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With the growth of LG Chem’s business and expansion of their products, the company’s greenhouse gas emissions are expected to increase. In that context, LG Chem became the first player in Korea’s chemical industry to announce their sustainability strategy in 2020, known as ‘2050 Carbon-neutral Growth,’ which provides differentiated and sustainable solutions to the customers, society, and environment. Since then, the company has been carrying out various carbon reduction activities, both internally and externally. This brought about many positive changes, and LG Chem made this a steppingstone to propel the introduction of new processing methods, conversion to eco-friendly raw materials and fuels, and extended use of renewable energy.

In July 2024, LG Chem issued <2023 Sustainability Report>, which reflects their efforts to realize Net Zero* through partnerships with other groups. The report introduces LG Chem’s strategies and practices to achieve Net Zero through different partnerships, and to excavate opportunities for sustainable growth. According to the report, LG Chem has chosen five core missions with the goal of ‘providing innovative and differentiated sustainable solutions for the environment and society’: Climate action, Renewable energy transition, Circular economy, Environmental protection, and Responsible supply chain.
Today, we will review the ESG outcomes that LG Chem accomplished by putting this sustainability strategy into practices.
*Net Zero: An initiative to make greenhouse gas emissions from human activities 0 (zero) by reducing the amount of emissions and absorbing carbon dioxide in the atmosphere

Greenhouse Gas Reduction

In order to reduce greenhouse gas, LG Chem is targeting at carbon-neutral growth by 2030, followed by NET Zero, or zero(0) carbon emissions, by 2050.

In 2024, LG Chem signed a long-term contract to secure wind-power renewable energy on a grand scale. Starting from 2026, the wind farms in Yeongdeok and Yeongyang of South Korea will supply up to 615GWh of wind-power energy for 20 years. This partnership takes the form of 3^rd party Power Purchase Agreements (PPA) and Renewable Energy Certificate (REC) sales contract. By reinforcing their renewable energy supply chain, LG Chem aims to lead eco-friendly energy transition in the petrochemical industry. As the company secures the eco-friendly energy supply chain, they will be able to lead carbon neutrality and provide differentiated customer values.

Manage Product Carbon Footprints and Protect the Ecosystem

In 2023, LG Chem established the ‘Carbon footprint Analysis and Management Platform (CAMP),’ aiming at completing evaluation of all domestic and global products. Furthermore, they expanded the application of carbon footprint analysis, which identifies the amount of carbon emissions from raw material to production, to their research tasks. Carbon reduction became the core criteria that determines the priority of LG Chem’s research and development tasks. The company has completed carbon footprint analysis of all domestic and global products, and is now securing the baseline for environmental effect evaluation and improvement.

In addition to this, LG Chem intends to make zero landfill waste in order to protect the local ecosystem. Four of their business sites have acquired platinum or gold in the international ‘Zero Waste to Landfill (ZWTL)’ certification, and they are striving to maintain these levels. Besides this, LG Chem is also committed to protecting the marine ecosystem through their research of restoring seagrass colonies in the sea of Yeosu, Korea. By transplanting seagrass in empty spaces to connect different seagrass colonies, LG Chem succeeded in widening the colony to the size of four soccer fields, allowing visitation of various marine animals including seahorses. Such passionate movements will hopefully bring positive impacts to the sustainability of the marine ecosystem.

Environment, Health, and Safety

LG Chem is also making a significant progress in Environment, Health, and Safety. As for Safety, the company targets at becoming the global top-tier. In fact, in 2023, they achieved ‘Zero’ serious disaster in their entire business sites. On top of that, LG Chem has been investing average $150 million into environmental safety for 3 years, and is now converting high risk facilities to a ‘Digital Safe Factory.’ Based on the law, a petrochemical plant has to stop operation every 2 or 4 years for maintenance of its facilities. During this process, laborers are exposed to a high risk while working from a high or sealed place. Recently, automated machines are replacing their works, such as high-performance test drones and high-pressure cleansing devices, which contribute to both the efficiency and safety of the process.

Sustainable Management of the Supply Chain

LG Chem not only cares about their own ESG, but also the ESG of their supply chains. For a sustainable management of their supply chain, the company has built a new organization specializing in the ESG task and is striving to improve their partners’ ESG competencies through supply chain ESG evaluation, actual inspection, etc. Moreover, they are carrying out various discussions with related departments on ESG evaluation, securing carbon footprint data, and responding to customers and partners. Through these efforts, LG Chem seeks to respond flexibly to crisis or changes, and to not just establish an eco-friendly supply chain, but also coexist with their partners. The company has developed a behavior standard to be complied by their partners, and is asking them to submit written pledges. So far, LG Chem has received the pledges from 96% of their 1,900 partner groups filtered through their internal standard. To create a sustainable future value, LG Chem is continuing their efforts to establish a transparent supply chain based on their social responsibility.

Above was an overview of LG Chem’s ESG Outcomes. LG Chem will continue to lead the decarbonized supply chain ecosystem, connecting their customers and partners, through reinforcement of their ESG supply chain management capacity and global collaborations. Please keep your support for LG Chem as they improve their environment indications and build a sustainable industrial environment.