Coway Gets Closer to Its Environmental Goals through ESG Initiatives
- The company has aimed for a 100% reduction in greenhouse gas emissions by 2050 through 'carbon neutrality.'
SEOUL, South Korea, Aug. 28, 2024 /PRNewswire/ -- Back in 2006, Coway, true to its name as the "Best Life Solution Company," pledged to follow an ESG framework that would minimize the environmental impact of its business operations. Coway announced that by 2030, greenhouse gas emissions would be reduced by 50% compared to 2020. On a mid-to-long-term basis, the company plans to operate on 100% renewable energy and be fully carbon neutral by 2050.
Since declaring its ESG framework in 2006, Coway has actively implemented its mission, vision, environmental policies, and goals.
In 2021, Coway strengthened its commitments by establishing an ESG committee and accelerated its strategic ESG goals by publicly disclosing initiatives to be reached in each area by 2023.
- Waste Recovery and Recycling System for Improved Resource Circulation
Coway seeks to move towards a circular economy by using a cycle of recovering, reusing, and recycling old resources. The goal is to achieve a 100% waste recycling rate and a 100% industrial waste resource recovery rate by 2030.
An example of this is Coway's waste mattress recovery and recycling system, which has been in effect since 2018. The company takes control of the entire recycling process, from collecting used mattresses to cutting and shredding, and separating valuable materials such as scrap metal and synthetic resin to promote more efficient resource circulation. The system was recognized by the Ministry of Environment as an exemplary case of resource circulation in South Korea.
Coway also minimizes its environmental impact by using recycled materials in its products. The Winner Air Purifier uses recycled PCR plastics in most internal and external components, significantly reducing waste. Since 2022, Coway has also used non-combustible recycled materials in its bidet products, with plans for further expansion.
- Renewable Energy Usage in Business Sites
To reduce greenhouse gas emissions and environmental pollutants throughout the manufacturing processes, Coway has invested in and continues to adopt renewable energy sources. The company is using solar power in three of its factories – Yugu Factory (49.5kWh), Incheon Factory (39kWh), and Pocheon Factory (45kWh), as well as in Yugu distribution center (1,048.8kWh). The company also produces renewable energy through solar power plants 001 and 002.
In 2023, these installations enabled Coway to produce and consume approximately 185 MWh of electricity internally, which is the equivalent of reducing greenhouse gas emissions by about 81 tons.
- Cultivation of Eco-Friendly Culture
Coway's ongoing environmental campaigns promote its culture of environmental awareness. The "Coway River Plogging Campaign" was initiated in 2022, and its annual events encourage eco-friendly practices like collecting litter while jogging or walking near water and fostering environmental stewardship in daily life. The 2023 campaign saw a 41% increase in participation compared to the previous year, a testament to its widespread community support.
The Coway "Classroom Forest Project" instills environmental awareness among children by donating air-purifying plants to elementary schools nationwide, creating environmental awareness, and educating them about the importance of protecting the environment.
In recognition of its efforts, Coway achieved an 'A' grade in the 2023 KCGS ESG Evaluation & Ratings and received the Industry Minister's Award at the 2023 Corporate Innovation Awards, jointly hosted by the Korea Chamber of Commerce and Industry and the Ministry of Trade, Industry and Energy. Coway has also been placed on the 2023 Dow Jones Sustainability Asia/Pacific Index for 11 consecutive years, affirming its ESG management achievements.
A Coway spokesperson stated, "Coway remains committed to making our ESG management vision of 'Creating a Better Earth' a reality by enhancing our environmental management systems to reduce greenhouse gas emissions and achieve carbon neutrality."
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. The company's most recent venture, the BEREX brand, aims to improve sleep and wellness through cutting-edge mattresses and massage chairs. 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, USA, Thailand, China, Indonesia, Vietnam, Japan, and Europe, based on the business success in Korea. For more information, please visit http://www.coway.com/ or http://newsroom.coway.com.
SOURCE Coway Co., Ltd.
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