SBTi approval for Hankook Tire’s GHG target

The Science Based Targets initiative (SBTi) has approved Hankook Tire & Technology’s near-term 2030 greenhouse gas (GHG) reduction goals and target of achieving net-zero by 2050. The tyre maker says this approval will help it “gain momentum in the realisation of its 2050 Carbon Neutrality Roadmap.”

Funded by Bezos Earth Fund, IKEA Foundation, Laudes Foundation, Bloomberg Philanthropies and Climate Arc – Rockefeller Philanthropy Advisors, SBTi is a global initiative that supports companies in setting targets that are in line with the Paris Climate Agreement. In aligning with SBTi approval, Hankook Tire’s goal for 2030 is to reduce the total amount of direct and indirect GHG emissions (Scope 1 and 2) generated in its production stage by 46.2 per cent compared to 2019. By the same year, the company aims to reduce absolute GHG emissions generated in its value chain (Scope 3) by 27.5 per cent per cent compared to 2019.

Hankook Tire describes SBTi approval of its targets as “a significant move” and notes being the first Korean tyre maker to set itself the challenge of reaching net zero by 2050 based on the SBTi Net Zero standard. Roughly 5,700 companies around the world are participating in SBTi, with Hankook Tire being one of just 15 Korean companies receiving approval.