#South Korea #Seoul #Climate Change #LG Innotek #CDP Assessment

LG Innotek Achieves Prestigious A Grade for Climate Actions

In a significant accolade for environmental management, LG Innotek has secured the 'Leadership A grade' in the 2024 Carbon Disclosure Project (CDP) Climate Change Response Assessments for the second consecutive year. This recognition places LG Innotek among the elite 2% of over 24,000 companies assessed globally, indicating its commitment to responsible environmental practices.

The Carbon Disclosure Project is a global initiative, meticulously established to collect and assess environmental data from companies around the world. Major investors rely on this information to make informed decisions. This year, the assessment considered climate-related strategies from an impressive pool of 24,836 companies, with only 424 securing the prestigious 'A grade'.

Commitment to Renewable Energy

Under the leadership of CEO Moon Hyuksoo, LG Innotek has demonstrated a profound commitment towards achieving its sustainability goals. The company aims to operate on 100% renewable energy by 2030 (2030 RE100) and achieve carbon neutrality by 2040 (2040 Net Zero). A specialized team dedicated to carbon neutrality has driven rapid implementations of these initiatives.

Recognizing climate change as a critical global issue, LG Innotek has prioritized it within its Environmental, Social, and Governance (ESG) management strategies. The company has ambitiously set high targets like the 2030 RE100 and 2040 Net Zero, which reflects its proactive approach toward eco-friendly practices.

To support its goals, LG Innotek has undertaken various strategies; these include transitioning to renewable energy sources, enhancing energy efficiency, and optimizing operational processes. Electricity consumption, which constitutes a substantial portion of greenhouse gas emissions, is a focal point of the company's strategies for conversion to renewable energy sources.

Green Initiatives and Achievements

A notable strategy has been the procurement of a large-scale renewable energy supply chain through Power Purchase Agreements (PPAs) and Virtual Power Purchase Agreements (VPPAs). These agreements are instrumental in enabling the company to secure a consistent renewable energy supply. LG Innotek has initiated the installation of rooftop photovoltaic systems across major operational facilities, both domestically and internationally, as part of its efforts to enhance its renewable energy capabilities.

In the past year alone, LG Innotek has successfully transitioned 638GWh of its electricity consumption to renewable sources, representing over 60% of its total electricity usage across various operations. This remarkable achievement has brought the company closer to its 2030 goals, with specific operations in Paju, Gumi 1A, and Vietnam already attaining RE100 status.

Future Directions

LG Innotek's CEO Moon Hyuksoo stated, "Our focus lies in genuine ESG management efforts that prioritize climate change response. We are committed to creating exceptional value for our customers through our global ESG leadership."

This ongoing dedication ensures that LG Innotek continues to set a benchmark in sustainability, leading by example in the technology sector. The commitment to eco-friendly management not only enhances the company’s reputation but also contributes significantly to global efforts against climate change.

Through these measures, LG Innotek exemplifies how corporations can integrate sustainable practices into their business models, effectively aligning profitability with planetary health. By prioritizing the environment, LG Innotek is indeed making strides toward sustainable innovation and leadership in today’s climate-conscious economy.