Coway aims for carbon neutrality by 2050
Appliance rental-company Coway aims to go carbon neutral as part of its efforts to strengthen environmental, social and governance (ESG)based sustainable management.
The company announced on Monday that it has set a net-zero emission target in line with the Korean government’s 2050 carbon neutrality goal.
Under the scheme, Coway aims to reduce greenhouse gas emissions by 50 percent by 2030 compared to 2020 levels. In the long run, the company plans to operate on 100 percent renewable energy and be fully carbon neutral by 2050.
Coway said it has been implementing an ESG-based sustainable management policy for more than a decade. “As a leading environmental home appliance company, Coway pledged to follow an ESG framework that would minimize the impact of its business operations since 2006. The company has now put a variety of these initiatives into action,” it said.
To meet its 2050 net-zero goal, Coway has been using solar power in three of its factories and one logistics center. The company also plans to use more renewable energy by increasing investments in solar-power generation and offsetting greenhouse gas emissions.
Creating a circular economic roadmap is another way to accomplish the net-zero goal. “The company also seeks to move towards a circular economy with a cycle of recovering, reusing, and recycling used resources. The goal is to achieve a
100 percent waste recycling rate, a 100 percent industrial waste resource recovery rate and 20,000 refurbished product sales by 2030,” the company said.
The company also implemented a refurbishment system to its home appliance rental business since 2007. By doing so, Coway was able to reduce waste disposal costs and manufacture lower-priced products.
Thanks to its efforts, the company has been included in the 2020 Dow Jones Sustainability World Index (DJSI) for the fifth consecutive year, becoming the only Korean company to be named in the index in the household durables category.
“The DJSI ranking indicates that Coway’s sustainability practices are in the top 15 percent of the 2,500 largest companies in the S&P Global BMI (Broad Market Index), proving its world-class competitiveness in corporate sustainability,” the company said.
In addition, Coway has also ranked in the DJSI Asia-Pacific Index for eight-consecutive years and three successive years on the DJSI Korea Index. The Korea Corporate Governance Service (KCGS) also awarded Coway an A grade in the 2020 ESG Rating for outstanding performance in environmental and social responsibility and governance.
“Coway’s commitment to a sustainable future through various efforts has continued for more than a decade. We will continue to make a concerted effort to fulfill our responsibility in environment, society, and governance and transparently communicate our progress,” a company official said.