Hanon Systems Carbon Emissions Targets Approved by Science Based Targets initiative

By 2030,Hanon Systems aims to reduce absolute scope 1 and scope 2 emissions by 50%,and relative Scope 3 emissions from purchased goods and services by 55%

Hanon Systems commits to reach net-zero greenhouse gas emissions across the value chain by 2050

SEOUL,South Korea,Nov. 12,2024 -- Hanon Systems (KS:018880),a leading global automotive thermal management supplier for electrified mobility,has received approval from the Science Based Targets initiative (SBTI) for its near-term 2030 greenhouse gas (GHG) reduction goals and net-zero target by 2050.

In alignment with SBTi approval,Hanon Systems aims to reduce absolute scope 1 and scope 2 GHG emissions 50%,and scope 3 emissions from purchased goods and services 55% per ton of purchased raw material by 2030 from the 2019 baseline.

By 2040,the company,aims to achieve carbon neutrality and reduce absolute scope 1,2 and scope 3 emissions by 90%. In addition,Hanon Systems commits to reach net-zero for all greenhouse gas emissions across the value chain by 2050.

"We are proud that our science-based emissions targets have been officially approved. This is a significant milestone,which proves our strong commitment to the Paris Agreement," said Nurdal Kücükkaya,president and co-chief executive officer. "Through SBTi's validation and preparation process,our carbon neutral strategy has been successfully validated to align with the 1.5°C target."

"To achieve these targets,the company has formulated detailed action plans to reduce its carbon footprint and increase the use of renewable energy sources," said president and co-chief executive officer Subu Nagasubramony. "We continue to remain dedicated to pursuing environmentally friendly product design,and leveraging our expertise in thermal management solutions to demonstrate our commitment to addressing the effects of climate change."

Since 2021,the Hanon Systems Carbon Neutral Office has been overseeing the actions of various cross-functional teams to accelerate efforts to reduce the company's carbon footprint. These efforts include: increasing energy efficiency; installation of self-generation systems for renewable electricity; signing power purchase agreements from renewable electricity suppliers; customer engagements; developing low-carbon variants of existing products and new low-carbon solutions; educating the workforce and partnering with the supply chain to source low-carbon parts and materials.

For more actions,view the company's 2023 Sustainability report.

SBTi is leading the campaign to help companies set emission reduction targets in line with the 2015 Paris Agreement to limit global warming to 1.5°C. This initiative is a collaboration between the Carbon Disclosure Project (CDP),the United Nations Global Compact,World Resources Institute (WRI) and the World Wide Fund for Nature (WWF).

About Hanon Systems

Hanon Systems is a full-line supplier of automotive thermal and energy management solutions for electrified and conventional vehicles. Its offering includes a wide range of solutions in the areas of heating ventilation and air conditioning; powertrain cooling; compressor; fluid transport; and electronics and fluid pressure. The company currently operates 50 manufacturing sites and three regional innovation centers,and employs more than 20,000 people across 21 countries. To learn more,visit hanonsystems.com.

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