Coway Co. has earned “AA” in the 2022 MSCI ESG Ratings.
MSCI evaluates ESG ratings on a scale from AAA (leader) to CCC (laggard) based on its analysis of the company’s environmental, social, and governance initiatives. MSCI’s ESG Ratings serve as a global index for ESG investments along with FTSE4Good and DJSI.
Coway acquired the second-highest MSCI ESG rating, “AA,” affirming the company’s leading position in navigating ESG issues in the household durables industry. The excellent evaluation was mainly due to strong corporate governance and electronic waste management.
Coway has made multiple initiatives to show its commitment to the environment, society, and governance. In 2006, the company declared the goal of becoming net zero by 2050 and reducing greenhouse gas emissions by 50% by 2030. Last year, the company established an ESG committee under the board of directors for strategic ESG management.
Coway makes significant efforts to minimize environmental impact throughout the product life cycle from design to development, sales, repurposing, and recycling. Its initiatives include eco-friendly product development, renewable energy usage, a waste take-back program, and resource circulations.
In 2021, the company successfully reduced 104.4 tons of GHG emissions by generating renewable solar energy. Coway also recycles 99% of the waste generated from products, services, and business sites through the recycling and refurbishment systems. In addition, using recycled materials in product development contributes to reduced resource consumption.
An official from Coway said: “We’re pursuing ESG management at a company-wide level to fulfill financial performance as well as environmental and social responsibility. We’ll continue to improve our ESG management systems for our sustainable future.”
In addition to the MSCI Rating, Coway is listed on the DJSI World Index for its 6th consecutive year and the 2021 FTSE4Good Index. Domestically, Coway received an ‘A’ ESG Rating from the Korea Corporate Governance Service (KCGS) for its 3rd consecutive year in 2021.