2050 Carbon-neutral Growth
In 2019, LG Chem was the first in the domestic chemical industry to declare carbon neutral growth targets by 2050. This goal is to suppress carbon emissions down to approximately 10 million tons of carbon emissions by 2050, the level of emissions in 2019. This is a challenging goal achieved by reducing close to 30 million tons of carbon emissions compared to the expected 40 million tons if the business continues without any carbon reduction efforts. LG Chem aims to achieve this through efforts such as converting to renewable energy and bio-based raw materials, and introducing carbon capture and utilization technologies.
Transition to Renewable Energy 100
LG Chem is committed to 'Renewable Energy 100' by 2050 at all operations sites and have already switched the specialty polymer factory in Yeosu Complex, the Osan Tech Center in Korea, as well as the cathode raw materials plant in Wuxi, China. In detail LG Chem is planning to achieve renewable energy 100 in overseas plants by 2030 and domestic sites by 2050. At 17 domestic business sites, we will install self-generating solar power facilities to convert to renewable energy.
Renewable raw materials in use
LG Chem intends to build a Renewable raw materials in use and contribute to reduce greenhouse gas emissions by replacing oil-based plastics with those made from renewable raw materials. Through strategic partnerships with diverse companies, such as one with Neste, the world's largest biodiesel producer, we plan to incorporate bio-based materials into our high value-added products and produce a variety of low-carbon products. LG Chem is striving to rapidly commercialize products made of renewable raw materials and hopes to expand our product range through various partnerships.
Introducing Carbon Capture and Utilization Technologies
LG Chem is also reviewing the introduction of new CCU (Carbon Capture and Utilization) technologies to directly reduce carbon emissions, in the mid- to long-term. It is an innovative new technology that captures the carbon that occurs during production processes and converts it into chemicals to be used in product manufacturing.
To embrace carbon capture and use technologies, LG Chem is driving the long-term introduction of CCU through its own research capabilities as well as undertaking national initiatives, open innovation, and partnerships with global companies.