LG Chem to Pursue Renewable Energy Certificate Trading with Namdong Power Generation

Agreement Signed for Joint Response to 'RE100'

Yu Ji-young, Vice President of LG Chem (third from the left), is taking a commemorative photo after signing a business agreement with Eun Sang-pyo, Head of New Business Division at Korea South-East Power Co., Ltd. (fourth from the left), on the 18th at LG Science Park in Magok, Seoul.

[Asia Economy Reporter Oh Hyung-gil] LG Chem announced on the 20th that it will jointly cooperate with Korea South-East Power to use renewable energy power in order to achieve 'RE100'.

On the 18th, LG Chem signed a 'MOU for joint response to RE100' with Korea South-East Power at LG Science Park in Magok.

RE100 means producing products using only renewable energy, and companies can either produce renewable energy directly or purchase renewable energy power from power producers.

The two companies plan to promote cooperation related to the supply and use of renewable energy power. This includes discussing RE100 implementation plans using renewable energy owned by Korea South-East Power, exchanging information on new renewable energy development projects and establishing joint investment plans, training practical experts, and technology exchange.

First, they will discuss a pilot transaction for renewable energy certificates amounting to 9GWh generated at the solar power plant of Korea South-East Power's Samcheonpo Power Headquarters. Afterwards, they plan to accelerate ESG management to achieve RE100 by jointly promoting renewable energy projects.

LG Chem is promoting the transition to RE100 for all its global business sites by 2050, securing about 340GWh of renewable energy, enough to supply approximately 80,000 households for one year, through domestic and overseas green premiums and direct power purchases.

Yoo Ji-young, Vice President of LG Chem, said, "To leap forward as a global sustainable science company, we have set a challenging goal of 'achieving net zero by 2050' and are promoting the introduction of innovative processes and the transition to eco-friendly raw materials and fuels." She added, "We will build a close cooperative relationship with Korea South-East Power to secure renewable energy, which is essential to respond to our customers' carbon reduction demands."

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