NAVER Releases 2022 Integrated Report Reflecting Leading ESG Efforts and Achievements
NAVER Releases 2022 Integrated Report Reflecting Leading ESG Efforts and Achievements
NAVER Releases 2022 Integrated Report Reflecting Leading ESG Efforts and Achievements
- NAVER also released the improved “Seven ESG Strategies,” the TCFD Report, and the Green Commerce Report
June 30, 2023
NAVER Corporation (CEO Choi Soo-yeon), a company leading in ESG efforts, released the 2022 Integrated Report illustrating the company’s ESG management efforts and achievements over the year 2022. NAVER also released its TCFD report, describing the company’s climate action strategies, and its Green Commerce report, which outlines the company’s Green Commerce status and achievements.
In the report, NAVER’s “Seven ESG Strategies,” newly updated in 2022, were introduced for the first time. The company’s nonfinancial achievements were also presented according to the standards set by the GRI and SASB.
The seven ESG strategies unveiled in the report include ▲building an ESG value-creation platform, ▲promoting the growth and satisfaction of employees, ▲supporting the growth of partners and co-prosperity with local communities, ▲advancing and maintaining the transparency of the governance structure, ▲going carbon negative by 2040, ▲minimizing privacy and cybersecurity risks, and ▲operating businesses responsibly. NAVER also provided detailed descriptions of the past year’s performance and long-term direction and goals for each strategy.
NAVER cut its greenhouse gas emissions by a total of 17,414 tCO2e last year by adopting renewable energy, saving more than it did in 2021 (16,697 tCO2e). It also signed a third-party power purchase agreement (PPA) to incorporate renewable energy in the operation of the NAVER 1784 building and became the first global Internet company to join RE100 and EV100 at the same time. As a result, NAVER used 5.49 GWh of renewable energy in 2022, about five times more than in 2021 (1.08 GWh).
Furthermore, NAVER has continuously displayed interest in technology ethics such as user information protection and AI, adopting the PER system for the first time in Korea and publishing the second “NAVER-SAPI AI Report” with Seoul National University’s AI Policy Initiative. NAVER’s other ESG efforts last year include being named the “Best Company” for six consecutive years on the Win-Win Growth Index evaluation and introducing the “Connected Work” system to allow employees to focus on their work itself.
The “Project Flower” campaign, which discovers and fosters small and medium-sized enterprises (SMEs) and creators, continues to grow in scale as well. In 2022, NAVER spent KRW 39.86 billion toward financial and systemic support in the form of education, Start Zero Fee, Growth Support Points, and quick settlement for SMEs. Considering the digital education support provided through the Connect Foundation, various donations and funding through Happy Bean, and support for culture and art creators through the NAVER Cultural Foundation, NAVER created a social value of KRW 98.83 billion last year.
The TCFD report, released along with the integrated report, contains the road map and concrete implementation strategies of NAVER’s ‘2040 Carbon Negative’ initiative. Meanwhile, the Green Commerce Report, published as a special report for the year 2022, discussed cases and achievements how NAVER’s ESG policies led to actual applications. NAVER said in the Green Commerce Report that about 4.26 million “greensumers(green+consumers)” were connected with SMEs in 2022 through various promotions and the NAVER platform and that they plan to establish a virtuous cycle structure where green platforms, green brands, and green consumers interact.
NAVER, which transparently discloses sustainability-related management status and achievements, is also being recognized for its ESG efforts by numerous Korean and global ESG evaluation institutions. Following 2021, NAVER received the highest “AAA” rating again from Morgan Stanley Capital International (MSCI) in 2022. NAVER also received the “A” rating from the Korea Institute of Corporate Governance and Sustainability (KCGS) and the “AA” rating from Sustinvest, an ESG evaluation agency, one level higher than the previous year.
※TCFD (Task Force on Climate-Related Financial Disclosures)
※GRI (Global Reporting Initiative)
※SASB (Sustainability Accounting Standards Board)
※RE100: A global initiative that aims for companies to shift their power consumption toward renewable energy sources such as wind and solar power
※EV100: A global initiative that aims to reduce greenhouse gas emissions through the transition to environmentally friendly vehicles
※PER (Privacy Enhancement Reward): The system adopted by NAVER for the first time in Korea. It gathers suggestions on privacy protection from actual service users, applies them to the service, and provides appropriate rewards through regular evaluations.