| Governance |
Committee’s role |
- The executive board oversees issues related to climate change. It reviews and guides risk management policies, monitors target execution and performance and forms a Transparency Management Committee under the BOD in order to make ESG-related decisions
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| Responsibility and role of executive board
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- The CEO receives periodical reports of results regarding GHG and energy and environmental issues, and reviews climate change strategies, target achievement and risk management as well as making investment decisions
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| Status of exclusive department
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- The worksite’s major operations department, R&D department, and strategy department form a TF for the purpose of an integrated GHG reduction response. The ESG Execution Cooperative sets and drives annual targets, responds to third party ESG assessments and will form an Operative Cooperative to review targets and performance
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| Strategy |
2030 Reduction target roadmap
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- Establish a large-scale investment plan in order to achieve an 11.1% reduction on BAU by 2030(Build CDQ for cork production, investment of KRW 340 billion, etc.) and drive technological development from a mid- to-long term perspective
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| Tasks in production, R&D, strategy sectors
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- The production department discovers and executes challenges regarding GHG reduction. The R&D department carries out reviews and implementation. The Strategy department reflects internal and external influences so as to build reduction targets and policy responses to decrease carbon credit risk as well as make carbon credit transactions.
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| Analysis of risks and opportunities
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Analysis of risks and opportunities
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- The Management Planning Division creates an integrated strategy based on analysis of data on global trends. Each worksite’s operation division builds specific targets for execution. The reduction target is decided based on reduction costs and financial risk assessment standards according to the average carbon credit price.
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| Investment and expenses
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- KRW 340 billion to be invested in order to introduce CDQ equipment in Corks Plant after 2020 to achieve 2030 reduction target.
- KRW 410 billion invested to introduce gas cleaning equipment in Sintering Machine 3 in order to reduce air pollutants(2017 to 2020).
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| Details
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- Discover and implement reduction tasks: improved efficiency of shaft furnace and electricity path, implemented a heat recovery system, pushed to increase cases of LDG by-product gas formed in circuits
- Secure overseas carbon credits : Participate in GHG reduction projects outside of Korea(cooking stoves, power generation using landfill gas) to secure carbon credits
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House Repair - Energy Efficiency Project: Provided aid for low-income households and welfare centers to improve energy efficiency as well as the living environment(2011 to 2019, 927 facilities supported, CO2 reduction of 1.3 tons per household and 5.6 tons per facility)
- Energy Saving Consulting and Facility Support Project: Drafted optimized energy reduction solutions by supplier and provided high-efficiency equipment such as solar energy equipment(KRW 200 million delivered to 4 suppliers, annual energy reduction worth KRW 41 million achieved/as of 2019)
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| Participation in global initiatives |
- Participate annually in CDP to disclose climate change related items
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| Metrics and Targets |
2030 Target |
- The South Korean government set an 11.1% BAU reduction target for 2030 in accordance with the Basic Roadmap for 2030 National GHG Reduction(targeting the steel industry).
- In compliance with the government’s reduction targets, Hyundai Steel has established a portfolio to ease the burden of GHG reduction and is taking actions accordingly.
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현대제철 통합보고서
