The modern business environment places high importance on sustainability. In fact, the idea of the bottom line has evolved to the triple bottom line. Coined by English entrepreneur, John Elkington, the triple bottom line refers to an expanded bottom line that includes three parts: social, environmental and financial.
As a main driving force for Korea’s economic development since 1968, POSCO understands the impact of minimizing its environmental footprint. It means creating extra value for its customers and investors, while protecting the future of the planet. Through environmental and energy management programs, social contribution, partnerships and ethical business, POSCO is achieving success and growth as a global leader in the steel industry, contributing to the sustainable growth of society and welfare of communities.
Sustainable Management System
Ever since its founding, POSCO has been committed to the environment and humanity. Understanding that sustainability is necessary for the future growth of communities, POSCO developed a sustainable management system that considers economic profitability, environmental soundness and social responsibility. Its Corporate Sustainability Management (CSM) team strives to systematically implement these items into its business activities.
Through a philosophy of transparency, POSCO shares its Vision 2020 and its Sustainable Management System (SMS). The decision making process for issues and operations are clearly mapped out, showing the flow of company-wide vision and goals and direction. Committees within the SMS include the Environmental Management Committee, the Shared Growth Counsel, the CSR Committee, the POSCO Family Safety Committee, the Green Growth Committee and the Fair Trade Compliance Counsel.
The committees of the SMS are responsible for establishing strategies for management of environmental energy, shared growth and safety performance, performance reviews, reviewing plans for improving CSR programs, reviewing and confirming master plans for green growth, sharing trends on fair trade and evaluating leaders.
Stakeholder Activities
POSCO reports its activities with stakeholders for enhanced partnership through a team dedicated to achieving sustainable development. The group reports how POSCO’s activities impact the environment, investors, society, partners, employees and customers. Data is collected through frequent meetings, surveys, blogs, evaluations, forums and other research.
Environmental Management
POSCO sincerely believes that humanity should coexist with the surrounding environment, and is aware of its responsibility to help keep the environment healthy for the next generation that follows. POSCO incorporates company-wide environmental management initiatives, taking the next step beyond running a green business. POSCO strives to work towards a sustainable and promising future by actively saving energy and increasing energy efficiency, minimizing its environmental impact and conserving existing ecosystems.
Recently, POSCO donated almost 26,000 tons of certified emission reduction (CER) to the Pyeongchang Olympic Committee, showing its dedication to reducing greenhouse emissions. This is in addition to its POSCO CO2 Breakthrough Framework, already in place, to reduce carbon emissions. POSCO focuses developing technologies to produce energy saving materials and reduce harmful emissions during the production process, as well as during their use. This plan of Low Carbon, Green Growth was introduced in February 2010 in response to climate change.
Addressing issues of sustainability in practice, as well as reporting and sharing data from business activities is important to the future. To be a leader in the movement towards green business strategies in the steel industry, POSCO operates in a transparent way to make its leadership accountable for ethical performance. All customers, partners and investors can see POSCO’s philosophy on sustainability on POSCO’s official website.