- Participating in SBTi and advocating TCFD to boost up green business
- SK magic earning Gold ZWTL Validation
- “We will achieve Net Zero by 2040, complying with international ESG management guidelines”
As it is becoming imperative for businesses to promptly respond to climate crisis and foster sustainable industrial ecosystems, SK networks is taking its eco-friendly business strategies to the next level by joining a global green initiative.
SK networks (President & CEO Sang Kyu Park) said on the 8th that the company had joined the Science Based Targets Initiative (SBTi).
The SBTi is a global coalition established in 2015 jointly by the Carbon Disclosure Project (CDP), the United Nations Global Compact (UNGC), the World Resource Institute (WRI), and the World Wildlife Fund (WWF) to validate greenhouse gas (GHG) reduction targets of business enterprises. It is now joined by over 3,600 companies around the world.
SK networks, including its subsidiaries SK rent-a-car and SK magic, became the 3th Korean company joining the SBTi. Announcing a plan to reach Net Zero (a state in which greenhouse gases emitted into and absorbed from the atmosphere are balanced in order to reduce net increase in greenhouse gas emission to zero) by 2040, SK networks vows to reduce greenhouse gas emissions attributable to its business operations by developing, submitting and validating greenhouse gas reduction targets in compliance with the SBTi management criteria.
Furthermore, SK networks recently declared to advocate the Task Force on Climate-Related Financial Disclosures (TCFD). The TCFD is a global information disclosure initiative founded by the Financial Stability Board of the bank for International Settlements (BIS FSB) at the request of G20 countries to improve and promote climate-related financial reports. In line with its advocacy of the TCFD, SK networks will accurately measure the impacts of climate changes on its business and disclose such impact in financial and non-financial terms for validation.
In addition, SK magic, SK networks’ homecare rental service subsidiary, is beefing up its green management drive, having recently earned the ZWTL (Zero Waste to Landfill) Gold Certification from the international safety/environmental certification agency UL (Underwriters Laboratories) Solutions. The ZWTL validation scheme grants business sites grades of Platinum (100%), Gold (99-95%) and Silver (94-90%) based on how much their industrial wastes are recycled into resources, used as a set of measures to assess resource recycling efforts of businesses. Walkerhill Hotel & Resort also won the ZWTL validation late last year.
SK networks including its subsidiaries will bolster up partnerships with relevant global organizations to foster ESG practices befitting their respective business visions and thus take their sustainable business _work to the next level.
“Collaboration with global organizations will enable us to further upgrade our detailed implementation plan for greenhouse gas reduction,” said an official at SK networks. “We will develop eco-friendly strategies for all our business domains and achieve Net Zero by 2040” End.
