The company says it reduced manufacturing stage greenhouse gas emissions (Scope 1 and 2) by 12% compared to 2019 levels.
Hankook Tire & Technology has published its 2023/24 ESG Report, outlining its sustainable management activities and performance for 2023, as well as the company’s mid- and long-term strategies. The report, published annually since 2010 and now in its 15th edition, highlights accomplishments in three main categories: Eco value chain, sustainable product, and responsible engagement. According to the report, Hankook Tire reduced greenhouse gas emissions (Scope 1 and 2) from the manufacturing stage by 12% compared to 2019 levels.
In August 2023, Hankook Tire said it became the first tire company in Korea to have its carbon reduction target approved by the Science Based Targets Initiative (SBTi), a global initiative that supports companies in setting targets that are in line with the latest climate science.
By 2030, Hankook Tire said it aims to achieve a 46.2% reduction in greenhouse gas emissions from the manufacturing stage (Scope 1 and 2) and a 27% reduction in emissions throughout its value chain (Scope 3) compared to 2019 levels, with an ultimate goal of working towards net zero by 2050. In 2023, Hankook Tire said it saw a 12% reduction in greenhouse gas emissions from manufacturing (Scope 1 and 2) and a 5% reduction in value chain emissions (Scope 3) compared to 2019.
Hankook Tire said it plans to reduce the total amount of greenhouse gas emissions (Scope 3) from the value chain by 27.5% from 2019 levels by 2030. Additionally, the company said it is working to reduce all greenhouse gas emissions from production and major business activities, including raw material acquisition, distribution, and investment, over the medium to long term.
According to Hankook Tire, with biodiversity risk management becoming increasingly important in recent years, the company is working to set up processes to minimize its impact on biodiversity. These efforts are in line with the Locate, Evaluate, Assess, Prepare (LEAP) approach proposed by the Taskforce on Nature-related Financial Disclosures (TNFD), an international initiative on natural capital disclosure.
Additionally, Hankook Tire said it is involved in several biodiversity conservation activities, including the “Our Forest” project, which plants trees in the gardens of schools for special needs children and care centers for single mothers. The company also installed a “Smart Wall Garden” at its Daejeon plant in Korea through an agreement with the Korea Arboreta and Gardens Institute (KoAGI) and launched its “Make Your Own Pet Plant” program.
Hankook Tire said it is also implementing a sustainable management strategy through its waste tire recycling project, “re:move.” The company recycles waste from tire production to create upcycled products such as shoes, longboards, and camping goods.
In 2022, the company said it launched a driving school at the Daejeon Traffic Culture Institute to provide traffic safety education to underprivileged children. Through projects like these, the company said it is fulfilling its social responsibilities across all departments, with employee volunteer hours exceeding 10,000 in 2023.
