KT&G Releases ‘2022 Integrated Sustainability Management Report’ Showcasing Performance Results 2023.08.07
KT&G (CEO Bok-in Baek) displays the ‘2022 Integrated Report’: An ESG Overview encompassing sustainability management strategies and performance.
The publication has three key sections: the ‘Strategic Report,’ outlining the group’s novel vision; the ‘ESG Report,’ detailing performance across various ESG domains; and the ‘ESG Factbook,’ displaying the global information disclosure index and quantitative accomplishments.
Introduced within the ‘Strategic Report’ of this publication, KT&G gives a whole look into its ‘2027 New Vision,’ combining prospective growth strategies with ESG principles. Moving forward, the company aims to channel its strengths into mobilizing business structure innovation, fostering sustainability alongside the spread of important ventures like NGP (Next Generation Products) and health functional foods.
Originally pointed out through the ‘2030 KT&G Group Sustainability Management Goal,’ surrounding the collective ventures of the entire group, is a strong dedication to strengthen the ESG execution at the group level. Key performance indicators (KPIs) were precisely adjusted to cooperate with feasibility and business characteristics. These now surround targets for greenhouse gas reduction, adoption of renewable energy, the acquisition of global waste management certification, and the execution rate of human rights impact assessments across all group companies.
KT&G, an advocate of the ‘double materiality valuation,’ openly disclosed the process and outcomes of choosing big issues. This test acquires the main problems between a company’s influence on the environment and society, as well as the financial backlash. ‘ESG REPORT,’ covered the strategic orientation, objectives, accomplishments, and the current status of key sustainability issues.
A whole breakdown of performance across significant ESG domains was also completely outlined. After starting the ‘KT&G Green Impact’ system, an environmental management vision showed in 2021, KT&G has made practical results, attaining an outstanding 7.5% decrease in greenhouse gas emissions over a two-year period, even amid escalated production activities across domestic and international sites. In the current year, the company is increasing its efforts, aiming to boost its use by advancing renewable energy sources by over 18%, mainly by the installation of solar power systems on the roofs of its facilities.
The distinct ‘S-REPORT’ on social contributions encloses a varied array of attempts rooted in the original CSR value groundwork ‘People, Community, Planet.’ KT&G, with a rich legacy of constant social responsibility leadership since the rise of its Welfare Foundation in 2003, is deeply rooted in the ‘People’ domain, fixed on welfare and scholarship foundations. Together, it enrolls in the ‘Community’ circle, promptly greeting societal challenges through Sangsang Planet and Sangsangmadang. Additionally, the company is dedicated in its promise to the whole environmental and global CSR efforts within the ‘Planet’ domain, working hard to address global issues that arise.
Since 2007, KT&G has constantly announced reports as a testament to its commitment to sustainable management and the obvious, accurate communication of ESG information to both domestic and international shareholders. The crafting of the ‘2022 KT&G Integrated Report’ clung to the acclaimed ‘GRI Standards,’ recognized worldwide as the final guidelines for sustainability management reporting. This report also grasped insights from influential global bodies, including the Sustainability Accounting Standards Board (SASB) and the Climate Change-Related Financial Information Disclosure Council (TCFD), renewing its objectivity and reinforcing its safety.
Recognizing sustainability as intrinsically tied to corporate value, “KT&G has boarded a fresh vision, seamlessly weaving it into our widespread growth strategy," remarked Baek Bok-in, CEO of KT&G, in an official statement. “Imposing the strengths of our growing ventures, we will rise as an outstanding global enterprise, targeting over 50% of our sales from international markets within the upcoming five years.”
(Photo description) Front Cover Illustration of the ‘2022 KT&G Integrated Report’