LG Energy Solution pushes its ESG initiative
After making sustainability its priority, LG Energy Solution is accelerating its efforts related to its environment, social and governance (ESG) business initiative as well.
LG Energy Solution’s global competitiveness comes from its knowhow accumulated over more than three decades, the company explained. The technological edge is apparent in the number of the patents it holds; while one of its main rivals in the global EV battery market holds less than 2,000 patents, LG Energy Solution secured 23,610 patents, way ahead of its competitors.
In 2007, LG Energy Solution mass-produced NCM523 batteries which consist of nickel-cobalt-manganese in a ratio of 5:2:3, a first in the world, followed by another world’s first in 2016 with the mass production of NCM622 batteries.
Moreover, LG Energy Solution aims to roll out a high-nickel NCMA, or nickel-cobalt-manganese-and-aluminum, battery this year.
While LG Energy Solution stays ahead with many firsts in the global market, the company is also pushing its ESG agenda forward.
Under its ESG corporate vision dubbed “we CHARGE toward a better future,” LG Energy Solution aims to achieve carbon neutrality by 2050 and replace fossil fuels used in workplaces to renewable energy.
Last April, LG Energy Solution became the first company in the industry to simultaneously join both RE100, a global initiative to totally substitute electricity generated by fossil fuel to renewable energy, and EV100, which aims to switch corporate fleets to electric vehicles (EV).
LG Energy Solution’s EV battery plant in Poland has already switched to 100 percent renewable energy since 2019, as well as the U.S. plant since 2020, according to the company.
To meet its ambitious goals, LG Energy Solution organized the ESG committee where its strategy for sustainable business, social responsibility and transparent corporate structure is discussed biannually.
The battery maker is also focusing on battery recycling, as the global EV market is growing quickly.
LG Energy Solution recently installed an EV battery recharge system at its Ochang Plant, North Chungcheong, using an energy storage system made with batteries from EVs that drove over 100,000 kilometers (62,137 miles).
Moreover, LG Energy Solution is striving to make use of batteries that are no longer reusable as well. By extracting necessary materials from non-reusable batteries, the company is seeking to create a closed-loop of material recycling. LG Energy Solution has already established the local closed-loop system in China, and plans to set the same system in Korea and Poland by 2022.
BY SHIN HA-NEE [firstname.lastname@example.org]
with the Korea JoongAng Daily
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