Global leading tire company Hankook Tire & Technology (Hankook Tire) recently published its 2023/24 ESG Report, outlining its sustainable management activities and performance for 2023, as well as the company’s mid and long-term strategies. 

The report, published annually since 2010, highlights important achievements in three main categories—Eco Value Chain, Sustainable Product, and Responsible Engagement. These achievements are based on Hankook Tire’s environmental, social, and governance (ESG) vision of “Innovation for a Sustainable Future.” 

Hankook Tire has worked to enhance its ESG management system, ensuring sustainable innovation and future competitiveness. In 2009, the company established a dedicated Corporate Social Responsibility (CSR) Committee, followed by the formation of its ESG Strategy Committee and Steering Committee in 2010. In 2018, Hankook Tire introduced the E.Circle declaration, a strategic initiative focused on implementing sustainable natural rubber policies and promoting an eco-friendly circular economy system. In 2021, the company further reinforced its ESG management by restructuring the CSR Committee under the new name of the ESG Committee within the Board of Directors. 

Global ESG leader 

This year’s report underscores Hankook Tire’s efforts as a global ESG leader, featuring messages from the subcommittee chairs of the ESG Steering Committee detailing their plans and commitments to enhance sustainability. 

In August 2023, Hankook Tire became the first tire company in Korea to have its carbon reduction target approved by the Science Based Targets Initiative (SBTi), a global initiative that supports companies in setting targets that are in line with the latest climate science. 

By 2030, Hankook Tire aims to achieve a 46.2% reduction in greenhouse gas emissions from the manufacturing stage (Scope 1 and 2) and a 27% reduction in emissions throughout its value chain (Scope 3) compared to 2019 levels, with a goal of working towards Net Zero by 2050. In 2023, Hankook Tire saw a 12% reduction in greenhouse gas emissions from manufacturing (Scope 1 and 2) and a 5% reduction in value chain emissions (Scope 3) compared to 2019. 

Hankook Tire further plans to reduce the total amount of greenhouse gas emissions (Scope 3) from the value chain by 27.5% from 2019 levels by 2030. Additionally, the company is working to reduce all greenhouse gas emissions from production and major business activities, including raw material acquisition, distribution, and investment, over the medium to long term. 

With biodiversity risk management becoming increasingly important in recent years, Hankook Tire is working to set up processes to minimize its impact on biodiversity, in line with the Locate, Evaluate, Assess, Prepare (LEAP) approach proposed by the Taskforce on Nature-related Financial Disclosures (TNFD), an international initiative on natural capital disclosure. 

Innovative technology research

Through innovative technology research, Hankook Tire is dedicated to developing sustainable products for the future of people and the planet. By considering ways to reduce the environmental impact of products throughout their entire life cycle—from raw material acquisition to manufacturing, use, and disposal—the company has achieved significant results in preventing natural resource depletion and reducing carbon emissions. This was achieved by discovering sustainable, eco-friendly materials and developing application technologies at the stages of design and raw material acquisition. 

Hankook Tire is implementing a competitive, sustainable management strategy through its waste tire recycling project, “re:move.” As a leader in eco-friendly mobility, Hankook Tire recycles waste from tire production to create upcycled products such as shoes, longboards, and camping goods. These products embody the company’s eco-friendly vision and generate social value. 

Sustainable supply chain

In addition, Hankook Tire is building a sustainable supply chain, practicing human rights management, creating value for employees, and actively engaging in social contribution activities to support local communities and foster a sustainable future.  

Hankook Tire’s 2023/24 ESG Report is available in an interactive PDF format, including webpage shortcuts to enhance usability and accessibility for stakeholders. The report is accessible via PC or smartphone, anytime, anywhere.  

More information about the ESG report is available on Hankook Tire’s website under the ESG menu. The report can also be downloaded in PDF format.