LG Innotek up to 61% of RE100 target after 1 year

LG Innotek on Thursday reported a 61 percent RE100 target achievement rate. (LG Innotek)

LG Innotek reported on Thursday that it had achieved almost 61 percent. renewable energy transition targets just one year after joining the RE100 corporate initiative in July 2022.

According to its sustainability report, the company converted 60.9 percent of its energy consumption to renewable energy last year, a significant increase from 22.1 percent in 2022.

LG Innotek explained that as a result, carbon dioxide emissions were reduced by approximately 267,000 tons, equivalent to the emissions of 40 million 30-year-old pine trees.

By joining the RE100 initiative, the company set itself the goal of achieving 100 percent renewable energy by 2030 and carbon neutrality by 2040.

The company said it aims to switch all electricity consumption at its Korean operations to renewable energy by 2030. It is also taking steps to further reduce energy consumption by introducing energy-saving equipment.

As part of its commitment to sustainable practices, LG Innotek signed a renewable energy certificate purchase agreement with Bright Energy Partners, a local green energy investment and operations company, last year. The agreement awards LG Innotek approximately 100 gigawatt-hours of renewable energy per year over two decades.

Last year, the company also entered into a power purchase agreement with SK E&S, a clean energy provider within SK Group, ensuring a stable supply of 10 megawatt hours of renewable energy per year for 20 years.

The company’s sustainable management has already gained recognition around the world. Earlier this year, it received the highest grade of A in a climate change response assessment by the Carbon Disclosure Project, a global greenhouse gas disclosure initiative. Only 1.5 percent of the 23,202 companies surveyed worldwide received the highest score.

“LG Innotek recognizes the severity of global climate change as a critical issue,” said CEO Moon Hyuk-so. “As a global company, we will not only lead in climate change adaptation, but also continue to create exceptional customer value through genuine ESG management practices.”

Author: Jie Ye-eun ([email protected])