Hyosung, Holding Company and Four Major Affiliates All Participate
Cho Hyun-joon: "Leading Global Standards in ESG Management"
[Asia Economy Reporter Choi Seoyoon] Hyosung announced on the 17th that it has declared its support for the Task Force on Climate-related Financial Disclosure (TCFD) through a resolution by the ESG Management Promotion Committee.
According to Hyosung, the TCFD support declaration involved all four major affiliates, including the holding company Hyosung Corporation, Hyosung TNC, Hyosung Heavy Industries, Hyosung Advanced Materials, and Hyosung Chemical.
TCFD is a global consortium established by the Financial Stability Board (FSB) at the 2015 G20 Finance Ministers meeting to promote the disclosure of climate-related information. Currently, 3,400 institutions and companies worldwide participate.
Since 2020, Hyosung has disclosed governance, climate change response strategies, climate risk management, greenhouse gas emission indicators, and targets through its sustainability management reports.
This support declaration aims to continuously strengthen climate change response and ESG management, which are key factors for future global competitiveness in the TCFD implementation process. In particular, Hyosung Advanced Materials shared its global inventory establishment and target setting plans through the publication of its first TCFD report last month.
The declaration is significant as it presents Hyosung’s clear vision and management goals regarding climate change response and ESG management, which are demanded by major global customers.
Hyosung Group Chairman Cho Hyun-joon said, “Hyosung is actively working on climate change response centered on carbon neutrality and eco-friendly businesses in its core sectors such as textiles, heavy industries, chemicals, and advanced materials. We expect to establish ourselves as a company leading global standards in ESG management through the TCFD support declaration.”
Meanwhile, recognized for its efforts in climate change response by the Carbon Disclosure Project (CDP), Hyosung and Hyosung Advanced Materials received A- and A grades respectively in 2020. At the CDP Climate Change Korea Award, they received the Carbon Management Sector Honors and Carbon Management Honors Club awards. Hyosung TNC also received an A- grade in 2021 and was awarded the Carbon Management Special Award. The A grade is the highest rating given to a select few companies excelling in climate change response activities, related risk management, and information disclosure.
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