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Study on the Global Sustainability of the Korean Construction Industry Based on the GRI Standards

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Listed:
  • Eunsoo Park

    (Department of Architecture, Sahmyook University, Seoul 01795, Republic of Korea)

  • Younghyun Kim

    (Department of Construction Policy Research, Korea Institute of Civil Engineering and Building Technology, Goyang-si 10223, Republic of Korea)

  • Anyong Lee

    (Department of Smart Factory, Korea Polytechnics, Incheon 21417, Republic of Korea)

  • Jieun Kim

    (Department of Spatial Culture Design, Kookmin University, Seoul 02707, Republic of Korea)

  • Hyunseok Kong

    (College of Animal Biotechnology & Resource, Sahmyook University, Seoul 01795, Republic of Korea)

Abstract

This study began with the increasing importance of ESG through sustainable management evaluation across all industries, predicting market demand through the ESG management paradigm and financial environment changes in the global industry, and establishing international strategies for the construction industry. Compared to other industries, the construction industry is in the early stages of ESG formation, and it is unclear how to expand its base by establishing evaluation system standards such as innovation of individual services, interaction of social capital, and definition of stakeholders. Currently, some large construction companies in the construction industry are publishing sustainability management reports at the group level, but given the recently strengthened global sustainability of ESG by GRI Standards, efficient analysis of global construction markets and strategic orders are needed. Therefore, this study focuses on assessing the sustainability strategies and directions of the construction industry from an ESG perspective. To this end, sustainability issues and insights, as well as global issues in Korea and the worldwide construction sector, were analyzed. The analysis showed that global construction companies were highly interested in business management approaches, such as safety and health, as critical issues regarding the construction industry’s sustainability strategy. In contrast, South Korean construction companies prioritize business values such as value creation, fair trade, and win-win. Both global and South Korean construction companies have been working on greenhouse gas reduction and energy sustainability. Regarding other issues, cultivating construction specialists, enhancing the job training system, and limiting serious accidents and safety mishaps were all significant from a social standpoint among South Korean construction companies. Conversely, global construction companies appeared to focus on issues related to ethical and environmental management from an organizational standpoint.

Suggested Citation

  • Eunsoo Park & Younghyun Kim & Anyong Lee & Jieun Kim & Hyunseok Kong, 2023. "Study on the Global Sustainability of the Korean Construction Industry Based on the GRI Standards," IJERPH, MDPI, vol. 20(5), pages 1-22, February.
    • Handle: RePEc:gam:jijerp:v:20:y:2023:i:5:p:4231-:d:1081947
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    References listed on IDEAS

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    1. Sakis Kotsantonis & Chris Pinney & George Serafeim, 2016. "ESG Integration in Investment Management: Myths and Realities," Journal of Applied Corporate Finance, Morgan Stanley, vol. 28(2), pages 10-16, June.
    2. Ting-Ting Li & Kai Wang & Toshiyuki Sueyoshi & Derek D. Wang, 2021. "ESG: Research Progress and Future Prospects," Sustainability, MDPI, vol. 13(21), pages 1-28, October.
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    Cited by:

    1. Wang Zhou & Shuyue Xia & Jinglei Ye & Na Zhang, 2024. "How Do International Contractors Choose Target Market Based on Environmental, Social and Governance Principles? A Fuzzy Ordinal Priority Approach Model," Sustainability, MDPI, vol. 16(3), pages 1-18, January.
    2. Shi Yin & Yudan Zhao, 2024. "An agent-based evolutionary system model of the transformation from building material industry (BMI) to green intelligent BMI under supply chain management," Palgrave Communications, Palgrave Macmillan, vol. 11(1), pages 1-15, December.

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