LG Chem has announced its sustainability strategy for customers and society that focuses on "2050 Carbon Neutral Growth."
With the aim of providing innovative and differentiated sustainable solutions for the environment and society, LG Chem has decided to select and actively promote five key tasks: climate change response, renewable energy conversion, resource virtuous cycle activities, protection of ecosystems, and responsible supply chain development/management.
LG Chem declared '2050 Carbon Neutral Growth' to respond to climate change. This is the first time that the domestic chemical industry has announced carbon neutral growth.
"Carbon neutral growth" refers to making the net increase in carbon emissions zero by engaging in activities to reduce carbon emissions as much as the carbon emissions increased owing to the result of business growth.
As a result, LG Chem will curb carbon emissions in 2050 to 10 million tons, the level of emissions in 2019. Considering the current business growth, LG Chem's carbon emissions in 2050 are forecast to be around 40 million tons, requiring more than 30 million tons to be cut for carbon neutral growth.
Thirty million tons is the amount of carbon emitted by 12.5 million internal combustion engine cars during one year, which can be offset by planting 220 million pine trees.
To that end, LG Chem will be the first Korean company to push for RE100 (Renewable Energy 100) in all operations around the world. RE100 (Renewable Energy 100) aims to produce only 100% renewable energy, and companies may use renewable energy directly or by purchasing renewable energy power from power generation operators.
LG Chem plans to reduce its carbon emission forecast by more than 60 percent in 2050 through RE100, and plans to actively implement mid- and long-term strategies considering renewable energy supply and supply methods and national systems.
In addition, it will actively promote process/facility energy efficiency and development and introduction of Carbon Capture Utilization Storage (CCUS) technology to reduce carbon emissions.
LG Chem Vice Chairman Shin Hak-cheol said, "The year 2050 when all of our sustainability strategies are achieved is an important time for LG Chem to move beyond its 100th anniversary to the next century," adding, "We will use sustainability as a key competitive advantage to provide innovative and differentiated sustainable solutions, and create a business model that can be sustained by solving the Pain Points of the environment and society as well as our customers."
