LG Group Commits to Carbon Neutrality by 2050

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by KnowESG,

LG Corp

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Image of LG's office in South Korea.

The LG Group has published a report outlining the plans and targets of seven of its subsidiaries to reduce their greenhouse gas emissions.

LG Electronics, LG Display, LG Innotek, LG Chem, LG Energy Solution, LG Household & Health Care, and LG Uplus are the seven companies that belong to the group.

The "LG Net Zero Special Report" is the first step in putting the LG Group's Environmental, Social, and Governance (ESG) strategy into action. It lays the groundwork for the company's goal of becoming carbon neutral. The ESG strategy was announced in a group-level ESG report last year.

The LG Group has made addressing climate change a top priority in its ESG management, and the Net Zero Report shows an integrated plan for becoming carbon neutral. The report presents the goals and action plans of the seven subsidiaries in a coherent manner.

The LG Group has set the following targets for reducing its carbon emissions: a 27% reduction by 2030 and a 62% reduction by 2040 compared to 2018 levels. These emissions include those directly generated from the production processes or use of fuel by the affiliates (Scope 1) and those indirectly generated from the use of electricity (Scope 2).

The LG Group has outlined the following plans to reduce its carbon emissions: increasing the use of renewable energy such as solar and wind power to 54% in 2025, 83% in 2030, 94% in 2040, and 100% in 2050.

To directly reduce greenhouse gas emissions, the group will implement activities such as improving energy efficiency, recovering and using waste heat, and replacing fossil fuels with biofuels. The group will also spend about 3.4 trillion won by 2030 to develop new technologies that reduce carbon, such as blue and green hydrogen technologies.

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Source: BusinessKorea

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