LG Publishes 2022-2023 Sustainability Report

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KnowESG_LG 2022 sustainability report
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LG Electronics (LG) has proudly unveiled its 2022-2023 Sustainability Report, offering a comprehensive account of its accomplishments and strategies across six vital areas of focus.

These strategic tasks are thoughtfully designed to align with LG's Better Life for All ESG vision, catering to the needs of global customers and stakeholders.

The company concentrates its efforts on two key domains: the '3Cs' for the planet, encompassing carbon neutrality, circularity, and clean technology; and the '3Ds' for people, which center on design for all, promoting a decent workplace, and fostering diversity and inclusion.

Under the umbrella of '3Cs for the Planet,' LG has made significant strides in reducing its global emissions of direct and indirect greenhouse gases (GHGs). This year, the company achieved a notable 22 million-tonne decrease, with a total global emissions figure of 92.7 million tonnes.

LG is steadfast in its commitment to achieving net-zero emissions (direct and indirect) by 2030. Furthermore, the company has embraced renewable energy solutions, achieving an impressive 8.2 per cent renewable energy conversion rate. LG has also joined the prestigious RE100 initiative, pledging to utilise 100 per cent renewable energy at its global business sites by 2050.

Addressing carbon reduction in the product use stage is another key area of focus for LG. As approximately 80 per cent of the company's total carbon emissions arise from product use, LG is intensifying efforts to incorporate highly efficient eco-friendly technologies into its products.

Last year, functional unit carbon emissions for seven major product categories decreased by 13.1 per cent compared to the previous year. Additionally, LG has earned recognition for its GHG emissions reduction target validation at the product use stage through the Science Based Targets initiative (SBTi).

On the front of circularity, LG is dedicated to establishing a sustainable ecosystem. In 2022, the company collected an impressive 472,876 tonnes of electronic waste from 52 countries, contributing to a cumulative recovery of 3,992,768 tonnes since 2006.

Moreover, LG has made significant progress in incorporating recycled plastics, with 32,987 tonnes utilised in its products - a remarkable 25 per cent increase from the previous year. Recently, the company's South Korean business sites obtained the prestigious Zero Waste to Landfill (ZWTL) verification, reflecting their commitment to responsible waste management.

In line with 3Ds for People,' LG is proactively advancing accessibility features in its products. By integrating voice recognition and voice guidance capabilities, as well as providing braille stickers for every home appliance, the company ensures inclusivity for all users. LG plans to expand the universal design concept, creating products that are easily accessible and user-friendly for everyone.

Taking responsibility for its supply chain, LG conducted energy usage and carbon emissions surveys among its major Tier 1 suppliers and verified the data through third-party assessment. The company is also dedicated to fostering a culture of carbon neutrality through education programmes for its partners. To address various ESG risks among suppliers, LG offers third-party ESG certification reviews based on international Responsible Business Alliance (RBA) standards, extending this support to partners worldwide.

The role of the ESG Committee within LG is continuously evolving, with the committee playing a vital role in internalising ESG management. Chaired by Seo Seung-woo, an independent director appointed earlier, the committee consists of four independent directors and one executive CEO. To promote transparency and governance, the ESG Committee established guidelines for the independence, diversity, and expertise of independent directors, as well as the corporate governance charter.

LG's commitment to sustainability reporting dates back to 2006, with annual releases. Last year, the company introduced the LG ESG Fact Book, detailing ESG management goals, activities, and performance, alongside the ESG Story Book, presenting LG's ESG initiatives in an engaging story format.

To access LG's comprehensive 2022–2023 Sustainability Report, visit www.lg.com/global/sustainability/reports and explore the strides made by LG in contributing to a better world for all.

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Source: LG Electronics

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