Hanon Systems Commits to Science-Based Targets Initiative (SBTi)

Company publicly declares it is setting emission reduction targets in line with the Business Ambition for 1.5°C campaign

SEOUL, South Korea, March 19, 2023 /PRNewswire/ -- Hanon Systems (KS:018880), a leading global provider of automotive thermal and energy management solutions, is announcing it has joined the Business Ambition for 1.5°C campaign of the Science-Based Targets Initiative (SBTi) to further demonstrate its commitment to address the effects of climate change.

The SBTi is leading the campaign that helps companies set emission reduction targets in line with the 2015 Paris Agreement pursue efforts to limit warming to 1.5°C.

"Committing to establish SBTi targets is an important step in the company's journey to become carbon neutral by 2040 and support the global effort to address climate change," said Hanon Systems President and Chief Executive Officer Min Sung. "We are proud to join the Business Ambition for 1.5°C campaign and encourage other companies to do the same."

Since 2021, the Hanon Systems Carbon Neutral Office has been overseeing the actions of various work streams to accelerate efforts to reduce the company's carbon footprint. Among these includes defining the company's carbon neutral roadmap; understanding the carbon neutral requirements of customers; developing low-carbon variants of existing products and new low-carbon solutions; educating the workforce to inform, motivate and garner involvement; and partnering with the supply chain to source low-carbon parts and materials.

In addition to establishing science-based emissions targets, executing projects and promoting greater transparency of corporate-wide carbon emissions have been among the company's top carbon neutral priorities.

In line with the requirements of the SBTi, the company will submit its science-based targets for official validation within the next 24 months.

The SBTi is a global body enabling businesses to set ambitious carbon emission reduction targets in line with the latest climate science. This initiative is a collaboration between Carbon Disclosure Project (CDP), the United Nations Global Compact, World Resources Institute (WRI) and the World Wide Fund for Nature (WWF).

About Hanon Systems

Hanon Systems is a full-line supplier of automotive thermal and energy management solutions for electrified and conventional vehicles. Its offering includes a wide range of solutions in the areas of heating ventilation and air conditioning; powertrain cooling; compressor; fluid transport; and electronics and fluid pressure. The company currently operates 53 manufacturing sites and three regional innovation centers, and employs more than 21,000 people across 21 countries. To learn more, visit hanonsystems.com.

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SOURCE Hanon Systems