Kolon Industries Receives 'Gold Grade' in Top 5% for ESG Management
[Asia Economy Reporter Hwang Yoon-joo] Kolon Industries announced on the 19th that it received a rating placing it in the top 5% for ESG (Environmental, Social, and Governance) management from an ESG management survey organization.
Kolon Industries earned the 'Gold Rating,' awarded by EcoVadis to the top 5% of companies under review. EcoVadis, headquartered in Paris, France, is an international organization that evaluates corporate sustainability.
The survey covered 2,607 companies worldwide in the basic chemical industry, and Kolon Industries explained that it ranked in the top 3% by receiving high scores in the environmental and labor sectors.
Kolon Industries is promoting an RE100 (Renewable Energy 100 ? a campaign to switch all electricity consumption to renewable energy) potential assessment project across all its business sites, aiming for carbon neutrality by 2050 to eliminate carbon emissions.
It also operates the Environment and Safety Committee, a dedicated organization for practicing carbon neutrality and ESG management. Recently, Kolon Industries announced a market entry into biodegradable plastics, PBA, in collaboration with SK General Chemical. The so-called biodegradable plastic PBAT is an eco-friendly new material that decomposes more than 90% within six months when buried in ordinary soil after use. Through this cooperation, the two companies plan to replace the plastic market and secure a leading position in the global eco-friendly plastics market.
In the hydrogen fuel cell sector, another core eco-friendly business of Kolon Industries, the company recently completed a mass production facility for PEM (polymer electrolyte membrane) and has begun market penetration.
The fashion division of Kolon Industries developed a new eco-friendly decomposition method in collaboration with the Korea Garment and Textile Recycling Association, reducing energy consumption and carbon dioxide emissions compared to previous methods.
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By 2023, Kolon Sports plans to use eco-friendly materials in up to 50% of all its products and is showcasing fashion designs recycled from discarded clothing in partnership with upcycling specialist brands.
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