|Kumho Petrochemical's headquarters in downtown Seoul / Courtesy of Kumho Petrochemical|
By Kim Jae-heun
Kumho Petrochemical is advancing its environmental, social and corporate governance (ESG) strategy to create a sustainable future.
The company started its full-scale ESG management after declaring the vision of "Let's Act, Advance and Accelerate for ESG!" and promoting its strategy in September 2021. In particular, it selected three key themes of the ESG plan ― "response to climate change," "emphasis on social value management" and "expanding sustainable management" ― and specified a total of nine major tasks.
Kumho Petrochemical is also stepping up its plan to advance ESG management by joining the United Nations Global Compact (UNGC) global initiative. The UNGC is an international agreement that identifies the social responsibility of global companies based on the 10 principles of human rights, anti-corruption and the environment. The petrochemical firm plans to share actively its sustainable management performance externally through the UNGC's Communication of Progress (CoP), which evaluates activities to comply with the 10 principles and Sustainable Development Goals (SDGs) every year, according to its membership.
The company is actively responding to climate change by establishing a carbon-neutral growth plan in line with its ESG vision. Under the growth plan led by the company's ESG committee, it plans to reduce carbon emissions by 2030 and achieve carbon-neutral growth by 2035.
Kumho Petrochemical will also promote the eco-friendly conversion of its strategic products. The company is conducting research on natural materials for making biodegradable NB latex, a raw material for medical nitrile gloves. Furthermore, it will promote plastic waste recycling to achieve a virtuous cycle of resources. Kumho is making efforts to commercialize the manufacture of recycled styrene monomer (RSM) by pyrolyzing waste polystyrene, as well as eco-SSBR, which applies RSM to a highly functional synthetic rubber called SSBR, by 2025.