Hyundai Mobis Sets Ambitious GHG Reduction Targets for 2030
Hyundai Mobis has made significant strides in its commitment to sustainability, achieving SBTi approval for its ambitious greenhouse gas (GHG) reduction target to lower emissions by nearly half (46%) from 2019 levels. This initiative is expected to bolster the company's competitiveness in global markets, notably by aligning with the UK electric vehicle grant criteria.
Strategic Renewable Energy Initiatives
As part of its environmental strategy, Hyundai Mobis is amplifying its renewable energy transition through the RE100 initiative. This includes plans to install solar energy systems at key facilities around the globe, increasing reliance on sustainable energy sources, and reinforcing the GHG management systems among its partners.
Aligning with Global Sustainability Policies
The commitment of Hyundai Mobis to its GHG reduction goals resonates with a broader sustainability movement that is taking shape in Korea and internationally. By adhering to these essential targets, the company anticipates significant advantages in the mobility sector, enhancing its stature within the automotive supply chain.
Achieving Carbon Neutrality by 2045
The official endorsement of Hyundai Mobis' GHG reduction targets by the Science Based Targets initiative (SBTi) marks a crucial milestone in its journey toward carbon neutrality by 2045. The company meticulously detailed its plans to cut emissions from both domestic and international operations while ensuring that its entire supply chain aligns with these objectives.
Specific Goals and Achievements
The specific target for Scope 1 and 2 emissions entails a 46% reduction by 2030, while for Scope 3 emissions from purchased goods, Hyundai Mobis aims for a 55% reduction per million KRW of value added. This structured approach reflects the company’s commitment to making meaningful contributions to climate change mitigation.
Impact on Global Competitiveness
The SBTi approval not only positions Hyundai Mobis favorably within the context of environmental standards but also enhances its global competitiveness. With the installation of verified emissions reductions becoming a vital criterion in the automotive supply sector, Hyundai Mobis is prepared to leverage this approval to attract more business opportunities.
Targets for Renewable Energy Use
Hyundai Mobis has set a clear roadmap towards enhancing its renewable energy utilization, aiming for a 65% share by 2030 and 100% by 2040. This directive is embodied in its RE100 initiative, which outlines specific timelines for the transition in different facilities and regions.
Implementation and Expansion of Solar Facilities
The company is making significant investments in renewable energy, including the establishment of solar power installations at various plants in Korea, notably in Daegu and Ulsan. Additionally, Hyundai Mobis is broadening its renewable energy footprint by expanding solar installations in international markets like India.
Various Methods to Boost Renewable Energy Share
To foster its renewable energy drive, Hyundai Mobis is adopting multiple strategies, including renewable energy purchases and acquiring renewable energy certificates. Facilities in countries like Slovakia, Brazil, and Turkey have successfully transitioned to 100% renewable energy, setting a benchmark in their operations.
Collaboration with Partners for Sustainable Practices
Hyundai Mobis is taking proactive steps to extend its GHG management initiatives to its supply chain. By encouraging partners to standardize their GHG practices and sourcing low-carbon raw materials, Hyundai Mobis is not only reducing its operational GHG emissions but also inspiring its partners to participate in a more sustainable system.
Vision for a Greener Future
The company's overarching vision, referred to as the 'Green Transformation to 2045 Net-Zero', illustrates its commitment to environmental stewardship. With a structured plan in place, Hyundai Mobis regularly updates its sustainability goals and performance metrics, ensuring transparency and accountability in its journey towards a greener future.
About Hyundai Mobis
Hyundai Mobis stands as a leading figure in the global automotive supply chain. Based in Seoul, Korea, it is the sixth largest automotive supplier worldwide, renowned for its expertise in safety technology, electrification, and automotive electronics. Continuing to innovate, Hyundai Mobis operates multiple technology centers across the United States, Germany, China, and India, fostering a culture of research and development that enhances its product offerings.
Frequently Asked Questions
What is Hyundai Mobis' GHG reduction target for 2030?
Hyundai Mobis aims to reduce its GHG emissions by 46% compared to 2019 levels by the year 2030.
What is the RE100 initiative?
The RE100 initiative involves a commitment to transition to 100% renewable energy for corporate operations.
Where is Hyundai Mobis increasing its renewable energy sources?
Hyundai Mobis is expanding solar power installations at its facilities in Korea, India, Slovakia, Brazil, and Turkey.
How does the SBTi approval affect Hyundai Mobis?
The SBTi approval enhances Hyundai Mobis' competitiveness in the automotive market by meeting global sustainability standards.
What is Hyundai Mobis' vision for carbon neutrality?
The company has set a vision termed 'Green Transformation to 2045 Net-Zero' to achieve full carbon neutrality by 2045.
