HYUNDAI WIA published the ‘2023 Sustainability Report’ that obtains the company’s ESG management activities.
On May 29th, HYUNDAI WIA officially published the ‘HYUNDAI WIA 2023 Sustainability Report’ to transparently disclose ESG management performance and future vision to all stakeholders. The report contains the outcome of ESG management in 2022, various management data of the past three years, and future management goals. HYUNDAI WIA also officially unveiled the three pillars of ESG management: protecting future nature for the coexistence with humans, creating social value for a better world, and establishing governance to practice responsible management.
HYUNDAI WIA disclosed specific strategies for environmental protection in the report. It includes the company’s carbon neutrality goal by 2045. As a part of the strategy, HYUNDAI WIA will reduce energy use, expand the procurement of renewable energy, and strengthens ESG management of partner suppliers. With the following strategy, HYUNDAI WIA plans to reduce carbon emissions by 45% in 2030 and by 80% in 2040 compared to its amount in 2021. The final goal is to achieve carbon neutrality by 2045.
HYUNDAI WIA is actively responding to climate change by continuously reducing greenhouse gas emissions and energy usage. The total energy use in domestic business sites last year was 3209 TJ, and the total greenhouse gas emission was 156,623 tCO2, which shows 12.4% and 14.5% decrease, respectively, compared to the previous year. In addition, HYUNDAI WIA is taking steps to protect the environment by measuring environmental impacts generated from production and transparently disclosing its data. In addition, HYUNDAI WIA plans to continuously expand the procurement of eco-friendly products and implement various activities to preserve biodiversity.
HYUNDAI WIA shared the company’s efforts to create social value. The company plans to develop eco-friendly vehicle parts actively, mainly focusing on the ‘Integrated Thermal Management System.’ HYUNDAI WIA is currently mass-producing ‘coolant hub modules’ as a part of eco-friendly vehicle parts. By 2025, HYUNDAI WIA aims to develop and supply global automakers with an ‘integrated thermal management system’ which encompasses electric parts, batteries, and heating and cooling systems. In order to proceed with the plan, HYUNDAI WIA plans to invest 33.6 billion won in developing eco-friendly products, which is half of the total R&D budget this year.
The report also included a plan for the robotics and defense sectors. HYUNDAI WIA plans to create future value through smart manufacturing and logistics robots, smart factories with cellular manufacturing methods, remote-controlled weapon stations (RCWS), anti-drone systems, etc. By utilizing 30 years of expertise in the aviation parts industry, HYUNDAI WIA also plans to bolster core competency in landing gear and controllers that can be applied to urban air mobility (UAM) and advanced air mobility (AAM).
HYUNDAI WIA publishes the Sustainability Report annually to enhance communications with all stakeholders. “You will be able to spot our colleague’s effort to promote sustainable HYUNDAI WIA in our Sustainability Report. We will also proactively engage in responding to climate change and ultimately create social values that satisfy everyone,” said an official from HYUNDAI WIA.
The ‘2023 Sustainability Reporting’ is available from the official website of HYUNDAI WIA.