SK Innovation announced on July 21 that it has released its 2023 Sustainability Report on its website, reflecting stakeholder demands and the latest ESG (Environmental, Social, and Governance) trends. The report aims to enhance the company’s ESG activities and includes a “Special Page” designed to strengthen communication with stakeholders such as major investors, ESG rating agencies, and civic groups.
This year’s report marks the second consecutive year that SK Innovation has conducted a double materiality assessment, which goes beyond traditional surveys to consider the results of stakeholder meetings. This assessment has identified key ESG tasks for the company, ensuring that the report addresses the most significant issues from both financial and societal perspectives.
The Special Page in the report includes the status of responses to global sustainability information disclosure regulations, reflecting the latest ESG trend of mandatory disclosure. It also newly includes the establishment of a biodiversity promotion system, the enhancement of diversity & inclusion (D&I), and the strengthening of supply chain ESG risk management. These additions are in line with global sustainability information disclosure regulations such as the European Union’s Corporate Sustainability Reporting Directive (CSRD) and the Taskforce on Nature-related Financial Disclosures (TNFD) guidelines.
In practice, SK Innovation is operating a separate task force to support six European subsidiaries in responding to these global disclosure regulations. Additionally, the company has established a biodiversity promotion system to align with the TNFD guidelines, demonstrating its commitment to protecting and promoting biodiversity within its operations and supply chain.
To increase the usability of ESG information, this year’s report focuses on providing integrated information on ESG management activities. It has been reorganized to center on strategies, performance, and roadmaps for key agendas in the Environmental, Social, and Governance areas, optimizing the conveyed content. The existing GROWTH strategy, SK Innovation’s ESG promotion strategy, is introduced in the form of major highlights.
Last year’s major achievements include SK Innovation’s environmental product/service social value (SV) performance reaching 514 billion won, an increase of 14.9 billion won from the previous year. Additionally, the company’s low-carbon R&D investment performance reached 308.4 billion won, an increase of 184.8 billion won from the previous year. These figures underscore the company’s commitment to sustainable growth and innovation.
Kim Yong-soo, Head of ESG Promotion at SK Innovation, emphasized the company’s proactive approach to ESG disclosure mandates and its ongoing communication with stakeholders. “We plan to proactively respond to domestic and global ESG disclosure mandates while continuously communicating with various external stakeholders on key ESG issues such as biodiversity and supply chain risk management,” he said.
As SK Innovation continues to align its operations with global ESG trends and stakeholder expectations, the 2023 Sustainability Report serves as a comprehensive guide to the company’s efforts in promoting sustainability and transparency. The report not only highlights the company’s achievements but also sets the stage for future developments in its ESG journey.
— ### SK Innovation Unveils 2023 Sustainability Document
Summary: SK Innovation released its 2023 Sustainability Report on July 21, focusing on enhancing ESG (Environmental, Social, and Governance) activities in line with stakeholder demands and current ESG trends. The report features a "Special Page" to improve communication with stakeholders, including major investors and ESG rating agencies. This year’s report includes a double materiality assessment to identify key ESG tasks from both financial and societal perspectives. New additions to the report include a biodiversity promotion system, enhanced diversity and inclusion (D&I) efforts, and strengthened supply chain ESG risk management, in compliance with global regulations like the EU’s Corporate Sustainability Reporting Directive (CSRD) and the Taskforce on Nature-related Financial Disclosures (TNFD). SK Innovation has also established a task force to support its European subsidiaries in meeting these regulations. The report is reorganized to provide integrated ESG information, focusing on strategies, performance, and roadmaps for key agendas. Highlights from the previous year include a significant increase in environmental product/service social value (SV) and low-carbon R&D investment. Kim Yong-soo, Head of ESG Promotion, emphasized the company’s proactive approach to ESG disclosure and ongoing stakeholder communication. The report underscores SK Innovation’s commitment to sustainability and transparency, setting the stage for future ESG developments.
