LG Chem Leads Transition to Renewable Energy and Circular Plastic Economy

LG Chem plans to raise its carbon reduction targets this year and achieve 'Net-Zero' by 2050.

To meet the new target, LG Chem must reduce a total of 20 million tons of carbon emissions compared to the projected emissions in 2050. This amount is equivalent to the carbon emitted by 8.3 million fossil fuel vehicles in one year, or the amount offset by planting approximately 140 million pine trees.

LG Chem will actively promote the introduction of innovative processes, the transition to eco-friendly raw materials and fuels, and the expansion of renewable energy use. By next year, the company plans to complete environmental life cycle assessments quantitatively evaluating the environmental impact from raw materials to product manufacturing for all products.

First, it will convert 100% of the electricity used at its global business sites to renewable energy (RE100). Through the Green Premium system and Power Purchase Agreements (PPA), it has secured 340 GWh of renewable energy.

The Yeosu Special Resin Plant, which produces NBR latex?the main raw material for medical gloves?and the Osan Tech Center, which supports petrochemical product customers and partners, have achieved RE100 conversion. The Cheongju cathode material plant, producing key materials for electric vehicle batteries, also procures electricity through the Green Premium system.

In addition, LG Chem is developing products for the virtuous cycle of plastic waste resources, such as eco-friendly PCR plastics and biodegradable plastic materials, while creating a business model that covers plastic production, post-use collection, and recycling.

By the first quarter of 2024, LG Chem plans to build the country's first supercritical pyrolysis oil plant in Dangjin, Chungnam, with an annual capacity of 20,000 tons. Pyrolysis oil is a renewable fuel extracted from used plastics and can be used as raw material for making new plastics.

Researchers at LG Chem's Future Technology Research Center are testing the physical properties of a newly developed biodegradable new material. (Photo by LG Chem)

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