2023/2024 report highlights accomplishments in three main categories: Eco Value Chain, Sustainable Product, and Responsible Engagement.

Hankook Tire reduced greenhouse gas emissions (Scope 1, 2) from the manufacturing stage by 12% compared to 2019 levels.

Global leading tire company Hankook Tire & Technology (Hankook Tire) published its 2023/24 ESG Report, outlining its sustainable management activities and performance for 2023, as well as the company’s mid- and long-term strategies.

The report, published annually since 2010 and now in its 15th edition, highlights important achievements in three main categories: Eco Value Chain, Sustainable Product, and Responsible Engagement. These achievements are based on Hankook Tire's environmental, social, and governance vision of "Innovation for a Sustainable Future."

This year’s report underscores Hankook Tire's efforts as a global ESG leader, featuring messages from the subcommittee chairs of the ESG Steering Committee detailing their plans and commitments to enhance sustainability.

Hankook Tire has continuously worked to enhance its ESG management system, ensuring sustainable innovation and future competitiveness. In 2009, the company established a dedicated Corporate Social Responsibility (CSR) Committee, followed by the formation of its ESG Strategy Committee and Steering Committee in 2010. In 2018, Hankook Tire introduced the E.Circle declaration, a strategic initiative focused on implementing sustainable natural rubber policies and promoting an eco-friendly circular economy system. In 2021, the company further reinforced its ESG management by restructuring its CSR Committee under a new name, the ESG Committee, within the Board of Directors.

Sustainability Highlights

In August 2023, Hankook Tire became the first tire company in Korea to have its carbon reduction target approved by the Science Based Targets Initiative (SBTi), a global initiative that supports companies in setting targets that are in line with the latest climate science.

By 2030, Hankook Tire aims to achieve a 46.2% reduction in greenhouse gas emissions from the manufacturing stage (Scope 1 and 2) and a 27% reduction in emissions throughout its value chain (Scope 3) compared to 2019 levels, with an ultimate goal of working towards Net Zero by 2050. In 2023, Hankook Tire saw a 12% reduction in greenhouse gas emissions from manufacturing (Scope 1 and 2) and a 5% reduction in value chain emissions (Scope 3) compared to 2019.

Hankook Tire further plans to reduce the total amount of greenhouse gas emissions (Scope 3) from the value chain by 27.5% from 2019 levels by 2030. Additionally, the company is working to reduce all greenhouse gas emissions from production and major business activities, including raw material acquisition, distribution, and investment, over the medium to long term.

Biodiversity and Sustainability Initiatives

With biodiversity risk management becoming increasingly important in recent years, Hankook Tire is working to set up processes to minimize its impact on biodiversity. These efforts are in line with the Locate, Evaluate, Assess, Prepare (LEAP) approach proposed by the Taskforce on Nature-related Financial Disclosures (TNFD), an international initiative on natural capital disclosure.

Additionally, Hankook Tire is actively involved in several biodiversity conservation activities, including the "Our Forest" project, which plants trees in the gardens of schools for special needs children and care centers for single mothers. The company also installed a "Smart Wall Garden" at its Daejeon plant in Korea through an agreement with the Korea Arboreta and Gardens Institute (KoAGI) and launched its “Make Your Own Pet Plant” program.

Through innovative technology research, Hankook Tire is dedicated to developing sustainable products for the future of people and the planet. By considering ways to reduce the environmental impact of products throughout their entire life cycle — from raw material acquisition to manufacturing, use, and disposal — the company has achieved significant results in preventing natural resource depletion and reducing carbon emissions. This was achieved by discovering sustainable, eco-friendly materials and developing application technologies at the stages of design and raw material acquisition.

Hankook Tire is also implementing a competitive, sustainable management strategy through its waste tire recycling project, "re:move." As a leader in eco-friendly mobility, Hankook Tire recycles waste from tire production to create upcycled products such as shoes, longboards, and camping goods. Production of these products embody the company’s eco-friendly vision and generate social value.

In addition, Hankook Tire is building a sustainable supply chain, practicing human rights management, creating value for employees, and actively engaging in social contribution activities to support local communities and foster a sustainable future.

In 2022, the company launched a driving school at the Daejeon Traffic Culture Institute to provide traffic safety education to underprivileged children. Since 2013, Hankook Tire has been promoting child traffic safety and raising awareness to help create safe routes for children traveling to and from school. Hankook Tire is also continuing to carry out employee volunteer activities such as painting murals and participating in the “Our Forest” project. Through projects such as these, the company is fulfilling its social responsibilities across all departments, with employee volunteer hours exceeding 10,000 in 2023.

Hankook Tire’s 2023/24 ESG Report is available in an interactive PDF format, including webpage shortcuts to enhance usability and accessibility for stakeholders. The report is accessible via PC or smartphone, anytime, anywhere.

More information about the ESG report is available on Hankook Tire’s website (https://www.hankooktire.com/global/en/esg/esg-report.html) under the ESG menu. The report can also be downloaded in PDF format.

Tagged: Eco Value Chain

Hankook Tire Releases 15th Annual ESG Report Highlighting Sustainable Innovation Efforts