Tobacco maker to join hands with local university
BAT Korea announced on Jan. 7 that its plant in southern Korea had signed a memorandum of understanding (MOU) over ESG cooperation with Gyeongsang National University.
Under the contract, the tobacco manufacturer said that its Sacheon plant would join hands with the university’s research institute for futuristic convergence technologies.
Short for Environmental, Social, and corporate Governance, ESG is the three central factors in measuring the sustainability of a corporation or business.
During the past few years, the initiative has emerged as an essential managerial value locally and globally.
Based on the bilateral agreement, the two outfits plan to build a system to develop technology and promote local talent exchanges, which they expect would lead to more ESG investment, specifically in the environmental areas.
The university’s institute is set to launch research to identify technologies geared toward reducing carbon emission at BAT’s Sacheon factory, some 300 kilometers south of Seoul.
BAT said that such efforts are aimed at achieving the net-zero target and accelerating the use of renewable energy.
“BAT Sacheon factory has been implementing the environmental business operation through proactive investments in the installation of the solar energy generation facility, management for the International Alliance for Water Stewardship (AWS), and etc.,” said Kim Ji-hyeong, head of manufacturing at BAT Sacheon plant.
“We plan to actively cooperate with Gyeongsang National University to ensure that this industry and academia cooperation make actual progress in the area of environment and nurturing of talent as well as for the plant to achieve its carbon emission reduction target.”
AWS refers to a global membership collaboration for preserving water resources, which comprises businesses, not-for-profit organizations, and the public sector.