LG Innotek achieves renewable electricity transition rate of 61% in just one year since joining RE100

PR Newswire

Thu, Jul 18, 2024, 6:00 AM 4 min read

Reduced approximately 267,000 tons of greenhouse gas last year with the transition to renewable energy
Focusing on securing a stable renewable energy supply chain through REC, PPA, etc
Invested 61.2 million USD in facilities of the environmental sector last year… improved environmental facilities

SEOUL, South Korea, July 18, 2024 /PRNewswire/ -- On the 18th, LG Innotek (CEO Moon, Hyuksoo) announced that it has successfully converted about 61% of the electricity consumption of its business sites to renewable energy. This was a remarkable achievement in just one year since the declaration of 'RE (Renewable Electricity) 100'.

According to the '2023-24 Sustainability Report' published by LG Innotek on this day, the company converted 60.9% of used renewable electricity last year. These are figures that have increased by nearly three times compared to 2022 (22.1%).

Through this, it appeared that the reduced greenhouse gas alone was approximately 267,000 tCO2eq (carbon equivalent ton). It is equivalent to planting about 40 million 30-year-old pine trees.

LG Innotek has set ambitious targets for 2022, including achieving RE100 by 2030 and carbon neutrality by 2040. The company is working systematically to achieve these goals.

Despite the fact that greenhouse gas emissions from electricity consumption take up about 80 to 90% of the overall emissions, LG Innotek plans to transition this to renewable energy to reduce greenhouse gas emissions.

As a part of this effort, last year, they signed a renewable energy certificate (REC) purchase agreement. LG Innotek has been recognized for its use of renewable electricity amounting to approximately 100 GWh per year for 20 years.

The company has also entered into a PPA (Power Purchase Agreement) about receiving renewable electricity from 10MW solar power plants for 20 years.

In addition, LG Innotek has been pursuing various activities to secure a stable renewable energy supply chain such as expanding an 8MW solar power generation facility within its domestic and overseas business sites and participating in the green premium.

Recognized for its outstanding performance, LG Innotek was awarded a 'Leadership A rating' in the Carbon Disclosure Project (CDP)'s climate change response assessment earlier this year. This is given only to companies that are relevant to 1.5% of the 23,202 surveyed companies worldwide.

Meanwhile, LG Innotek is striving to manage the circular resource ecosystem and minimize environmental impact. The company plans to secure the 'Zero Waste To Landfill (ZWTL)' validation from UL (Underwriters Laboratories), a global safety certification organization, at all domestic and overseas business sites by 2026.

The Gumi, Paju, and Pyeongtaek plants already have a platinum level, the highest validation rating. The company is expected to quickly push ahead with securing validations for overseas plants in China and Vietnam.

LG Innotek also significantly increased investments in environmental facilities. Last year, the company invested 61.2 million USD, a five-fold increase compared to the previous year in environmental facilities. By utilizing these investments, they have improved the waste treatment facilities and air pollution prevention facilities of domestic and overseas business sites.

CEO Moon, Hyuksoo said, "LG Innotek gives top priority to the tasks related to climate change response, which is recognized as a global crisis," and added, "We will not only lead the response to climate change as a global corporation but also continue to create differentiated customer values by practicing ESG management."

Meanwhile, LG Innotek's sustainability report can be viewed on the LG Innotek website( www.lginnotek.com/main/main.do?locale=en ).

LG Innotek employees are introducing the performance of ‘achieving renewable electricity transition rate of 61%’

LG Innotek employees are taking a look at the ‘2023-24 Sustainability Report’

[Terminology Description]

RE100(Renewable Electricity 100%): Transition to 100% renewable electricity for all business sites
REC(Renewable Energy Certificate): A certificate proving that a power producer has supplied electricity using new & renewable energy facilities. This is issued by the Korea Energy Agency. A company can purchase REC from a power producer and be recognized for using renewable energy by submitting it to the Korea Energy Agency
PPA(Power Purchase Agreement): It refers to signing a direct power purchase agreement between a renewable energy producer and supply business