Hankook Tire awarded 2023 CDP Carbon Management Sector Honors

- Awarded in the Consumer Discretionary category at the Korea Climate Change Awards, hosted by the CDP Korea Committee
- Recognition of achievements including continuous efforts to reduce greenhouse gas emissions and the implementation of eco-friendly research, development, and policies
- Hankook Tire is committed to prioritizing sustainability by establishing and operating an advanced ESG management system

Seoul, Korea, March 19, 2024 – Global Leading tire company Hankook Tire & Technology (Hankook Tire) won the 2023 CDP Carbon Management Sector Honors in the Consumer Discretionary category at the Climate Change and Water Security Awards hosted by the Carbon Disclosure Project (CDP) Korea Committee.

The CDP Climate Change Response Project evaluated over 23,000 global companies on their climate change initiatives, and Hankook Tire received an A- rating, an honor bestowed upon only 25 Korean companies. To mark this achievement, Hankook Tire was awarded the Carbon Management Sector Honors at the awards ceremony, further demonstrating its top-tier global ESG competitiveness.

Hankook Tire, known for its reputation as a global eco-friendly company through continuous efforts to reduce greenhouse gas emissions and engage in green research and development, has previously won the Carbon Management Sector Honors five times. Additionally, it was recognized with the Carbon Management Sector Honors (formerly Carbon Management Sector Winners) in both 2014 and 2015, underlining its ongoing commitment to environmental sustainability. Furthermore, in 2018, Hankook Tire was included in the CDP Supplier Engagement Leader Board, the first time for a Korean company, marking a significant achievement.

The principle driving Hankook Tire’s achievements is rooted in various efforts to enhance sustainability. Firstly, Hankook Tire conducts a Life Cycle Assessment (LCA) encompassing its entire process – from eco-friendly management strategies and supplying raw materials to manufacturing, transportation, use, disposal, and reuse.

Additionally, by adopting its E.Circle strategy aimed at establishing a circular economy, Hankook Tire is focused on developing sustainable products. This involves applying the four principles of “recycle, renew, reuse, and reduce” throughout the entire production process. Consequently, Hankook Tire has recently achieved a milestone by developing iON, a tire designed specifically for premium electric vehicles and composed of 45% sustainable raw materials.

Since 2010, Hankook Tire has prioritized sustainability in its management activities, diligently working to establish and operate an advanced ESG management system. In 2021, Hankook Tire established an ESG committee within its board of directors and launched a new 2050 Carbon Neutral Roadmap in 2022. These initiatives enable the Climate Change Committee within the board to persistently work on reducing greenhouse gas emissions.

Furthermore, these achievements have earned Hankook Tire recognition as a global leader in sustainable management from various institutions. Last year, Hankook Tire obtained the ISCC PLUS certification, the most reliable eco-friendly material international certification in the eco-friendly certification field, and received approval for its 2030 short-term greenhouse gas reduction goals and 2050 net-zero emissions goals from the Science Based Targets initiative (SBTi) for the first time in the Korean tire industry.

Meanwhile, CDP, a global ESG evaluation agency established in the UK in 2000, requests major companies worldwide to disclose management information on environmental issues, including carbon dioxide reduction, climate change, water stability, and biodiversity. Since 2003, annual reports on the outcome of climate change surveys involving major global companies have been published, with the data serving as a basis for evaluation and investment decisions by leading ESG evaluation agencies and financial institutions.