example for the construction industry and contributing to a greener and more sustainable world.
Reporter: Changhyun Lee
Hyundai E&C published ‘Sustainability Report 2023’, which includes sustainability management performance and ESG information.
This report, which is the 14th this year since its first publication in 2010, was prepared in accordance with globally recognized principles of global sustainability management information disclosure (GRI Standards, WEF Metrics, TCFD, SASB). In particular, this year is characterized by partially preemptively reflecting the ESG information disclosure standards of the International Sustainability Standards Board (ISSB), which is expected to become mandatory in 2025.
In addition, it increased public confidence by disclosing green sales performance (sustainable products) in accordance with the EU taxonomy and the Korean green classification system (K-taxonomy), which present clear standards for environmentally friendly business performance.
Hyundai E&C is the first Korean construction company to apply the EU taxonomy standard, leading the way in expanding information disclosure and promoting eco-friendly businesses. In fact, Hyundai E&C has been expanding its business portfolio with tangible results in new and renewable and carbon neutral energy fields such as offshore wind power, hydrogen plants, carbon capture/use/storage (CCUS), and biogas over the past three years.
Based on Hyundai’s four sustainability management systems E&C (Prosperity, Planet, People, and Principles) and eight strategies for each ESG sector, the report covers 12 relevant issues, including ▲safety, ▲quality, and ▲climate change.
In particular, quality control and safety and health activities had been developed actively and in detail. Hyundai E&C is leading the strengthening of quality management by reorganizing the quality organization under the Strategic Planning Division and introducing a third-party construction quality evaluation system (Q-TPI) using an external quality diagnosis company.
In addition, safety and health investment increased by 23% compared to the previous year, and the number of safety inspections for each site was increased from 2,500 to 4,735 (an increase of 84%), speeding up safety management.
“We are the first listed construction company in Korea to declare 2045 carbon neutrality based on SBTi, and we strive to promote ESG management in all areas, such as safety, quality, governance, and climate change,” said Yoon Young-joon, CEO of Hyundai E&C.
Reporter Changhyun Lee of Hellotti |
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