Our approach
Carbon Neutral Growth by 2030 · Net Zero by 2050
In July 2020, LG Chem became the first in the domestic chemical industry to declare Carbon Neutral Growth by 2050. Taking a step further, we have decided to advance this target by 20 years from 2050 to 2030 and to achieve Net Zero by 2050. Reaching zero carbon emissions by 2050 is a formidable challenge, requiring us to cut down an additional 10 million tons from the existing plan to reduce 10 million tons.
LG Chem will accomplish Net Zero by 2050 by establishing and implementing three different approaches with elaborate action plans. First, we will directly reduce carbon emissions by introducing innovative processes and converting to eco-friendly fuels and raw materials. Scope 2 emissions will be avoided by expanding the use of renewable energy. Finally, we will compensate for all unavoidable emissions with certified high quality carbon offset projects. LG Chem is reviewing the environmental impacts by LCA at the fastest rate in the domestic industry. We aim to take our low-carbon commitment to the next level by completing LCA study for all domestic products within the third quarter of 2022 and all domestic and overseas products by the second quarter of 2023. This will facilitate our clients in resolving their pain points in producing carbon-neutral products as well.
LG Chem will accomplish Net Zero by 2050 by establishing and implementing three different approaches with elaborate action plans. First, we will directly reduce carbon emissions by introducing innovative processes and converting to eco-friendly fuels and raw materials. Scope 2 emissions will be avoided by expanding the use of renewable energy. Finally, we will compensate for all unavoidable emissions with certified high quality carbon offset projects. LG Chem is reviewing the environmental impacts by LCA at the fastest rate in the domestic industry. We aim to take our low-carbon commitment to the next level by completing LCA study for all domestic products within the third quarter of 2022 and all domestic and overseas products by the second quarter of 2023. This will facilitate our clients in resolving their pain points in producing carbon-neutral products as well.
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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.
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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.
