Hyosung Advanced Materials to Strengthen Partner Companies' Climate Crisis Response Capabilities

Support Project for Life Cycle Environmental Impact Assessment Calculation for 7 Products from 4 Companies

Hyosung Group Mapo Headquarters. Photo by Hyosung Group

Hyosung Advanced Materials has decided to support its partners in conducting Life Cycle Assessment (LCA) projects for environmental impact evaluation throughout the entire process.

This decision is based on the judgment that enhancing the ESG (Environmental, Social, and Governance) competitiveness of partners is essential to secure market leadership in Europe and other regions, in response to the strengthening of carbon neutrality commitments by global clients. In this support project, LCA consulting will be provided starting from the 14th for 7 products from 4 domestic partner companies that have expressed interest.

LCA, based on the international standard ISO 14044, quantifies the amount of energy and materials consumed and emitted from raw material extraction and processing to manufacturing, transportation, usage, recycling, and disposal, comprehensively assessing their environmental impact. Partners can use this to calculate emissions and implement reduction activities, thereby elevating their climate change response capabilities to the next level. Additionally, it enables smooth handling of the increasing requests from customers related to climate change responses.

Cho Yong-su, CEO of Hyosung Advanced Materials, stated, "We will not only focus on reducing emissions within Hyosung Advanced Materials but also strengthen climate crisis response capabilities together with our partners."

Following this support project, Hyosung Advanced Materials plans to promote emission reductions across the entire value chain with its partners, from raw materials to manufacturing, transportation, usage, and disposal. In December last year, Hyosung Advanced Materials declared its participation in the Science-Based Target initiative (SBTi) and set its carbon emission reduction target at the 1.5-degree level, planning to obtain SBTi approval and publicly disclose it by the end of 2024.

Meanwhile, Hyosung Advanced Materials also plans to support ESG capability enhancement for its partners by providing ESG diagnosis and consulting for employees and partners, as well as management consulting.

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