Grade D+
ChemScore report card 2023

Hanwha Solutions

Hanwha Solutions Corporation is a multinational energy services, petrochemical, and real estate development company headquartered in Seoul, South Korea. The company is part of the Hanwha Group, a large South Korean business conglomerate. Founded in 1965 as Hanwha Chemical, the company was rebranded as Hanwha Solutions in January 2020. The company operates through five segments: Raw Material, Solar, Processing, Distribution and Other.
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Total score
9 / 48

Grade summary

Hanwha scores a D+ in ChemScore 2023. The company has no SIN List substances or persistent chemicals in the EU/US market, but only 20 per cent of its sold production is disclosed. The company conduct life-cycle assessments and maintains a chemical database for the substances being handled at each plant, including those substances with hazardous properties. While Hanwha aims to create safer products, it lacks a clear design-out strategy for harmful chemicals in new products.

The company offers eco-friendly products but doesn’t advertise on ChemSec’s Marketplace. It has a long-term ambition for green hydrogen production but does not offer any product at this time. No biobased products have been identified in the company’s product portfolio. In the context of sustainability, Hanwha has a code of conduct and a supplier code of conduct in place, but there’s a lack of transparency and clear phase-out strategies. The company does not provide information about revenues from the production of hazardous substances or disclose its global hazardous product portfolio.

How did we come to this score?

Opportunities for improvement

  1. Market safer alternatives
    Hanwha does not have any safer alternatives evaluated by independent third parties in its product portfolio. Safer alternatives replace the use of hazardous substances and are crucial in order to put an end to chemical pollution. The company should, therefore, start producing safer alternatives or market existing ones on an independent third-party platform. A good place to advertise is ChemSec’s Marketplace, where buyers and suppliers can find and market safer alternatives.
  1. Increase transparency
    Much is still unknown about Hanwhas production of hazardous chemicals. At least when it comes to public information. In order to allow a comprehensive global evaluation, Hanwha should disclose the share of revenue and production volume of hazardous chemicals (or products that contain them). This information should cover all operations globally. This is particularly important since only 20 per cent of the company’s sales are in the EU/US, where some degree of chemical transparency exists.
  1. Increase circularity
    The chemical industry finds itself at the beginning of the value chain. Therefore, it has a responsibility to act fast against the ever-growing scarcity of our planet’s resources. But Hanwha receives zero points for circularity since we were unable to identify any circular products, processes or strategies. Nor did we see a decrease in hazardous waste or any use of recycled hazard-free feedstock or biobased material.

Hanwha should start by identifying its current production and use of circular products and processes, and then specify the share of revenue that is derived from such products. The company should also develop and present a circularity strategy, including a commitment to increase the share of revenue derived from circular products.

Category breakdown

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Overall rank
43 / 50
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Total score
9 / 48
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Product Portfolio
4 / 18
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Development of Safer Chemicals
4 / 12
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Management & Transparency
1 / 12
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Lack of Controversies
0 / 6
Company facts
Seoul, South Korea
10.8 billion USD
Market capitalization
6.4 billion USD
Plastic & Rubber & Fibres
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Other years
Year Rank Total score
2023 43 / 50 9 / 48
2022 41 / 54 10 / 48
2021 47 / 50 5 / 48