The Hyosung Group disclosed on October 17 that its ESG Management Promotion Committee announced its support for TCFD (Task Force on Climate-related Financial Disclosure).
Said announcement was participated in by Hyosung Corporation, its holding company, and four leading affiliates: Hyosung TNC, Hyosung Heavy Industries, Hyosung Advanced Materials, and Hyosung Chemical.
TCFD is a global council established by the Financial Stability Board at the G20 Financial Ministers′ Meeting 2015 for the disclosure of climate change-related information. At present, it is participated in by about 3,400 institutions and businesses the world over.
Hyosung has disclosed the following since 2020 through a sustainable management report: ∆ governance structure, ∆ strategies for coping with climate change, ∆ status of climate-related risk management, ∆ GHS emission indicators and targets, etc.
Said announcement is an ex-pression of the Group of its determination concerning the steps taken to cope with climate change and continue to carry out ESG Management, which it regards as a core factor in its global competitiveness. Especially, Hyosung Advanced Materials published last September its first TCFD report concerning its plan for the establishment of global inventory and setting of the relevant targets.
Said announcement is particularly significant as one presenting the Group′s clear-cut vision and management objectives concerning the need to cope with climate change and ESG Management asked for by major customer businesses the world over.
″We at Hyosung are making a positive effort for coping with climate changes with focus on carbon neutrality and eco-friendly business sectors in our main spheres of business activities such as textile, heavy industries, chemical, and advanced materials. We expect to secure our position as one setting global standards even in ESG Management with the announcement serving as a momentum,″ Hyosung Chairman Cho Hyun-Joon said.
In 2020, Hyosung and Hyosung Advanced Materials garnered a grade of ″A-″ and ″A,″ respectively, in recognition of their efforts in climate changes from the CDP (Carbon Disclosure Project) and won the status of Honors Club in carbon management at the ceremony of presenting the CDP Climate Change Korea Award. In 2021, Hyosung TNC won the ″A-″ grade/Carbon Management Special Prize in 2021. ″A″ grade is given to exemplary businesses in climate change-related activities, risk management, and disclosure of the relevant information.
