Coway Develops 'ESG Climate Risk Management Software' in Collaboration with Kweather

Climate Risk Analysis and Management of Scope 3 Level

Coway announced on the 25th that it will participate in the 'XaaS Leading Project' organized by the Ministry of Science and ICT and the National IT Industry Promotion Agency, in collaboration with the weather big data platform company Kweather.

This project is part of an initiative to promote the digitalization of services across all industries and was established to address the lack of technology development among domestic companies in the ESG (Environmental, Social, and Governance) sector for climate risk analysis and management.

Coway and participating companies plan to develop universal software capable of analyzing and managing Scope 3 level (including supply chain climate risks) climate risks through this project.

The climate risk management software will be developed based on the Everything as a Service (XaaS) system. Additionally, it plans to maximize reliability by applying the climate risk management model ‘Frontier 1.5D,’ developed in cooperation with the Financial Supervisory Service, Ewha Womans University, the British Embassy, and 12 major domestic companies.

Meanwhile, Coway plans to disclose greenhouse gas emissions at the Scope 3 level starting this year, and once the climate risk management software development is completed, it will be applied to its subsidiaries and partner companies.

Coway stated, “Once the software is completed, we expect many companies to estimate their risks according to economic, policy, and climate scenarios and actively practice ESG management based on this. Going forward, Coway plans to carry out various eco-friendly ESG activities to pass on a healthy environment to future generations.”