Innovation Strategy and Targets
Target in 2021 and Long-Term Target
- Increase percentage of EBITDA uplift proportion from R&D to 5 percent by 2025 and 10 percent by 2030
- Expand investment proportion in R&D to at least 2 percent of GC’s petrochemical products revenue by 2030
- Maintain status in the Top 10 of the Innovation Management category of the Dow Jones Sustainability Index (DJSI)
Challenges and Opportunities
Our endeavor to enhance competitiveness and accomplish the Net Zero Emissions Target has obligated GC to increase process efficiency, lower resource consumption and cut down greenhouse gas generation and emissions. Furthermore, it also called for the long-term adjustment of our business portfolio towards low-carbon businesses and the development of products that answer to a low-carbon economy. This is carried out through the innovation development network to improve process efficiency and optimize resource consumption while
also creating high quality, healthy, and eco-friendly. Such strategic move is in line with the global megatrend and answers to the demands of consumers.
Innovation Management Strategy
Recognizing innovation as the key supporting factor in achieving our Net Zero Emissions Target, we have adjusted our innovation management strategy as follows:
|New Technology Uplift||Implement advanced production processes, tools and equipment to enhance process efficiency, both in terms of productivity and safety, reducing costs and expenses. Support sustainability operations by reducing energy consumption, resource consumption and greenhouse gas emissions.||Become top quartile leader in operation performance|
|Market-Focused Innovation||Research and develop innovation in correspondence with customer needs based on Voice of Customer & Voice of Market to create market positioning and value proposition for customers||Positioning and differentiation to gain higher commercial potential.|
|Breakthrough Technology via Technology Integrator||Leverage outside technology to create new business options in a tangible manner through R&D networks as well as cooperation with educational institutions, R&D institutes, customers, partners, and startups acquired through CVC and technology intelligence operations in order to reduce time, costs and risks in creating breakthrough technology to support the efficient development of new businesses||New growth engine and sustainability|
Priorities for the implementation to drive business transformation into HVB according to B-to-B Touch C plan are as follows;
Sandbox Project: Cross-functional collaboration to effectively deliver end-to-end execution model of product development and application in the future.
Platform Management: GC targets to apply execution model retrieved from Sandbox project under the recommendation of experts, in order to develop and improve product in the application platform, and launch the product in commercial phase. The measurements of the Platform Management rely on product revenue and benefit from shared value under the collaboration with customers.