HYUNDAI WIA published the 2024 Sustainability Report, which includes the company’s sustainable business activities and future goals.

On June 25th, HYUNDAI WIA published the 2024 Sustainability Report to transparently disclose the company’s business outcomes and future goals to all stakeholders, including customers and investors. The company has been publishing a sustainability report every year since 2020. The report revealed a detailed strategy for strengthening ESG (environment·social·governance) management. In addition, the detailed goal for climate change response was especially highlighted. A detailed goal for climate change was also included to proactively respond to the issue.    

In regards to the ESG management in the report, HYUNDAI WIA introduced ‘9 pillars of execution strategy’, which are ▲materializing carbon neutrality ▲managing resources recycling and environmental effects ▲advancing ESG management system ▲strengthening employees’ human rights and safety management ▲practicing social responsibility ▲strengthening sustainable supply chain ▲fostering transparent corporate culture ▲protecting and improving stakeholders’ value ▲advancing ESG management. HYUNDAI WIA also established an ESG committee within the board of directors so that all parts of the company can make decisions centering the ESG agendas. HYUNDAI WIA is also evaluating both the impact it has on society and the influence it receives from society by adopting the Double Materiality Assessment. The findings from this assessment are then integrated into the company’s business management strategies and applying the results of the assessment to business management.  

Through the announcement of the report, HYUNDAI WIA particularly highlighted that the company will proactively respond to the climate issue from now on. The company aims to minimize harmful environmental influence caused by the overall business activities and supply chain processes along with the vision of ‘Maintaining sustainable eco-system with minimum environmental impact’.

HYUNDAI WIA set the goal of achieving carbon neutrality by 2024. This indicates the company’s plan to reduce carbon emissions to 55% by 2030 and then to 20% by 2040. By 2045, HYUNDAI WIA ultimately aims to achieve carbon neutrality across all business sites and supply chain processes. As part of this endeavor, the company is actively increasing the procurement of renewable energy for domestic and overseas sites and utilizing hydrogen energy.

In fact, HYUNDAI WIA is significantly expanding the use of renewable energy across all its sites. Last year, the company installed solar power generation facilities at its Changwon Plant 1 and Uiwang Research Center in Uiwang, Gyeonggi-do. HYUNDAI WIA plans to invest a total of more than 8.3 billion won by 2026 to secure 5454 MWh of electricity from solar power annually. Overseas subsidiaries are also promoting the transition to renewable energy through renewable energy Power Purchase Agreements (PPAs). The efforts show that HYUNDAI WIA India increased its renewable energy usage to 28% of total electricity last year.

HYUNDAI WIA is also actively working on reducing carbon emissions and non-renewable energy use. The GHG emissions of both domestic and overseas sites were reduced from 352,930 tons of CO2eq in 2021 to 308,128 tons of CO2eq in 2022 and 282,817 tons of CO2eq last year. The actual figures of GHG emissions clearly indicate that the company is continuously decreasing the amounts. This achievement is particularly noteworthy given the context of increased sales and production.

The report also included new countermeasures to achieve carbon neutrality, which is about collecting the GHG emission data from the corporate suppliers, developing the management process, and monitoring it. From a long-term perspective, HYUNDAI WIA plans to collect emission data from not only the 1st vendors but also the overseas suppliers, utilizing the IT platform and helping them manage it. The company also plans to educate and incentivize corporate suppliers to actively engage in carbon neutral activities.

HYUNDAI WIA plans to enhance communication with stakeholders by publishing an annual Sustainability Report. “People will be able to understand HYUNDAI WIA’s specific goals and our strong commitment to growing together with all stakeholders through this report,” “We’ll do our best to strengthen ESG management and create a company where we grow together,” said an HYUNDAI WIA official.