"Building a Foundation for Carbon Neutral Strategy Implementation... Advancing Sustainable Management"
Hyundai Rotem announced on the 28th that it has published the '2024 Sustainability Management Report,' which contains key achievements and goals related to Environmental, Social, and Governance (ESG).
In the report's greeting, Lee Yong-bae, President of Hyundai Rotem, stated, "Hyundai Rotem has established a roadmap aiming for carbon neutrality by 2050, systematizing environmental impact management and establishing a company-wide direction toward carbon neutrality," adding, "We will build a business ecosystem that can prosper together with all stakeholders."
The report focuses on material ESG issues affecting corporate management, including economic, environmental, social, and governance aspects, detailing the company's ESG performance and strategies.
First, in the economic sector, the report provides detailed information on plans to expand hydrogen business areas such as hydrogen mobility and infrastructure. The company plans to secure a competitive edge by establishing a hydrogen supply chain that covers production, storage, transportation, charging, and utilization. The Rail Solutions division is promoting the expansion of its hydrogen product lineup, including locomotives, multiple units, and high-speed trains, based on the successful demonstration and world-first commercialization of hydrogen electric trams.
Notably, the Defense Solutions division introduced the current status of hydrogen technology integration in the defense sector, including hydrogen-based next-generation tanks and wheeled armored vehicles. In the Eco Plant sector, Hyundai Rotem plans to maximize synergies in hydrogen business across divisions, having succeeded in commercializing the country's first biogas-based hydrogen extraction facility.
In the environmental sector, the report includes Hyundai Rotem's transition to a low-carbon hydrogen society based on a mid- to long-term carbon neutrality roadmap. The goal is to convert all business sites' electricity usage to renewable energy by 2040 and achieve complete carbon neutrality by 2050. To this end, the company is promoting product lifecycle decarbonization, transition to low-carbon and zero-carbon energy, equipment replacement, and the introduction of renewable and hydrogen energy.
The social sector introduces safety and health management and win-win growth activities. Hyundai Rotem has established a three-year mid- to long-term safety and health plan from this year through 2026 and plans to build a safe workplace by developing a Health, Safety, and Environment (HSE) management system. The company is fostering sustainable supply chains and cooperating with partners through ESG management support, safety management system establishment, and regular evaluations. Last year, Hyundai Rotem obtained certification as a health-friendly company from the Ministry of Health and Welfare and the Korea Health Promotion Institute.
In the governance sector, the report introduces activities such as reviewing transparency in internal transactions among affiliates through the operation of the Transparent Management Committee under the board of directors and monitoring the implementation of the Fair Trade Compliance Program.
A Hyundai Rotem official said, "Since publishing the first Sustainability Management Report in 2021, we have established the sustainability management vision of 'Sustainable Growth Together with Stakeholders through Creative Innovation' and fulfilled our social responsibilities. We will build a foundation for implementing carbon neutrality strategies and further advance sustainability management."
The 2024 Hyundai Rotem Sustainability Management Report in Korean is available in the Sustainability Management menu on the Hyundai Rotem website.
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
