Hyundai Department Store Receives Top Grade in Environmental Management from Global ESG Rating Agency

CDP, Nonprofit International Organization for Environmental Management Evaluation
First in Domestic Distribution Industry to Achieve Leadership Rating

Hyundai Department Store announced on the 14th that it has become the first company in the domestic distribution industry to achieve the Leadership grade (A-) in the 2023 CDP (Carbon Disclosure Project) climate change response evaluation.

Launched in 2003, CDP is a UK-based non-profit international organization that rigorously evaluates environmental management information such as climate change and greenhouse gas reduction from major companies worldwide, and is recognized as a credible organization. CDP annually evaluates companies' publicly disclosed environmental management information and announces the results in a total of eight grades: Leadership (A·A-), Management (B·B-), Awareness (C·C-), and Disclosure (D·D-). This year, more than 23,000 companies worldwide participated in the CDP evaluation, and only 60 domestic companies earned the CDP 'Leadership' grade.

Hyundai Department Store is leading environmental management by being the first in the industry to prepare a TCFD (Task Force on Climate-related Financial Disclosures) report last year, following the TCFD recommendations, which are international standards for climate change information disclosure, to systematically respond to climate change and carbon neutrality.

Through the report, it defined major risks and opportunities caused by climate change and disclosed corresponding response strategies. To transparently disclose greenhouse gas emission information, Hyundai Department Store measured not only directly generated greenhouse gases but also 'other indirect emissions' (Scope 3) caused by capital goods such as electronic devices and employee commuting and business trips, and included these in its sustainability management report. Various eco-friendly programs and systems practiced together with customers, such as prioritizing electronic receipts issuance, switching to reusable containers, and resource-circulating shopping bags, also received favorable evaluations.

Yang Myung-seong, Executive Director of Sales Strategy at Hyundai Department Store, said, "Our various environmental management activities that meet global standards for climate change and carbon neutrality have been recognized internationally through evaluations by authoritative institutions. We will continue to practice leading ESG management that creates diverse environmental and social values together with our customers as a corporate citizen."

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