POSCO Chemical announced on the 7th that it has published a corporate citizenship report containing ESG performance and strategies, such as responding to climate change and strengthening safety management.
In a recently published report, POSCO Chemical disclosed the sustainability management performance it has pursued from 2019 to 2020.
This report contains key activities and data for each ESG (environmental, social, and governance) area and strengthened the disclosure of information for investors by applying SASB, a global accounting standard for sustainability management.
In particular, in this year’s report, POSCO Chemical selected climate change response and workplace safety enhancement as key issues that stakeholders consider important, and introduced the related performance in detail through ‘Sustainability Focus Areas’.
First of all, in order to respond to climate change, it has contributed to carbon-neutral practice and enhanced sustainability by concentrating its capabilities on the development of anode and cathode materials, a secondary battery material that can innovate the eco-friendly mobility industry. In order to improve the performance of electric vehicles, POSCO Chemical is developing high-nickel NCMA anode materials for batteries that can travel more than 500km on a single charge, artificial graphite anode materials that extend the life of electric vehicle batteries, and low expansion anode materials with improved charging speed and stability We have succeeded in developing key materials.
In addition, silicon-based anode materials with four times higher energy storage capacity and all-solid-state battery materials are being developed.
It is also promoting the development of production technology for electrode rods for electric furnaces by using needle coke, a by-product of coal in steel mills, as a raw material. Electrodes are materials that can produce eco-friendly steel as they can produce molten iron by melting scrap metal.
Greenhouse gas reduction was also presented as a major environmental achievement. In order to expand the use of renewable energy, POSCO Chemical is operating a solar power plant with an annual power generation capacity of 123,000 kWh at the Sejong plant for anode materials. It is also promoting the conversion of company vehicles to electric vehicles and the establishment of in-house charging infrastructure.
In recognition of the achievements of various efforts such as replacing eco-friendly fuels and improving facility energy efficiency, it was selected as a company with excellent greenhouse gas reduction performance in the Korea-EU emission trading system cooperation project promoted by the European Union representative to Korea and the Ministry of Strategy and Finance.
Building a circular economy through resource recycling can also be counted as an achievement. POSCO Chemical acquired a recycling resource certification for converting by-products such as graphite dust and fine-grained limestone from anode material factories that were treated as wastes into high-value-added materials. In 2020, 8,208 tons of refractory materials, a material for steel facilities, were recycled, and it is planned to increase to more than 13,000 tons in 2021.
The safety management system has also been significantly strengthened. Centering on the Safety Disaster Prevention Center, which oversees safety management, an independent safety organization has been established for each business division to promote on-site safety management.
About 1,200 places within the workplace were designated as safety inspection sites, and a ‘stop 5 seconds’ inspection activity before work started was introduced. It is evaluated that 45 employees acquired occupational safety technician qualifications in 2020 alone, enhancing safety expertise.
To improve governance, the number of outside directors increased from two to three this year to increase the diversity of the board of directors, and in June, the corporate governance report was also disclosed for the first time. From 2022, the Outside Director Candidate Recommendation Committee and Audit Committee will be operated to increase the efficiency of decision-making.
POSCO Chemical President Min Kyung-joon said, “We will leap forward as a global first-class company with differentiated competitiveness by creating a balance between social and economic performance.” “In particular, we will develop technologies for rechargeable battery materials, an eco-friendly business, and make bold investments based on this. We will actively respond to climate change and increase sustainability by implementing the
Meanwhile, POSCO Chemical plans to more actively promote ESG management in accordance with the global trend of strengthening corporate social roles and the corporate citizenship management philosophy of the POSCO Group. The Corporate Citizenship Report (file download link) published this time can be found on the POSCO Chemical website.
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