LG Chem lays out ambitious plan to cut carbon emissions
LG Chem released a set of pledges Monday with the goal of realizing “carbon neutral growth” through 2050. This means LG will push efforts to offset the increase of carbon emission as the business grows.
Based on its current speed of growth, LG Chem’s facilities worldwide are anticipated to annually produce around 40 million tons of carbon emissions by 2050, the company said. The aim is to keep the level at that of 2019, which was 10 million tons per year.
In other words, LG would have to reduce carbon dioxide emissions by 30 million tons by that deadline, which is equivalent to the carbon emissions produced by 12.5 million combustible vehicles in a year. It would take 220 million trees to offset that amount, LG said.
Beyond neutralizing carbon emissions, the ultimate goal is to have all of its 40-or-so production sites worldwide completely running on renewable energy, although the company hasn't put a timeline on that goal.
The transition to source all of its electricity from renewable energy by 2050 is one way it wants to attain that goal. LG will work to produce that eco-friendly energy source, but said it will also look into purchasing solutions from external suppliers. Along the way, its production equipment will be modified so it can work better on new energy sources.
In terms of product portfolio, LG will drive development of eco-friendly chemical products like recyclable or biodegradable plastic. At the moment, LG supplies plastic that contains more than 60 percent recyclable polycarbonate, it said. It plans to increase this figure to 85 percent in the future.
As a global supplier of electric vehicle (EV) batteries, the company is also developing technology to collect used-up EV batteries from client carmakers, calculate their remaining life and reuse them for other purposes. One project underway is to combine these batteries together and establish an energy storage system for EV charging stations.
Outside headquarters, LG will also keep an eye on its suppliers to ensure they are clear of issues related to human rights and the environment.
“The year 2050 will be an important turning point for LG Chem, which by that point will have been in the business for more than 100 years," said LG CEO Shin Hak-cheol. "Our purpose is to create a business model that can offer sustainable solutions and solve pain points not only for our clients but the environment and society as a whole."
BY SONG KYOUNG-SON [firstname.lastname@example.org]