Coway Declares 'Carbon Neutrality by 2050'... "Continuing ESG Management"

ESG Evaluation Achieves 'Integrated Grade A'... Challenge to Reduce Carbon Emissions

Coway announced on the 21st that it has declared "Carbon Neutrality by 2050" and will continue ESG (Environmental, Social, and Governance) management. Photo by Coway

[Asia Economy Reporter Kim Heeyoon] Coway announced on the 21st that it has declared ‘carbon neutrality by 2050’ and will continue ESG (Environmental, Social, and Governance) management.

Coway explained that it has set a goal to reduce absolute greenhouse gas emissions by 50% from last year’s levels by 2030 and achieve a 100% reduction by 2050.

Previously, Coway received an A grade in the ‘2020 Listed Companies ESG Evaluation and Rating’ announced by the Korea Corporate Governance Service last year. Among 760 listed companies evaluated, 92 companies were included, and Coway received an integrated grade A for two consecutive years following 2019. The company added that obtaining an integrated grade A signifies that it has an excellent sustainable management system as prescribed by standards in environmental management, social responsibility, and transparent corporate governance activities.

Having declared environmental management since 2006, Coway currently operates solar power facilities at three factories and logistics centers. The company plans to continuously invest in solar power facilities to convert and offset the amount of greenhouse gases emitted with renewable energy.

To provide transparent information on these activities, Coway participates annually in the ‘CDP’ (Carbon Disclosure Project) and independently prepares and publicly discloses a ‘Carbon Report,’ the company explained.

‘Activating resource circulation’ is also a representative environmental management activity of Coway. The company has set goals to achieve a 100% waste recycling rate, 100% waste resource recovery at business sites, and 20,000 refurbished products by 2030, focusing efforts on resource reuse and recycling.

In 2007, Coway introduced the refurbishment system for the first time in the rental home appliance industry, internally reducing costs caused by disposal, externally satisfying consumers who want economical consumption, and reducing environmental impact, achieving a ‘triple-win’ effect. Additionally, the company explained that it continues efforts to reduce waste throughout the entire business process, such as increasing the proportion of recyclable materials in new product development.

As a result of these efforts, Coway has been selected for the ‘Dow Jones Sustainability Index’ (DJSI) World index for five consecutive years, recognized for credibility in sustainability evaluation and investment fields. Coway is the only domestic company included in the ‘DJSI World’ in the durable goods sector.

Coway publishes an annual ‘Sustainability Management Report’ to disclose and communicate these sustainability management achievements and environmental and social value creation activities. Since its first publication in 2006, it has been published annually for 15 years up to last year.

A Coway official said, “We have placed great importance on a clean environment, social responsibility, and transparent corporate governance, and have consistently made efforts in ESG management,” adding, “We will continue transparent information disclosure and active communication to become a continuously growing company.”