Hyundai Electric, Hyundai Heavy Industries (HHI) Group's affiliate specializing in power equipment and energy solutions, announced on March 28 that it will make 2021 a milestone year in which the company officially adopts a proactive approach to holistically integrate the environmental, social and corporate governance (ESG) agenda into its business.

Announcing "A Trusted Company That Creates Sustainable Value" as its ESG management slogan, Hyundai Electric set out three directions to truly integrate ESG into its business practices: Creating Environmental Impact; Pursing Shared Growth; and Ensuring Transparency & Compliance.

It has also finalized a three-step ESG roadmap to 2023.

According to the roadmap, Hyundai Electric will lay out the foundation for ESG management in 2021, strengthen ESG management capabilities in 2022, and integrate ESG into its firm-wide business practices in 2023.

The company also set out how specifically to achieve its ESG ambitions.

For starters, it will systematically measure the environmental performance of its existing products and services, such as ESS (Energy Storage System), in the first half of this year.

Further, it plans to issue green bonds to secure funding for eco-friendly businesses for a sustainable future, while also taking a pre-emptive approach to addressing environmental and social issues, including by expanding activities for shared growth with its business partners.

"ESG management is now a key strategy in designing a sustainable, better future for a business," said Cho Seok, President & CEO of Hyundai Electric. "By turning ESG aspirations into action, Hyundai Electric will grow into a company respected and trusted by both internal and external stakeholders."

Hyundai Electric commenced the establishment of a cloud-based smart energy platform in Banwol-Sihwa Industrial Complex in Gyeonggi-do last year, which is the nation's largest industrial complex, while also working closely with Pacifico Energy, a global leader in developing and financing renewable energy projects, in an effort to aggressively advance into the new and renewable energy market.