SK Innovation Takes Ethical Approach to Purchasing Core Battery Minerals

[Asia Economy Reporter Hwang Yoon-joo] SK Innovation recently joined the 'RMI (Responsible Minerals Initiative)' to ethically procure minerals necessary for battery production.

Following its membership in the Global Battery Alliance (GBA) at the recent Davos Forum, aimed at the efficient use of batteries, SK Innovation has now joined an international organization focused on the ethical production and distribution of battery raw materials.

RMI provides its members with information on countries and regions where conflict minerals, including cobalt?one of the key raw materials for lithium-ion batteries?are mined, as well as details about mining and distribution companies. It also monitors the mining processes.

With this RMI membership, SK Innovation has strengthened its system to purchase minerals that do not cause human rights issues such as child exploitation or environmental problems. Furthermore, it can establish collaborative relationships with other RMI member companies to address social and environmental issues. Founded in 2008, RMI counts many major automakers as members, including Volkswagen, BMW, GM, Fiat Chrysler, Ford, Volvo, and Tesla. This sets the stage for various future collaborations.

SK Innovation has also agreed to undergo external audits based on RMI standards for the long-term cobalt procurement deal it signed with Switzerland's Glencore at the end of last year. The company is actively embracing the global interest and demand to fulfill ethical responsibilities in mineral procurement.

Im Soo-gil, Head of Public Relations, stated, "It is becoming an important era where companies are expected not only to generate profits but also to proactively fulfill social responsibilities throughout their business processes. SK Innovation will ensure that its battery business, a core part of its Green Balance growth strategy, voluntarily and proactively creates social value at every stage of the battery lifecycle?from raw material procurement to production, supply, and recycling."

This content was produced with the assistance of AI translation services.