Hunan Valin Steel

No leading practices were identified for this company.

No leading practices were identified for this company.

No leading practices were identified for this company.

No leading practices were identified for this company.

Hunan Valin Steel has not publicly disclosed specific emissions reduction targets for any of its scope 1, 2 or 3 emissions originating from its operations or its supply chain. The company should develop a long-term target that aligns with a 1.5°C pathway and covers its scope 1, 2 and 3 emissions. Additionally, the company should set intermediate targets at gaps of no more than five years to incentivise near-term action on longer-term goals. There is no evidence that Hunan Valin discloses its carbon dioxide emissions from 2017 to 2022. To demonstrate commitment to a low-carbon transition, companies should disclose at least five years of historic emissions data.

There is no evidence that Hunan Valin Steel has a low-carbon transition plan. Moreover, there is no evidence that the company has implemented board-level oversight of climate change, or that it has developed or is developing low-carbon activities outside of its core business. The company should establish a time-bound action plan that outlines how it will transition to a low-carbon economy. This should include medium- and long-term targets, verifiable and quantifiable key performance indicators and financial commitments. Further, the plan should be informed by climate scenario analysis to ensure its ambition aligns with a 1.5°C pathway.

Hunan Valin Steel invested USD 957 million in research and development (R&D) in 2022. However, the company does not disclose what proportion of its R&D expenditure was invested in low-carbon technologies. R&D expenditure on low-carbon technologies is essential for the company to develop a low-carbon product portfolio. In addition, the company has carried out research and development with its suppliers for carbon reduction of iron ore processing. The intervention is backed by factors like planning and adequate resources set out in a memorandum of understanding.

Hunan Valin Steel does not specify either emissions reduction requirements or other low-carbon recommendations for its supply chain. The company should address its scope 3 emissions by providing clear guidance to its supply chain to align with the low-carbon transition. Furthermore, there is no evidence that the company has a strategy to engage with its clients regarding reduction of their carbon dioxide emissions. Additionally, no evidence was found of the company having a process to ensure its policy positions are consistent with the Paris Agreement goals.

Hunan Valin Steel has not set any targets to reduce its carbon emissions. The company has committed to ‘achieving carbon peak before 2030 and carbon neutrality before 2060’, but does not provide details on how it plans to fulfil these goals.

Hunan Valin Steel’s lack of targets, strategy and emissions intensity data all suggest that the company is not yet committed to the low-carbon transition.

The company does not sufficiently disclose its scope 1 and 2 emissions data from 2015 to 2020 to allow for a meaningful assessment of its historical emissions intensity trend.

The company spent USD 958 million on R&D in 2022 but does not disclose how much was dedicated to low-carbon technologies. Moreover, its current business model relies on carbon-intensive fuels.

Hunan Valin Steel does not publicly disclose a low-carbon transition plan or any related elements. It is unclear how the company plans to achieve its objectives.

No evidence was found of the company’s commitment to social dialogue or of the categories of stakeholders the company engages with on a just transition. Furthermore, no evidence was found to demonstrate the company’s ongoing social dialogue and meaningful engagement with affected stakeholders.
No evidence was found of the company undertaking low-carbon transition planning to mitigate the social impacts of the transition on workers, affected stakeholders and its business relationships. Additionally, no evidence was found to demonstrate the company’s engagement in social dialogue and with stakeholders in its just transition planning.

No public commitment by the company was found stating its intention to create and support access to green and decent jobs as part of the low-carbon transition. Moreover, no evidence was found of the company’s actions to promote these jobs in a way that ensures gender balance and inclusion of vulnerable groups.
No relevant disclosure was found of the company’s assessment of employment dislocation risks. Further, no public commitment by the company was found stating its intention to reskill and upskill workers displaced by the transition to a low-carbon economy. Additionally, no evidence was found that the company reskills and upskills workers in a way that ensures gender balance and inclusion of vulnerable groups.

No relevant disclosure was found to show if the company identifies the impacts of the low-carbon transition on social protection for workers and affected stakeholders, nor how it contributes to their social protection. Additionally, no evidence was found that the company expects its business relationships to contribute to the social protection of their workers and affected stakeholders.
No relevant disclosure was found to show how the company identifies any misalignment of its lobbying activities with policies and regulations that support the just transition, nor of the measures it takes to address misalignment. Furthermore, no evidence was found that the company lobbies for policies and regulations for green and decent job creation; retention, education and reskilling; and social protection for workers.

No company policies or commitments related to respect for human rights were found in the public domain. This includes the necessary policies and systems by which the company can ensure respect for basic human rights in its operations and supply chain.

No evidence of the company’s policies or commitments related to key decent work issues was found in the public domain. These issues include the provision of safe, secure and healthy workplaces, where workers are fairly renumerated and have a meaningful say in decision-making.

No company policies or commitments related to key ethical business topics – personal data protection, tax, bribery and corruption, and lobbying and political engagement – were found in the public domain. This includes ensuring ethical business conduct throughout its operations and in its business relationships.