Hankook commits to science-based targets initiative

Neu-Isenburg, Germany – Hankook Tire & Technology has committed to the science based targets initiative (SBTi), an independent organisation which encourages companies to set greenhouse gas (GHG) emissions-reduction targets.

Established by the UN Global Compact, CDP (formerly the Carbon Disclosure Project), World Resources Institute (WRI) and World Wide Fund for Nature (WWF), SBTi reviews greenhouse gas (GHG) emissions in three scopes.

In a statement 17 Oct, the South Korean tire maker said it joined the initiative in March and submitted its mid- to long-term science-based emissions reduction targets in August.

The company expects validation in early 2023.

As part of the commitment, the tire maker company plans to almost halve scope 1* and 2 emissions that occur during the production stage, reducing them by 46.2% from its 2019 baseline by 2030.

In addition, Hankook pledged to curtail scope 3 emissions in its value chain by 27.5% from its 2019 baseline by 2030.

This includes the reduction of all greenhouse gases generated from raw material acquisition, distribution, investment, production and other major business activities.

Furthermore, Hankook said it is participating in the business ambition for 1.5°C campaign – an urgent call to action for companies to set targets to limit global warming to 1.5°C.

*Scope 1 emissions are generated by sources owned or controlled by the "company", while scope 2 emissions result from the generation of energy that is purchased and consumed by the company. Scope 3 covers emissions resulting from the company's business but generated by sources not owned or controlled by the company.