LG Electronics (LG) announced on June 5 that it has joined Renewable Energy 100 (RE100), a global initiative advocating for businesses to convert to 100 percent renewable energy for all their electricity requirements.
By 2050, LG aims to convert all its business sites to 100 percent renewable energy. To achieve this ambitious goal, the company has devised a comprehensive plan.
LG will progressively increase its usage of electricity from renewable sources, such as solar and wind power, to 60 percent by 2030 and 90 percent by 2040. Eventually, LG intends to reach its target of utilizing 100 percent renewable energy by 2050.
In addition to implementing high-efficiency solar panels at its offices and manufacturing facilities to expand renewable energy generation, LG will adopt several supplementary measures. These measures include obtaining renewable energy certificates (RECs), entering into renewable energy power purchase agreements (PPAs), and paying Korea Electric Power Corporation's (KEPCO) green premium in South Korea.
As part of its ongoing sustainability efforts, LG signed a direct PPA with GS EPS, a Korean power generation company, last year. The agreement aims to construct a solar power station equivalent to the size of three soccer fields on the roof of LG Smart Park's existing integrated production building in Changwon, South Korea, by 2025.
Solar panels have already been installed and have been supplying power to selected buildings since last December. Additionally, LG has installed solar panels on the rooftops of several of its offices worldwide, including the LG Sciencepark R&D complex in Seoul, South Korea; the North American Headquarters campus in New Jersey, USA; LG India's office building in Greater Noida, India; and the Rayong home appliance factory in Thailand.
LG had previously outlined plans to expedite its transition to renewable energy and accelerate its journey towards carbon neutrality. By embracing renewable energy sources, the company is also reducing indirect carbon emissions (scope 2) generated during electricity consumption. In 2019, LG announced its Zero Carbon 2030 commitment, aiming to achieve net-zero carbon dioxide emissions (scope 1 and 2) by 2030.
“Through ongoing efforts and innovation, LG is well on its way to achieving its goals of converting to 100 percent renewable energy and becoming a carbon neutral business,” said Lee Sam-soo, chief strategy officer at LG Electronics. “LG remains fully committed to realizing its ESG vision of creating a Better Life for All.”
