Accelerating ESG Management Meeting Global Standards
[ Hyundai E&C’s 2021 Sustainability Report is available on the Hyundai E&C website (https://www.hdec.kr/en/main.aspx) ]
Hyundai E&C is accelerating its global ESG management by publishing a 2021 Sustainability Report containing 4 key goals and 12 detailed strategies for sustainable management under the vision of setting a sustainable stage for mankind.
The report is the first in the construction industry to apply the World Economic Forum (WEF)’s 4P metrics of ▲ Prosperity ▲ Planet ▲ People ▲ Principle, incorporating detailed implementation and non-financial performance of each area including strengthening global competitiveness, responding to climate change, enhancing safety/health implementation, and building value chain capacity.
In particular, with a goal to expand ESG management at a global level, Hyundai E&C has not only adopted the existing GRI Comprehensive Option but also global ESG reporting guidelines such as TCFD recommendations and WEF Metrics. Moreover, it applied the international verification standard (A1000AS) to enhance the reliability and quality of the company’s non-financial information and matters reported. It is also to be noted that important stakeholder-oriented issues were included in the report based on a expanded communication with internal and external stakeholders.
*GRI Standards : Global Reporting Initiative
*TCFD : Task Force on Climate-related Financial Disclosure
*SASB : Sustainability Accounting Standard Board
*WEF : World Economic Forum
In October 2020, Hyundai E&C launched Hyundai E&C Sustainability Steering Committee to internalize company-wide sustainability management, to promote systematic sustainability management strategies, and to strengthen competitiveness. The Committee discusses tasks of improvement by ESG domain and reports on key ESG agenda to the Transparency Management Committee under the BOD.
Hyundai E&C has officially announced its internal policy to fully exclude its participation in domestic and foreign coal-related investment and new construction projects by including the BOD-approved ‘Letter of Stakeholders Pledging Coal Divestment’ in the Sustainability Report.
Going forward, as a global construction leader and an important member of the international community, Hyundai E&C will continue to deeply empathize with the climate change crisis faced by mankind, proactively respond to domestic and foreign business environments such as transforming into towards green and low-carbon industrial infrastructure and further accelerate the transition to renewable energy and green businesses aligned with its future business strategy.
Yoon Young-joon, CEO of Hyundai E&C, said, "We will focus on securing source technologies and promoting new projects in construction automation, smart city, renewable and green business while strengthening our original EPC competitiveness to become a 'Total Solution Creator' covering all areas from investment development to operations, consolidate sustainability of the company and lead the future markets.”
Hyundai E&C’s 2021 Sustainability Report is available on the Hyundai E&C website (https://www.hdec.kr/en/main.aspx).