LG Innotek to 61% of RE100 target after 1 year

LG Innotek said Thursday it has achieved nearly 61% of its renewable energy transition goals 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 this resulted in a reduction of approximately 267,000 tons of carbon dioxide emissions, equivalent to the emissions of approximately 40 million 30-year-old pine trees.

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

The company said it will completely transition electricity use at its Korean facilities to renewable energy by 2030. It is also taking steps to further reduce energy consumption by introducing energy-efficient equipment.

As part of its commitment to sustainable practices, LG Innotek signed a renewable energy certificate purchase agreement last year with Bright Energy Partners, a local green energy investment and operations company. The agreement gives LG Innotek the ability to use approximately 100 gigawatt-hours of renewable energy per year for a period of twenty years.

Last year, the company also entered into a power purchase agreement with SK E&S, a clean energy supplier within the SK Group, securing 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 its climate change response assessment by the Carbon Disclosure Project, a global carbon disclosure initiative. Only 1.5 percent of the 23,202 companies surveyed worldwide achieved the highest rating.

“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 take the lead in adapting to climate change, but also continue to create distinctive value for customers through genuine ESG management practices.”