Hankook Tire Advances SBTi Verification for Greenhouse Gas Reduction Targets
The Domestic Tire Industry's First SBTi Verified Company 'Countdown'
[Asia Economy Reporter Kiho Sung] Hankook Tire & Technology (Hankook Tire) announced on the 19th that since joining the 'Science Based Targets initiative (SBTi)'?the first in the domestic tire industry?earlier this year, it will begin verifying greenhouse gas reduction targets to realize carbon neutrality in earnest.
SBTi is a global initiative that helps companies set and verify greenhouse gas reduction targets based on scientific evidence to implement the Paris Climate Agreement. It was jointly established by four organizations: the Carbon Disclosure Project (CDP), the United Nations Global Compact (UNGC), the World Resources Institute (WRI), and the World Wide Fund for Nature (WWF). Currently, more than 3,600 companies worldwide participate in it.
Hankook Tire became the first in the domestic tire industry to join SBTi in March this year and submitted mid- to long-term greenhouse gas reduction targets based on scientific evidence last month. Once verification is completed early next year, it will be the only company in the domestic tire industry to have its greenhouse gas reduction targets verified by SBTi.
The company plans to reduce the total amount of direct greenhouse gas emissions (Scope 1) and indirect greenhouse gas emissions (Scope 2) generated during the product manufacturing stage by 46.2% by 2030 compared to 2019. Additionally, it aims to reduce total greenhouse gas emissions (Scope 3) generated across the value chain by 27.5% by 2030 compared to 2019. This includes all greenhouse gases generated from raw material acquisition to distribution, investment, product manufacturing, and major business activities, which will be reduced mid- to long-term.
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Furthermore, Hankook Tire will participate in the 'Business Ambition for 1.5℃ Campaign.' This is an international cooperation campaign by SBTi to limit the average global temperature rise to within 1.5℃ compared to pre-industrial levels. More than 1,300 global companies, including Hankook Tire, are participating in greenhouse gas reduction efforts through this campaign.
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