Coming up with ESG visions and three main goals from our core issues and effort from Deep Change
The Company is in promotion of 2030 Plastic Net Zero; 2040 Greenhouse Gases Net Zero under the ESG vision “Origination for the Next Generation”
Announcing 2021 as the first year of SKC’s sustainable management ··· stressing the importance of the effort to create a better future/world
Having announced 2021 as the first year of its sustainable management, SKC published its 2021 Sustainability Report, disclosing its ESG vision “Origination for the Next Generation.” The Company also set 2030 and 2040, respectively, as the target years for its accomplishment of its goal of Plastic Net Zero and Greenhouse Gases Net Zero.
On July 23, SKC put up its 2021 Sustainability Report with the said content on its homepage. The Company said that it drew up the report, which set its ESG vision and three sustainable management-related aims in consideration of issues in which inside/outside stakeholders are interested and an effort for Deep Change, which came up with through materiality assessment.
SKC set “origination,” which means the beginning and creation as its identity as a material business that engages in production of materials serving as the basis of goods and contributes to industrial development. In addition, it set the direction of its sustainability activities as “For the Next Generation” as one in pursuit of mankind’s sustainable future.
The Company has also come up with the top three sustainable management-related aims. It categorized keywords extracted from the nine core issues, SKC Vision, and effort for Deep Change identified through materiality assessment as follows: ▲ Origination with Specialty, ▲ Origination for a Sustainable Environment, and ▲ Origination for Stakeholders.
The report is focused on the three sustainable management aims. It displays the Company’s commitment to the happiness of stakeholders through the following: provision of support for changes in the world through daring investment in mobility, semiconductors, and eco-friendly materials, contribution to sustainable environment, targeting 2030 Plastic Net Zero and 2040 Greenhouse Gases Net Zero, and strengthening the win-win effort, including the new material technology-based open platform promoted from 2017.
The Company strived to make the report include more substantial content than the one published last year, which was the first year of its publication of the Sustainability Report. Compared to last year’s, which was focused on the introduction of the results of relevant activities carried out, this year’s included an introduction of ESG activities carried out by businesses in which the Company invests. Compared to last year’s, the report for this year also expanded the scope of disclosure per Global Reporting Initiative GRI and newly reflected the criteria recommended by the Sustainability Accounting Standards Board (SASB) and the Task Force on Climate-related Financial Disclosures (TCFD).
Commenting on the matter, an SKC official said, “This year will be our first year for establishment of the ESG management organization system, both in name, reality, and the execution of sustainable management. We will push forward with the top three sustainable management goals and build the groundwork for governance, compliance, and safe environment in a bid to make a better future/world.”
In 2020, SKC created a total of 487.2 billion won (a 23.6% y-0-y increase) worth of social value, as a result of strengthening ESG management, starting with DBL (Double Bottom Line) management for simultaneous pursuit of economic and social value in 2019. The said amount is made up of the effect of indirect economic contribution (398.6 billion won), including tax payments/dividend payouts, business-based social results (83.0 billion won), and social contribution-related social results (5.6 billion won).
[The cover of SKC’s 2021 Sustainability Report]