LG Chem Accelerates Domestic Site RE100 Transition with Green Premium

Korean-style RE100 System Procures 120 GWh of Renewable Energy Annually Through 'Green Premium'
RE100 Transition Promoted Across All Business Areas Including Eco-friendly Car Materials Like Yanggeukjae and Petrochemical Products

LG Chem Vice Chairman Shin Hak-cheol is delivering a greeting at the agreement ceremony for the secondary battery industry promotion industry-finance cooperation program held on the 9th at Magok LG Science Park in Gangseo-gu, Seoul. Photo by Hyunmin Kim kimhyun81@

[Asia Economy Reporter Hwang Yoon-joo] LG Chem is accelerating its transition to RE100 at domestic sites by participating in the introduction of the Korean-style RE100 (Renewable Energy 100) system.

LG Chem announced on the 9th that it has won a bid for 120 GWh of renewable energy annually by participating in the Green Premium system, which is being implemented for the first time this year.

RE100 means that a company converts 100% of the electricity it uses to renewable energy sources such as solar and wind power, replacing fossil fuels like petroleum. The Green Premium system allows electricity consumers to pay a green premium to Korea Electric Power Corporation (KEPCO) and receive a 'Renewable Energy Usage Certificate,' which can be used for RE100 certification.

LG Chem was the first in the industry to declare '2050 Carbon Neutral Growth' and is promoting 100% renewable energy use at all its global sites. It participated in the bid by paying the premium cost to proactively secure renewable energy electricity at its domestic sites.

The 120 GWh scale is enough to supply electricity for about 28,000 households for one year. With this successful bid, the Yeosu Special Resin Plant, which produces NBR?the main raw material for medical gloves?and the Osan Tech Center, which supports petrochemical product customers and partners, will achieve RE100 transition. Additionally, the Cheongju Cathode Material Plant, which produces key materials for electric vehicle batteries, will procure 30% of its electricity consumption through the Green Premium system.

Accordingly, LG Chem will accelerate the use of renewable energy not only in eco-friendly vehicle materials such as cathode materials but also across all business areas including petrochemical product manufacturing and customer support. The number of sites achieving RE100 this year has increased to three, including the Wuxi Cathode Material Plant in China, which signed a renewable energy purchase agreement (PPA) last year.

Vice Chairman Shin Hak-cheol stated, "LG Chem has a strong will to make sustainability a core competency and the highest management priority and to execute it," adding, "We will establish concrete execution strategies in all business areas and actively secure renewable energy."

Meanwhile, LG Chem is focusing on discovering business models that can provide innovative and sustainable solutions for the environment and society, such as ▲ the world's first commercial production of eco-friendly PCR (Post-Consumer Recycled) white ABS ▲ and signing an agreement with Neste, the world's largest biodiesel company, to produce eco-friendly resins from bio-based raw materials.

In this regard, Vice Chairman Shin Hak-cheol was the only Korean business leader invited as a panelist at the World Economic Forum (WEF, also known as the 'Davos Forum') in January, where he presented three key words?'strong will,' 'execution,' and 'collaboration'?as solutions for global leaders to address climate change.

This content was produced with the assistance of AI translation services.