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Hankook Tire receives recognition for sustainable business management from TIME and the Financial Times

11 Jul 2024

- Hankook Tire is amongst the world’s top-level sustainable management companies, selected by leading global media outlets
- Its achievements are driven by continuous efforts for carbon emission reduction and by research and development for eco-friendly businesses

Seoul, Korea, July 11, 2024 — Global leading tire company Hankook Tire & Technology (Hankook Tire) has been recognized for its innovative efforts for sustainable management. The company was named one of the ‘’World’s Most Sustainable Companies of 2024,” by both the American bi-weekly magazine “TIME” and a global data and business intelligence platform “Statista.” In addition, Hankook Tire was named among the “Asia-Pacific Climate Leaders 2024” selected by both “Statista” and the London-based international daily newspaper “The Financial Times.”

This year, TIME and Statista announced its “World’s Most Sustainable Companies of 2024” list for the first time, evaluating 5,000 predominant global companies, with the top 500 companies worldwide and 15 companies in Korea included on the final list. The evaluation criteria comprised more than 20 performance indicators related to sustainability and data disclosed by each company. Hankook Tire received positive evaluations in major criteria, proving its top global ESG competitiveness.

The “Asia-Pacific Climate Leaders 2024” list by the Financial Times and Statista provides a comprehensive evaluation of changes in greenhouse gas emissions and reductions relative to sales from 2018 to 2023, as well as the accomplishments of the Carbon Disclosure Project (CDP) and the Science Based Targets Initiative (SBTi), a global initiative that supports companies in setting targets that are in line with the latest climate science. Among Korean companies, Hankook Tire achieved a second-place ranking.

Hankook Tire places a company-wide importance on strengthening sustainable management across the entire organization. Through its robust sustainable business and ESG management system, the company actively promotes greenhouse gas emission reduction throughout the entire product life cycle—from raw material acquisition to manufacturing, sales, use, recycling, and disposal. Furthermore, it continues various efforts such as using renewable energy, optimizing energy efficiency, improving facility operation methods, and introducing new energy technologies.

The company also focuses on developing sustainable products through innovative technology research. A Life Cycle Assessment (LCA) is meticulously conducted throughout the entire manufacturing process, including tire weight optimization techniques, 3D printing technologies, and more.

As a result of continuously achieving eco-friendly achievements, in August last year, Hankook Tire became the first company in the Korean tire industry to receive approval for carbon reduction targets from the SBTi. Hankook Tire’s achievements in sustainable management don’t stop there. After the Geumsan plant in Korea became the first in the industry to attain the prestigious International Sustainability & Carbon Certification (ISCC) PLUS in 2021, its Rácalmás plant in Hungary followed suit in September last year. These achievements are leading the global tire industry to sustainable management by expanding the application of sustainable raw materials.

Hankook Tire plans to solidify its responsibilities and role as a global leader in sustainable management and continue innovative ESG achievements in various fields.