SK Hynix Inc. revealed that it would highly concentrate on achieving its Social Value (SV) 2030 goals for this year. In January, the semiconductor manufacturer introduced the SV 2030 roadmap, which maximizes social values across various company sectors. The initiative aims to meet social-specific goals in four areas, including Corporate Culture, Environment, Shared Growth, and Social Safety Net.
The primary function of SV 2030 is to guide SK Hynix’s trajectory over the coming years. Moreover, the company plans to accomplish key SV 2030 goals such as company-wide carbon neutrality operations. In addition to establishing social assistance programs, the company aims to revitalize the semiconductor ecosystem. Notably, the company aspires to incorporate diversity and inclusion into its corporate culture.
SK Hynix is also the first semiconductor maker to participate in the RE100. The RE100 is a global initiative prompting companies to generate 100% of their electricity from renewable energy sources by 2050. Accordingly, the company has demonstrated its extensive commitment by actively improving its current environmental impacts. For instance, SK Hynix reduced its greenhouse gas emissions, lessened waste, and increased water recycling in its semiconductor manufacturing processes.
Following the production improvements, the company would steadily replace its existing HDD devices with energy-saving SSDs, adopting more eco-friendly technologies. Similarly, in April, SK Hynix announced it would lead the semiconductor industry’s ESG management adoption while raising its RE100 efforts.
Measuring SV Achievements
“We will keep seeking ways to contribute to humanity and society by increasing the scale of social value creation while strengthening ESG management at the same time,” said Kim Yoon-Wook, VP of SK Hynix’s Sustainability Management Unit. Kim also stated that SK Hynix has built up objectivity and reliability in its performance evaluation by consecutively reporting its social value achievements over the past three years.
In 2020, SK Hynix reported achieving positive social values in three key sectors.
- First, for the “achievements in indirect contribution to the economy,” the company recorded a 32% increase compared to 2019’s records.
- Next, for the “business achievements in social performance,” SK Hynix incurred a 944.8 billion won ($843.9 million) negative cost. The company expects the SV developments in this sector to grow amid the improved industry conditions.
- Lastly, for the “achievements in social contribution,” SK Hynix recorded 110.6 billion won in donations and social activity offerings.
