SEOUL, South Korea — May 15, 2024 — In support of its forthcoming Vision 2030 Sustainability Plan, Hyosung TNC has become a Partner-level Member of Textile Exchange, a global non-profit driving beneficial impacts on climate and nature across the fashion, textile, and apparel industry. Textile Exchange works to convene the fashion, textile, and apparel industry to come together to drive for more responsible fiber and materials choices at tier 4 — raw material extraction and production, providing access to learning opportunities, tools, relevant data, insight reports, industry networks, and more.
Hyosung’s aim for joining Textile Exchange as a Partner-level Member is to engage with the organization’s many LCA projects and roundtables as well as many industry-leading members.
Through Hyosung’s strategy for developing more sustainable products with lower impact on the environment, such as its expanded regen Bio-Based Spandex offering that now includes spandex made with 70 percent and 98 percent renewable resources, Hyosung is working to align with Textile Exchange’s goal of helping the industry achieve a 45 percent reduction in the emissions that come from producing fibers and raw materials by 2030.
In his new role as Hyosung Global Sustainability Director – Textiles, Simon Whitmarsh-Knight will work alongside the Hyosung Textile Sustainability team to lead the company’s engagement with Textile Exchange initiatives.
“We are excited to be a Textile Exchange Partner-level Member joined by many other highly esteemed industry leaders,” Whitmarsh-Knight said. “One of Hyosung’s major goals is providing sustainable solutions to our customers along our value chain. Aligning with Textile Exchange’s goals will help us not only help our customers, but the entire textile industry. We know it will take a village to achieve its 2030 goal and beyond.”
Hyosung’s Textile Exchange membership came shortly after the publication of Hyosung Corporation’s 2022 ESG (Environmental, Social, and Governance) Report providing a review and score of each of the company’s five business units including Hyosung TNC, and the Hyosung Textiles 2023 CDP (Carbon Disclosure Project) Report. Both reports are conducted by independent organizations invested in transparency and the disclosure of ESG reporting.
Hyosung TNC received an ‘A’ KCGS 2022 rating in company’s Corporate 2022 ESG report. The Korea Institute of Corporate Governance and Sustainability’s (KCGS) Korea Stewardship Code Center comprises researchers specialized in the stewardship code and has accumulated an array of best practice cases from Korea and abroad because of their research activities.
The company also received a 2023 CDP score of ‘A-’ well above the average global industry score of ‘C ’. CDP is a non-for-profit charity that runs the global disclosure system for investors, companies, cities, states, and regions to manage their environmental impacts. According to CDP, the world’s economy looks to the organization as the gold standard of environmental reporting with the richest and most comprehensive dataset on corporate and city action.
Hyosung TNC will announce its new Vision 2023 Sustainability Plan this August when the company’s corporate ESG 2023 report will be published and looks forward to exhibiting at the Textile Exchange Conference in Pasadena, CA this October 28 – November 1.
Posted: May 15, 2024
Source: Hyosung TNC
