View of the LG Electronics North America headquarters in New Jersey, USA (Image provided by LG Electronics)
SEOUL, Nov. 18 (Korea Bizwire) – LG Group has reinforced its commitment to combat global climate change, detailing its progress toward achieving net-zero carbon emissions by 2050 in a new comprehensive report.
The South Korean conglomerate announced on November 17 the publication of its “LG Net Zero Special Report,” its second group-wide carbon neutrality progress report since becoming the first Korean business group to issue such a document in February of last year.
The report covers seven major affiliates that account for the majority of LG’s carbon emissions: LG Electronics, LG Display, LG Innotek, LG Chem, LG Energy Solution, LG Household & Health Care, and LG Uplus.
According to the report, LG reduced its carbon emissions by approximately 4.25 million tonnes in the past year. To put this in perspective, this reduction is equivalent to the carbon absorption capacity of about 106,000 soccer fields worth of forest, based on the standard absorption rate of 40 tonnes per hectare.
The emissions reduction was achieved through two main approaches. Direct carbon reduction initiatives, including the elimination of harmful gases from LG Display’s production processes and LG Chem’s reduction in fossil fuel usage through hydrogen fuel adoption, accounted for about 1.05 million tonnes.
The remaining 3.2 million tonnes were cut through aggressive transition to renewable energy sources across various subsidiaries.
LG Energy Solutions Ochang Energy Plant
LG has established a staged approach to achieving carbon neutrality, targeting emission reductions of 34% by 2030 and 52% by 2040 compared to 2018 levels, before reaching complete carbon neutrality in 2050.
Individual affiliates have set even more ambitious timelines, with LG Electronics aiming for net-zero by 2030, while LG Innotek and LG Energy Solution target 2040.
The group monitors monthly progress through its “2050 Group Carbon Neutrality Roadmap,” established in 2022. LG utilizes its integrated ESG Intelligence system, launched last year, to enhance data management and monitoring capabilities.
The company’s strategy employs multiple approaches to achieve its carbon neutrality goals, including process optimization through equipment upgrades, fuel conversion, carbon capture and storage technology (CCUS), expanded renewable energy usage, and carbon credit purchases.
Renewable energy adoption plays a crucial role in LG’s strategy, with plans to increase its share of renewable energy to 76% by 2030, 89% by 2040, and achieve 100% renewable energy usage by 2050.
“Through continuous management and monitoring, LG is creating tangible results in carbon neutrality,” an LG representative stated. “By proactively addressing climate change, we are preparing a sustainable future for the next generation.”
Kevin Lee (kevinlee@koreabizwire.com)
