Hyundai Elevator has set the goal of reaching net-zero emissions by 2050, according to its latest 2022-2023 environmental, social and governance report released Monday.

The report mainly discusses the company’s ESG vision and strategy to achieve net-zero emissions by 2050 based on the Science Based Target Initiative, which sets carbon reduction targets for companies to meet standards set by the Paris Agreement.

The company said it plans to reduce its carbon emissions by 42 percent by 2030 and 71 percent by 2040, ultimately coming to achieve carbon neutrality by 2050.

To achieve its goals, Hyundai Elevator plans to establish a roadmap with mid to long-term goals to reduce greenhouse gases at its worksites. Additionally, it plans to install additional renewable energy generation facilities, expand its use of electric and hybrid corporate vehicles and conduct more energy consumption campaigns.

“We will be transparent with our ESG management activities through the publication of annual reports,” said Cho Jae-cheon, CEO of Hyundai Elevator. “Hyundai Elevator will become a company that is trusted by the global market and opens up a sustainable future.”

In June, Hyundai Elevator also established an ESG committee under the board of directors to evaluate the company’s social impact and lay the ground to upgrade its ESG management system through a more strategic and systematic approach.