SKC Creates Social Value of 487.2 Billion KRW Last Year... Achieves Greenhouse Gas Neutrality by 2040

[Asia Economy Reporter Choi Dae-yeol] SKC announced on the 23rd that the social value it created last year was calculated at 487.2 billion KRW.

According to the 2021 Sustainability Management Report released by the company on the same day, the economic indirect contribution effect, including taxes and dividends, was 398.6 billion KRW. The business social performance achieved through operations was 83 billion KRW, and social contribution social performance was 5.6 billion KRW. This represents an increase of about 24% compared to 394.1 billion KRW the previous year.

The company designated this year as the inaugural year of sustainable management. It unveiled its ESG (Environmental, Social, and Governance) vision titled "A Start for the Next Generation," setting the target year for achieving plastic net zero (net zero emissions) as 2030 and greenhouse gas neutrality as 2040. The three major sustainable management goals were established as ▲The Beginning of Change with Specialty Materials ▲The Beginning for a Sustainable Environment ▲The Beginning for Stakeholders. The company explained, "We considered the interests of internal and external stakeholders and efforts for deep change (fundamental transformation)."

Last year, when the report was first published, SKC highlighted its achievements, but this year it also included the ESG activities of SKC's investee companies. The scope of disclosure was expanded according to the Global Reporting Initiative (GRI) international sustainability reporting standards, and recommendations from SASB (Sustainability Accounting Standards Board) and TCFD (Task Force on Climate-related Financial Disclosures) were also incorporated. A company official stated, "We will promote the three major sustainable management goals and firmly establish the governance, compliance management, and safety and environmental foundations that support them."