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THE INVESTOR
July 02, 2022

Market Now

GS Group unveils sustainability goals in its first ESG report

  • PUBLISHED :June 23, 2022 - 09:09
  • UPDATED :June 23, 2022 - 09:09
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(GS Group)

South Korea’s energy-to-retail conglomerate GS Group said Wednesday that it has published its first environmental, social and governance report which contains three key execution plans under a slogan of “Grow Sustainably, GS.”

The company said the slogan illustrates the firm’s willingness to make long-term growth which is flexible to social changes in terms of its sustainability execution plans. The plan seeks to reduce, improve and innovate rather than chasing after efficiency-based development.

The company said it would efficiently use eco-friendly energy from production to retail processes to reduce harmful products, as well as improve the business process and customer experience. It also seeks to innovate its business models through AI digital technology and biotechnology to take a step closer to becoming an eco-friendly business.

The group’s report also included its main subsidiaries’ eco-friendly business statuses and related investments, such as oil refining arm GS Caltex’s import of oil cargo certified as carbon-neutral and GS Energy’s clinching of a deal to import 200,000 metric tons of low-carbon blue ammonia annually from Abu Dhabi starting in 2025. GS Retail has also partnered with an apparel company to recycle used plastic bottles into clothing, according to the report.

In addition, GS has added four new affiliates to disclose the volume of greenhouse gases, waste, air pollutant and water contamination emissions in its report. Until now, the group’s major affiliates such as GS Caltex, GS Retail and GS E&C have published their own ESG reports where they detailed their respective emissions volumes.

Making its steps for sustainable business more transparent, the group said it has also launched an ESG cooperative body comprised of affiliates’ executive members in charge of ESG activities, so the group can execute the plan more aggressively.

“GS’ businesses play a fundamental role in our society while facing the global challenge of climate change and carbon reduction. Based on all employees’ deep understanding of environmental sustainability, our group should seek not only the company’s sustainability but also society’s sustainable growth,” said GS Group Chairman Huh Tae-soo.

By Kim Da-sol  (ddd@heraldcorp.com)

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