WWF Published the corporation evaluation report
- Provides guidelines for Korean companies to improve their specific climate actions
WWF-Korea published a report which analyzed Korean corporations’ responses to climate and energy along with foreign best practices as part of its ‘Change Now for Tomorrow’ program.
“The evaluation of the efforts of Korean corporations to address climate and energy issues: Focusing on 10 industry sectors and foreign best practices (‘Corporation evaluation report’)” analyzes Korean and foreign corporations’ climate action status and introduces foreign best practices as guides for Korean companies. This report is a follow-up study from its 2018 “The evaluation of the efforts of Korean corporations to address climate and energy issues: Focusing on the electric equipment and transportation sectors” report.
In the ‘Corporate evaluation report,’ 39 Korean corporations and 20 foreign corporations were analyzed based on ‘targets and performance’ and ‘information disclosure.’ For foreign best practices, only foreign corporations with high grades were selected in order to provide implications for Korean companies. In terms of ‘Long-term Vision,’ ‘Energy Efficiency Targets,’ and ‘Renewable Energy Targets,’ Korean companies scored especially low compared to its foreign counterparts. Moreover, there existed differences in climate reaction effort by industry. “Responding to climate change is no longer just the area of corporate social responsibility but corporate operational risk such as change in investment methods due to climate change. Therefore, Korean companies require more active efforts for climate change.” said Suh young Jung, WWF-Korea’s climate & energy program officer.
This report’s significance lies in the fact that it illustrates the current condition of Korean companies through domestic and foreign comparison and proposes specific improvement points including best practice corporations’ guidelines.
‘Change Now for Tomorrow’ is a program jointly operated by WWF-Korea and Citibank Korea, sponsored by the Citi Foundation. It focuses on climate change which is a global challenge and is run since 2018 to urge climate action throughout the Korean society. Throughout this program, WWF-Korea emphasizes climate and energy issues, enhances climate action by collaborating with corporations, and ultimately pursues to contribute to a future where human and nature thrive in harmony.