Coway Co., Ltd. announced its environmental, social, and governance (ESG) commitments in line with South Korea's 2050 carbon neutrality goals.
As a leading environmental home appliances 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.
Continued Commitment to Environmental Sustainability
Coway announced that it intends to reduce greenhouse gas emissions by half in comparison to its 2020 levels by 2030. In the mid-to-long term, the company plans to operate on 100 percent renewable energy and be fully carbon neutral by 2050.
Coway has already been using solar power in three factories and one distribution center. It plans to make more investments towards generating solar power and offset GHG emissions through renewable energy.
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.
Coway introduced a refurbishment system to the home appliances rental industry in 2007, which has multiple benefits. It reduces waste disposal costs for the company, creates lower-priced products for customers, and has less impact on the economy.
The aim is to have an entirely eco-friendly product development process.
Recognition of Coway's ESG Initiatives and Transparent Disclosures
As a result of these ongoing efforts, Coway has been named on the prestigious 2020 DJSI World Index (Dow Jones Sustainability World Index) for the fifth consecutive year to become the only Korean company to be included 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 has also had eight consecutive years on the DJSI Asia-Pacific Index 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. KCGS measures the ESG ratings of listed companies and financial institutions in Korea every year.
In addition, Coway is committed to transparency and has continued to publish details of its environmental and social progress in the annual "Sustainability Report" since 2006. The company also publishes the "Carbon Report" and publicly discloses information to investors and consumers through the annual Carbon Disclosure Project.
"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.
For more details, please visit http://sustainability.coway.co.kr/
About Coway Co., Ltd.
Established in Korea in 1989, Coway, "The Best Life Solution Company," is a leading environmental home appliances company making people's lives healthy and comfortable with innovative home appliances such as water purifiers, air purifiers, bidets, and mattresses. Since being founded, Coway has become a leader in the environmental home appliances industry, with intensive research, engineering, development, and customer service. The company has proven dedication to innovation with award-winning products, home health expertise, unrivaled market share, customer satisfaction, and brand recognition. Coway continues to innovate by diversifying product lines and accelerating overseas business in Malaysia, the USA, Thailand, China, Indonesia, and Vietnam, based on the business success in Korea. For more information, please visit http://www.coway.com/
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