Lotte Chemical to Expand Renewable Energy Share to 60% by 2030

Lotte Chemical will increase the share of renewable energy use across all its business sites to 60% by 2030.

On the 14th, Lotte Chemical disclosed the status of renewable energy adoption at its domestic and overseas business sites in its Sustainability Management Report '2022 ESG Report.' Lotte Chemical has currently joined the 'RE100' initiative, which aims to replace 100% of electricity consumption with renewable energy by 2050.

Additionally, Lotte Chemical included in the report the 'Scope 3' categories and emissions, which calculate all other indirect greenhouse gas emissions occurring throughout the company's value chain.

From the perspective of resource circulation, the report introduced the four major activity achievements of Lotte Chemical's recycling project LOOP and its eco-friendly product lineup. It also quantified the carbon impact of each product through Life Cycle Assessment (LCA), which analyzes environmental impacts throughout the entire process from raw material extraction, manufacturing, distribution, use, to disposal.

Since establishing the hydrogen energy and battery materials business units related to new businesses, Lotte Chemical disclosed achievements in hydrogen and battery materials sectors. The company established Battery Materials USA and began construction of a cathode foil plant. It also formed hydrogen business joint ventures such as Lotte SK Enerute and Lotte Air Liquide Enerhigh, and in March of this year, launched Lotte Energy Materials, a copper foil production company.

Notably, this report applied the global standard guideline for sustainability management reports (GRI). In the process of identifying major ESG (Environmental, Social, and Governance) issues affecting corporate value, a double materiality assessment was used. Double materiality assessment is an ESG evaluation method that simultaneously analyzes the impact of corporate management activities on the environment and society, and the impact of environmental and social factors on the company’s financial status. Furthermore, in strengthening ethical compliance management, the report disclosed the activities of the ESG Committee, composed of four outside directors and one inside director.

A Lotte Chemical official emphasized, "We will actively reflect the latest ESG guidelines and the demands of various stakeholders, and expand our business areas in the global market where ESG management is increasingly important."

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