Hanwha Ocean announced on Dec. 22 that it has set an industry-leading ESG (environmental, social and governance) management goal to reduce greenhouse gas emissions up to 40 % by 2030 compared to 2018 levels.
The ESG Committee, a committee of experts under Hanwha Ocean’s Board of Directors, has approved the “ESG HOST (Hanwha Ocean Step-Up Target) 2030” and established an ESG promotion system and set specific implementation targets.
The core indicators of “ESG HOST 2030” include five programs: greenhouse gas emission reduction, environmentally friendly ship transformation, safety accident prevention, supply chain ESG assessment and assessment of compliance and ethical management practices.
Hanwha Ocean plans to reduce the greenhouse gas emissions to 40% by 2030 compared to 2018. This is not only the highest target among its peers, but also in line with the Korean government’s National Emission Reduction Target (NDC) submitted to the United Nations. In parallel, Hanwha Ocean plans to build 100% environmentally friendly vessels powered by low- and zero-carbon fuels by 2030 and expand its product line of environmentally friendly vessels.
In order to prevent safety accidents, Hanwha Ocean prioritizes the safety of its employees and has set a goal of “zero” fatal accidents. Hanwha Ocean plans to reduce the “lost-time accident rate” (i.e., the number of lost-time accidents per 200,000 hours worked) by 32% from the current level. To achieve this, the company will introduce intelligent safety systems and raise employee safety awareness through safety experience centers and virtual reality (VR) training.
To create a sustainable ecosystem, Hanwha Ocean will also conduct ESG assessments of domestic supply partners in Korea to effectively respond to the European Union’s (EU) Supply Chain Due Diligence Act, which will be applied in 2024.
In addition, Hanwha Marine will seek international certifications in compliance and ethics management (ISO37301 Compliance Management, ISO37001 Anti-Corruption Management) and conduct ethics training to enhance anti-corruption education.
