Kumho Tire Publishes Sustainability Management Report

Kumho Tire announced on the 28th that it has published the ‘2023 Sustainability Management Report’ (the Report).

The Sustainability Management Report disclosed four major achievements: ▲ ESG management strategy and governance ▲ TCFD (Task Force on Climate-related Financial Disclosures) report: response to climate change ▲ securing new growth engines to strengthen future capabilities ▲ expansion of eco-friendly products.

Kumho Tire established a dedicated ESG organization and an ESG Management Committee under the CEO in 2021 to secure momentum, and ESG execution tasks are being carried out by each responsible department through five ESG working groups.

In May, the company established an ESG Committee under the Board of Directors, completing the governance structure for systematic ESG management.

In the environmental sector, achievements include the 2045 carbon neutrality roadmap, installation of solar power facilities at overseas business sites, and reduction of carbon emissions through the use of low-carbon (LNG) ships.

In particular, the report includes the status of sustainable material development and LCA (Life Cycle Assessment) being promoted to expand eco-friendly products.

Last year, Kumho Tire completed the development of tires applying 55% sustainable materials, and plans to complete the development of tires applying 80% sustainable materials in the second half of this year. The company has established a mid- to long-term strategy for LCA and is actively promoting LCA.

In addition to developing eco-friendly products, Kumho Tire continues to develop materials and technologies to optimize the performance of electric vehicles, a new market trend, and expanded EV tire supply, achieving approximately 790,000 units of electric vehicle OE tire supply as of last year.

In the social sector, efforts to create a good working culture are reflected, including results from a human rights survey directly participated in by employees and team synergy enhancement programs.

Kumho Tire’s North America Research Center was also selected as a great place to work by Rubber News last year.

From the perspective of responsible supply chains, the report includes achievements in strengthening supply chain ESG such as expanding activities in GPSNR (Global Platform for Sustainable Natural Rubber), ESG evaluation status of partners, and establishment and management of conflict minerals policies.

The governance section shows improvements in governance such as the composition and operation of the Board of Directors and activities to improve ethical compliance management.

In particular, efforts to respond to crises arising in the rapidly changing industrial ecosystem can be seen through risk management governance, emerging risks, and major risk management activities.

Jung Il-taek, CEO of Kumho Tire, stated, “The global climate crisis and the paradigm shift toward eco-friendly automotive industry are rapidly taking place,” adding, “We will focus on ESG management to flexibly respond to the global market environment and become a sustainable company.”

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