Daewoo Shipbuilding & Marine Engineering, Launches Full-Scale 'ESG Management' Initiative

Establishment of CEO-Direct 'DSME ESG Promotion Team'
Accelerating Company-wide ESG Management Activities Focused on Effectiveness

[Asia Economy Reporter Hwang Yoon-joo] Daewoo Shipbuilding & Marine Engineering (DSME) has recently established a dedicated ESG (Environmental, Social, and Governance) organization and resumed publishing its sustainability management report, marking a full-scale move to promote ESG management.

On the 24th, DSME announced that it had created the "DSME ESG Promotion Team" through an organizational restructuring. The Promotion Team, which oversees the company's ESG management, is led by the shipyard director as the head, with an ESG Promotion Bureau responsible for practical tasks and subcommittees for environment, social, and governance under it. Additionally, a Youth Board participates in the activities, focusing on the practical implementation by executives and all employees.

The ESG Promotion Team will focus on the environmental sector in line with the global transition to renewable energy. The intention is to gradually implement eco-friendly initiatives within the shipyard to achieve the "2050 carbon neutrality goal," including eco-friendly technologies applied to shipbuilding. Key tasks include prioritizing immediately actionable measures such as ▲ improving efficiency of large-capacity power-consuming equipment ▲ establishing a mid- to long-term roadmap for greenhouse gas reduction ▲ continuous investment in eco-friendly products and technology research.

To operate the Promotion Team efficiently, the company has developed a customized strategy applying global ESG guidelines and presented a four-year mid- to long-term roadmap. Starting with this year focused on laying the foundation for ESG management, from next year, management goals and strategies will be converted to ESG. Furthermore, through evaluations and verifications by domestic and international professional organizations, the company aims to establish the basis for ESG promotion strategies, complete the internalization and innovation of ESG management by 2024, and leap forward as an "ESG management practice company" at the industry's highest level.

Alongside this, DSME will also resume publishing its sustainability management report, which had been on hiatus for five years. The report is prepared to transparently and systematically inform stakeholders of the company's management performance, activities, and mid- to long-term strategies from an ESG perspective, and will be published as an integrated report combined with the annual report. The report will include urgent tasks and response strategies for environmental protection, as well as management performance related to social responsibility. It is scheduled to be available in Korean and English on the company’s website by the end of June.

Lee Sung-geun, CEO of DSME, emphasized, "We will strive not only for external growth but also actively pursue the realization of sustainable future values to establish ourselves as a trusted company among all stakeholders, including shipowners."

Meanwhile, DSME plans to enhance the weight and expertise of ESG management by upgrading the current Promotion Team to a specialized committee within the board of directors, the highest deliberative body, in the future.

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