04/06/2023 14:33
SK creates $15.7 billion. in social value during 2022 through environmental and social innovations
| SK Group Chairman Chey Tae-won speaks during a business panel discussion at the World Climate Industry Expo held at the BEXCO Convention Center in Busan on May 25. Yonhap |
By Baek Byung-yeul
SK Group said on Sunday that the total social value created by its affiliates in 2022 from innovative business models for the environment and society reached 20.556 trillion won ($15.7 billion), up 8.6 percent from the previous year
Korea’s second-largest business group has been announcing a monetized measure of its social value creation every year since 2018. It said the total amount of social value has been steadily increasing as a result of each affiliate’s efforts to generate more social value through new companies. .
“Business models are being created and innovations made as stakeholders look for ways to solve or mitigate the social problems they face,” said an SK Group spokesperson. “Now, social values are being internalized in the businesses of each affiliate.”
The group said it generated a total of 1.93 trillion in social value from its products and services in the environmental and social sectors. Unlike its indirect contributions to the economy, such as employment and taxes, which have fluctuated depending on global economic conditions, SK Group subsidiaries have shown a strong average annual growth rate of 30 percent in these areas.
The group added that the rapid growth in the environmental and social sectors was the result of Chairman Chey Tae-won’s vision, which encourages each affiliate to redouble its efforts to create social value by establishing a system to continuously measure and manage social value and announce the results. to interested parties.
“We need to find a number of ways to create more social value based on our measurement of social value monetization,” the president said. “Ultimately, we need to find ways to innovate existing business models.”
SK Innovation has contributed significantly to the creation of social value through its subsidiaries that produce eco-friendly products such as electric vehicle (EV) batteries and electric vehicle battery separators. SK Innovation also developed eco-friendly products, such as a foaming agent that replaces the greenhouse gas-emitting Freon gas, and generated 93.5 billion won in social value.
SK innovation also promotes new business models such as plastic waste recycling, battery metal recycling (BMR) and lubricant waste recycling.
SK E&S’ hydrogen and renewable energy business, SK ecoplant’s solar, hydrogen and waste treatment business and SKC’s semiconductor materials business such as copper foil have also been highlighted as businesses ecological ones that create social value.
In the social sectors, SK Telecom created 76.7 billion won of social value through a voice phishing prevention service. With the service, SK Telecom blocked more than 105,000 criminal numbers by 2022. In collaboration with the Korea Meteorological Administration, the company has also set up earthquake detection sensors to generate 13 billion won in social value and 9.8 billion won of won more with AI-based elderly care. service
SK Group’s social value measurement model, which quantifies social value previously considered difficult to measure, and the social progress credit system, which links social value performance to an incentive system, are also they are extending to local governments, the group added.
