LG Chem makes sustainability core of biz model

Researchers of LG Chem’s Future Technology Research Center test a newly developed biodegradable material in this file photo. / Courtesy of LG Chem

LG Chem is making adjustments across its business lines to ensure it meets sustainability goals.

The company unveiled sustainability strategies last year centered on curbing its carbon emissions. LG Chem is seeking to switch to using renewable energy sources and recycling resources.

LG Chem’s goal is to keep carbon emissions at the 2019 level of 10 million tons annually until 2050. Based on LG Chem’s business growth forecasts, the company is projected to emit 40 million tons in 2050 if it does not take any measures to curb emissions.
The company has introduced the Renewable Energy 100 (RE100) initiative at all of its business sites around the world. The initiative seeks to ensure the company uses only electricity generated from renewable energy sources such as solar and wind power.

The company recently purchased 120 gigawatt-hours of clean electricity through KEPCO’s Green Premium program. This will allow LG Chem to achieve RE100 at two business sites ― a chemical plant in Yeosu, South Jeolla Province, which manufactures NBR latex for medical gloves, and a tech center in Osan, Gyeonggi Province, which supports clients and partnering firms involved in petrochemical products.

LG Chem’s plant producing cathode materials for EV batteries in Cheongju, North Chungcheong Province, will source 30 percent of its power from the 120 gigawatt-hours of renewable electricity.

LG Chem is also seeking to develop eco-friendly post-consumer recycled (PCR) plastic. In July, it became the world’s first company to commercially produce eco-friendly PCR acrylonitrile butadiene styrene (ABS) that is white.

Meanwhile, the firm issued 820 billion won in ESG bonds on Feb. 15, securing funds to invest in green and social projects. This was the largest scale of ESG bonds to be issued by a Korean company.

The funds are set to be invested in the transition to renewable energy, in building production lines using eco-friendly materials and expanding business in EV battery materials. (advertorial) (The Korea Times)