Hankook is the winner of the S&P Global Gold Class Award for Sustainability

Prestigious recognition for sustainability management: The manufacturer of premium tires Hankook was awarded the best rating “S&P Global Gold Class” in the annual sustainability book 2022, by the American company S&P Global, which deals with financial analytics.

This places Hankook among the leading companies in the annual Sustainability Book, which is based on the S&P Dow Jones Sustainability Index. 7,554 companies from 61 areas were evaluated for this year’s edition. For exceptional achievements, 75 companies won gold, 89 silver and 106 bronze medals. The award emphasizes the continued commitment of tire manufacturers to managing sustainability and ESG factors (= environment, social issues and corporate governance). One example of this commitment is the recently announced project to support Indonesian natural rubber producers.

S&P Global awards the Gold Class Award for the top 1% of companies. Among them, apart from Hankook, there is only one other company from the auto components industry. Hankook scored the best score here with 78 out of 100 possible points. In 2021, the premium tire manufacturer was included in the Dow Jones Sustainability Index for the sixth year in a row, emphasizing the company’s leading position in the field of environmental protection, social policy and corporate governance (ESG, Environmental, Social and Governance).

More than ten years ago, Hankook founded the organization that deals with corporate social responsibility (CSR – Corporate Social Responsibility). Last year, Hankook established a new ESG board within the board to strengthen the management of ESG factors. The company engages all employees in its vision of sustainability through eight subcommittees, thus improving performance in this area. The premium tire manufacturer has formulated ambitious goals and is collaborating with stakeholders, leading to a number of activities that contribute to societal values.

Focus on sustainability throughout the life cycle

For example, Hankook focuses on sustainable value chains. In 2018, Hankook published its statement regarding E-Circle, which includes a strategy on sustainable materials technologies. At the same time, it introduced a policy of sustainable natural rubber, which was updated in 2021 in accordance with the guidelines of the Global Platform for Sustainable Natural Rubber (GPSNR). In addition to striving for a more sustainable value chain and reduced product impact on the environment throughout its life cycle, Hankook continues to donate to support the mobility of local social institutions.

“We are proud of this prestigious assessment of sustainability management. The award is a testament to our commitment to a more sustainable future, ”said Sooil Lee, President and CEO of Hankook. “In order to further stimulate our growth, as global tire companies, we plan to strengthen our social, environmental and financial activities globally.”

Examples of projects for more sustainable production of natural rubber

An example of Hankook’s commitment to sustainable natural rubber production is its commitment to making a total of 6,000 liters of formic acid available to more than 100 Indonesian manufacturers. Formic acid is used as an environmentally friendly coagulant in rubber production, which contributes to greater safety and health at work. Other coagulants burden the vegetation and contribute to water pollution, which can endanger the biodiversity of wetlands. The tire industry uses about 70 percent of the world’s natural rubber. About 85 percent of production is done by small landowners in Southeast Asia.

The tire manufacturer is also involved in a project based on blockchain technology on the traceability and sustainability of natural rubber. PROJECT TREE in the realization of ITOCHU Corporation, an international trading company, is the first step towards establishing traceability in the natural rubber industry, using blockchain technology. Hankook aims, together with its supply chain partners, to improve the quality of life of natural rubber producers, increase the quality of natural rubber and minimize environmental impacts.

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