- Reduced approximately 267,000 tons of greenhouse gas last
year with the transition to renewable energy
- Focusing on securing a stable renewable energy supply chain
through REC, PPA, etc
- Invested 61.2 million USD in
facilities of the environmental sector last year… improved
environmental facilities
SEOUL,
South Korea, July 18,
2024 /PRNewswire/ -- On the 18th, LG Innotek
(CEO Moon, Hyuksoo) announced that it has successfully converted
about 61% of the electricity consumption of its business sites to
renewable energy. This was a remarkable achievement in just one
year since the declaration of 'RE (Renewable Electricity) 100'.
According to the '2023-24 Sustainability Report' published by LG
Innotek on this day, the company converted 60.9% of used renewable
electricity last year. These are figures that have increased by
nearly three times compared to 2022 (22.1%).
Through this, it appeared that the reduced greenhouse gas alone
was approximately 267,000 tCO2eq (carbon equivalent ton). It is
equivalent to planting about 40 million 30-year-old pine trees.
LG Innotek has set ambitious targets for 2022, including
achieving RE100 by 2030 and carbon neutrality by 2040. The company
is working systematically to achieve these goals.
Despite the fact that greenhouse gas emissions from electricity
consumption take up about 80 to 90% of the overall emissions, LG
Innotek plans to transition this to renewable energy to reduce
greenhouse gas emissions.
As a part of this effort, last year, they signed a renewable
energy certificate (REC) purchase agreement. LG Innotek has been
recognized for its use of renewable electricity amounting to
approximately 100 GWh per year for 20 years.
The company has also entered into a PPA (Power Purchase
Agreement) about receiving renewable electricity from 10MW solar
power plants for 20 years.
In addition, LG Innotek has been pursuing various activities to
secure a stable renewable energy supply chain such as expanding an
8MW solar power generation facility within its domestic and
overseas business sites and participating in the green premium.
Recognized for its outstanding performance, LG Innotek was
awarded a 'Leadership A rating' in the Carbon Disclosure Project
(CDP)'s climate change response assessment earlier this year. This
is given only to companies that are relevant to 1.5% of the 23,202
surveyed companies worldwide.
Meanwhile, LG Innotek is striving to manage the circular
resource ecosystem and minimize environmental impact. The company
plans to secure the 'Zero Waste To Landfill (ZWTL)' validation from
UL (Underwriters Laboratories), a global safety certification
organization, at all domestic and overseas business sites by
2026.
The Gumi, Paju, and Pyeongtaek plants already have a platinum
level, the highest validation rating. The company is expected to
quickly push ahead with securing validations for overseas plants in
China and Vietnam.
LG Innotek also significantly increased investments in
environmental facilities. Last year, the company invested
61.2 million USD, a five-fold
increase compared to the previous year in environmental facilities.
By utilizing these investments, they have improved the waste
treatment facilities and air pollution prevention facilities of
domestic and overseas business sites.
CEO Moon, Hyuksoo said, "LG Innotek gives top priority to the
tasks related to climate change response, which is recognized as a
global crisis," and added, "We will not only lead the response to
climate change as a global corporation but also continue to create
differentiated customer values by practicing ESG management."
Meanwhile, LG Innotek's sustainability report can be viewed on
the LG Innotek website( www.lginnotek.com/main/main.do?locale=en
).
[Terminology Description]
- RE100(Renewable Electricity 100%): Transition to 100% renewable
electricity for all business sites
- REC(Renewable Energy Certificate): A certificate proving that a
power producer has supplied electricity using new & renewable
energy facilities. This is issued by the Korea Energy Agency. A
company can purchase REC from a power producer and be recognized
for using renewable energy by submitting it to the Korea Energy
Agency
- PPA(Power Purchase Agreement): It refers to signing a direct
power purchase agreement between a renewable energy producer and
supply business
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SOURCE LG Innotek