Brampton, ON, November 19, 2021 – Global leading tire company, Hankook Tire, further fostered sustainability across its value chain for natural rubber, a primary raw material for tires, by updating its sustainable natural rubber policy in accordance with Global Platform for Sustainable Natural Rubber (GPSNR) policy framework. In 2018, Hankook Tire established a sustainable natural rubber policy and is a member of GPSNR, an international membership driven platform, set up to define sustainability for natural rubber value chain.
Through the policy, each party of the natural rubber value chain, including producers, processors, traders, and manufacturers are obligated to comply with the laws and regulations of countries where they operate as well as Hankook Tire’s requirements that have been updated in compliance with the new GSPNR policy. This includes human rights, environmental protection, and management transparency.
Guidelines for human rights include protecting customary, traditional, and communal land tenure rights of indigenous people and local communities based on the UN Declaration on the Rights of Indigenous Peoples. Hankook Tire also runs a Grievance Mechanism following the effectiveness criteria of the UN Guiding Principles on Business and Human Rights.
For environmental protection, the prevention of deforestation, resource depletion, water pollution caused by using chemicals, and prohibiting development or procurement of peatland farming of natural rubber are all regulated. Hankook Tire is committed to restoring natural forests and ecosystems of endangered species and wildlife, as well as working to mitigate GHG emissions. Hankook Tires is also working to enhance the transparency of the complex natural rubber value chain, which ranges from producers to end-users.
Hankook Tire plans to increase its material efficiency to identify the most suitable cultivation practices while encouraging smallholders to receive related training. The company will also actively support partners to implement the policy through incentives, training and purchasing monitoring. In addition, Hankook Tire will conduct assessments of its partners to evaluate their compliance with the policy at least once every two years.
“Sustainability is an agenda that we cannot compromise, and value chains are an integral part of sustainability management plan today. We know that for the future to be sustainable, we must reframe the way we operate and do our business with all the stakeholders involved,’’ says Sooil Lee, President and CEO of Hankook Tire & Technology. “As a member of the GPSNR, we are committed to legal compliance, community livelihoods, healthy, functioning ecosystems, and respecting all human rights in natural rubber procurement and production. Together with our supply chain partners, we will help improve the quality of life of the natural rubber cultivators, upgrade the quality of natural rubber, and minimize environmental impact.’’
“Hankook Tire‘s alignment with the GPSNR’s policy framework reflects their commitment to a fair, equitable and sustainable natural rubber value chain.” Stefano Savi, GPSNR Platform Director adds. “As more and more member companies align with the policy framework, we believe this is a step ahead for the industry at large as GPSNR finds 50% of the natural rubber demand represented in its membership.’’
Hankook Tire is continuously working towards promoting a healthy and sustainable global community, taking the topic of sustainability seriously. As a result, starting with its first inclusion on the Dow Jones Sustainability Indices in 2011, the company has been listed in the Dow Jones Sustainability Indices (DJSI) World for five consecutive years from 2016 to 2020.
The updated sustainable natural rubber policy that falls in alignment with GPSNR’s policy framework can be found on Sustainable Management page of Hankook Tire website(link).
