Hyundai Elevator announced on the 3rd that it would conduct a Life Cycle Assessment (LCA) of its core products to strengthen its Environmental, Social, and Governance (ESG) management. Earlier, Hyun Jeong, chairman of the Hyundai Group, emphasized the importance of enhancing ESG management in his New Year's address earlier this year.
Hyundai Elevator is analyzing the environmental impacts throughout the life cycle of its new elevator product, Nex Plus, launched last year. This assessment evaluates the greenhouse gas emissions and environmental loads occurring in the entire process from raw material extraction to production, distribution, usage, and disposal. Based on this, the company plans to establish criteria for the development of future eco-friendly products.
In 2022, Hyundai Elevator transferred its headquarters to Chungju and announced its long-term roadmap for RE100 (100% renewable energy usage). This move aims to provide more environmentally friendly products and solutions. Hyundai Elevator plans to reduce greenhouse gas emissions by 42% by 2030 and 71% by 2040, with a goal of replacing 100% of its electricity usage with renewable energy by 2050.
Hyundai Elevator is already exceeding its 2030 targets. The Chungju headquarters also has a solar power facility with a capacity of 7.6 megawatts, which managed to reduce greenhouse gas emissions by up to 60% compared to last year. Hyundai Elevator has also established a solar power facility with a capacity of 6 megawatts in Shanghai, China. A total of 47% of energy usage is expected to be replaced with eco-friendly energy.
An official from Hyundai Elevator said, “We will continuously strengthen the analysis and management of environmental impacts throughout the entire life cycle of our products” and “We will respond to climate change and provide our customers with eco-friendly product solutions.”