Coway Publishes 2023 Sustainability Report

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by KnowESG
KnowESG_Coway 2023 sustainability report
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Coway Co., Ltd., renowned as the "Best Life Solution Company," has unveiled its much-awaited Coway Sustainability Report for the year 2023.

This 18th edition of the report offers a comprehensive overview of the company's remarkable progress in achieving its Environmental, Social, and Governance (ESG) goals. As a firm believer in its social responsibilities, Coway continues to create enduring value for all its stakeholders.

Jangwon Seo, the CEO of Coway, expressed delight in presenting the latest report, reiterating the company's unwavering commitment to sustainable practices.

Moreover, he introduced Coway's new ESG management vision, which encapsulates its role as a 'Company Caring for a Better Earth.' This visionary approach will guide Coway's ESG initiatives, positioning it as a trailblazer in the journey towards a more sustainable future.

Since its debut publication in 2006, the Coway Sustainability Report has been an annual tradition, serving as a testament to the company's dedication to transparency and accountability. Over the years, it has evolved into a comprehensive source of valuable insights, even boasting its own dedicated website since 2015.

In the pursuit of a better understanding of the impact of its sustainability efforts, Coway has introduced a double materiality assessment. This evaluation examines both the influence of sustainability issues on the business and the reciprocal impact of business activities on society and the environment.

Furthermore, the report appraises the compliance of Coway's supply chain with its own ESG initiatives while shedding light on the current status of significant and emerging ESG concerns.

The 2023 Coway Sustainability Report emphasises three critical ESG priority tasks identified in close collaboration with the ESG Committee. These tasks encompass the establishment of an eco-friendly management system, a commitment to human rights and diversity, and the reinforcement of sustainable governance.

By diligently implementing these tasks, Coway aims to actively incorporate stakeholder feedback and foster a culture of continuous innovation, driving its journey towards ESG excellence.

Within the report, Coway's sustainable management performance across the domains of Environment, Society, and Governance takes centre stage. A noteworthy performance target is an ambitious mission to halve carbon emissions by 2030 compared to the levels in 2020. To achieve this, Coway is adopting sustainable energy sources and infusing eco-friendly practices throughout the product development and lifecycle management process.

Among the achievements highlighted in the report for 2022, Coway takes pride in the establishment of its second solar power plant, substantial improvements in energy consumption efficiency, and the incorporation of more eco-friendly materials into its products.

In line with its corporate social responsibility initiatives, Coway actively engages with local communities through meaningful endeavours. Notable initiatives include the donation of water and air purifiers to underprivileged communities and the creation of a citizen's forest to conserve biodiversity.

Additionally, Coway has demonstrated its commitment to diversity and inclusion by becoming the first private sector company to own Korea's 'BlueWheels Basketball Team,' an inspiring wheelchair basketball team.

To bolster governance practices, Coway has appointed a new board of female independent directors, emphasising gender diversity and fostering varied perspectives at an executive level.

The Coway Sustainability Report 2023 provides a comprehensive and insightful look into the company's journey towards a more sustainable and socially responsible future. For those seeking in-depth information and a deeper understanding of Coway's ESG efforts, the full report is available for reference and review.

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Source: Coway

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