President Yong-bae Lee: "Creating an Eco-friendly and Climate-Resilient Future"... Hyundai Rotem Publishes Sustainability Management Report

[Asia Economy Reporter Park Sun-mi] Hyundai Rotem has expressed its determination to make this year the first year of building a foundation for sustainable growth by publishing the 2022 Sustainability Management Report.

On the 24th, Hyundai Rotem announced the publication of the "2022 Sustainability Management Report," which summarizes its sustainability management and ESG (Environmental, Social, and Governance) achievements and vision. Based on Hyundai Rotem's corporate mission of "Creative Innovation for a Better Future," the report includes a vision for sustainable growth through eco-friendly management activities, safety management, and building a hydrogen society infrastructure.

In his greeting in the report, Hyundai Rotem President Lee Yong-bae stated, "Hyundai Rotem will provide differentiated technologies and solutions across all business areas and contribute to creating a safer, more eco-friendly, and climate-resilient future." He added, "We will make this year the first year of establishing a foundation for sustainable growth by producing tangible results in new businesses such as hydrogen business, railway signaling, logistics automation, and defense unmanned systems, which have been in the incubation stage."

This report explains financial and business risks and response strategies related to climate change in accordance with the TCFD (Task Force on Climate-related Financial Disclosures) recommendations and SASB (Sustainability Accounting Standards Board) standards, providing significant sustainability management information by industry. Through a materiality survey, it identified three core issues: ▲ sustainability of products and services ▲ product safety & quality ▲ industrial and employee safety and health, and presents specific strategies and achievements for each.

For sustainable products and services, Hyundai Rotem has established an eco-friendly railway vehicle lineup including hydrogen electric trams and eco-friendly high-speed trains, and explained its vision for technology development in the railway business by providing customer-tailored solutions such as high-efficiency electrical components and passenger convenience technologies. In particular, it introduced that it is intensifying cooperation with public and private sector partners to actively promote hydrogen electric tram and hydrogen infrastructure projects. Last year, it signed an MOU for the Chungbuk Green Hydrogen Industry Regulatory Free Zone with Chungju City and the Korea Institute of High Technology, and this year, notable achievements include delivering biogas-based hydrogen production facilities and signing an MOU with local companies for the entry of hydrogen electric trams into Egypt's New Administrative Capital.

Furthermore, to achieve low carbon emissions throughout the industrial value chain, Hyundai Rotem improved carbon intensity and energy intensity by 14% and 11% respectively compared to the previous year, and has partially expanded disclosure of direct and indirect carbon emissions (Scope 1, Scope 2) as well as carbon emissions throughout the supply process (Scope 3), thereby establishing a foundation for carbon neutrality. Additionally, Hyundai Rotem plans to disclose reliable climate change information by participating in the CDP (Carbon Disclosure Project).

The report also introduces various policies and programs Hyundai Rotem implements for employee and industrial safety and health. Last year, Hyundai Rotem established a dedicated safety and health organization and appointed a Chief Safety Officer (CSO) to strengthen responsibility for preventing major accidents and safety incidents. It also holds monthly safety management meetings chaired by the CEO to continuously identify and improve risks across the industrial environment.

A Hyundai Rotem official said, "We will actively respond to climate change based on innovation and achieve safety management to ensure sustainable management throughout the industrial value chain." He added, "Through the Sustainability Management Report, we will transparently disclose Hyundai Rotem’s diverse ESG activities and continuously build trust with stakeholders."

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