Redcap Tour Becomes First in Korean Travel Industry to Receive SBTi Reduction Target Approval, Accelerating ESG Management

Redcap Tour is accelerating its shift toward eco-friendly management by becoming the first company in the Korean travel industry to obtain approval for its greenhouse gas reduction targets from the Science Based Targets initiative (SBTi).

On June 15, Redcap Tour announced that it had received SBTi approval for its greenhouse gas reduction targets in the "Hotels, Restaurants and Leisure, and Tourism Services" sector. Redcap Tour is the first Korean company in this field to receive SBTi approval.

With this approval, Redcap Tour has secured an official greenhouse gas reduction roadmap that will enable it to respond to the global trend of strengthened carbon regulations across supply chains.

The SBTi is an international initiative jointly established by the Carbon Disclosure Project (CDP), the United Nations Global Compact (UNGC), and others, which scientifically verifies companies' greenhouse gas reduction targets in alignment with the Paris Agreement. It is now a key standard used to assess corporate climate action in global markets.

Redcap Tour set 2023 as its base year and received approval for its target to reduce direct and indirect greenhouse gas emissions (Scope 1 and 2) by 54.6% by 2033. Scope 1 and 2 refer to direct emissions from business operations and indirect emissions from electricity usage and similar sources.

Additionally, the company plans to reduce other indirect emissions (Scope 3)—arising from fuel and energy-related activities, upstream transportation and distribution, and the use of sold products—by 32.5% during the same period.

Redcap Tour has designated climate action as a core element of its sustainability management and joined the SBTi in October 2023 to ensure the objectivity and credibility of its reduction targets. After undergoing an international review process, the company’s targets were officially recognized as meeting global standards for climate action.

Notably, Redcap Tour proactively established an emissions management system even though it is not required to disclose greenhouse gas emissions. In February of this year, the company completed third-party verification of its emissions data, which enabled it to secure highly reliable data and establish reduction targets that led to SBTi approval.

Moving forward, the company will further refine its emissions management system to cover every stage of its operations, from business site management to customer service delivery. It plans to systematically manage not only emissions from energy use and vehicle operations at its business sites but also major emission sources across its entire supply chain, pursuing step-by-step reduction activities.

Yoo Sung In, CEO of Redcap Tour, stated, "Business travel and rental car services are not only business infrastructure that support client mobility but are also sectors that must consider environmental responsibility. As global companies and institutional clients strengthen their supply chain carbon management criteria, we will provide sustainable business travel and rental car services based on a verified emissions management system."

Redcap Tour plans to use its position as the first company in the domestic travel industry to receive SBTi approval as a springboard to further enhance its greenhouse gas reduction system and evolve into a global eco-friendly travel and mobility service company.

This content was produced with the assistance of AI translation services.