July 03, 2024

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LG Innotek marks the company's 61 percent achievement rate of RE100 goals on Thursday. (LG Innotek)

LG Innotek said Thursday that it has met nearly 61 percent of its renewable energy transition goals just a year since it joined the RE100 corporate initiative in July 2022.

According to its sustainability report, it converted 60.9 percent of its energy consumption to renewable energy last year, a significant increase from 22.1 percent in 2022.

LG Innotek explained that this resulted in about 267,000 tons of reduction in carbon emissions, equivalent to that of around 40 million 30-year-old pine trees.

In joining the RE100 initiative, the company set goals of achieving 100 percent renewable energy use by 2030 and carbon neutrality by 2040.

The company said it would shift all electricity use at its Korean operations to renewable energy by 2030. It is also taking action to further reduce energy consumption by introducing energy-efficient equipment.

As part of its commitment to sustainable practices, LG Innotek signed a purchase agreement for renewable energy certificates with Bright Energy Partners, a local green energy investment and operations firm last year. The contract credits LG Innotek with the use of approximately 100 gigawatt-hours of renewable energy annually over a two-decade period.

Last year, the company also entered into a power purchase agreement with SK E&S, a clean energy provider within SK Group, securing a stable supply of 10 megawatt-hours of renewable energy per year for 20 years.

The company’s sustainable management has also already gained recognition globally. It obtained the highest A rating in the climate change response assessment by the Carbon Disclosure Project, a global carbon information disclosure initiative, earlier this year. Only 1.5 percent of the 23,202 surveyed companies globally achieved the top rating.

“LG Innotek recognizes the severity of global climate change as a critical issue,” CEO Moon Hyuk-so said. “As a global company, we will not only take the lead in climate change adaptation but also continue to create distinctive customer value through genuine ESG management practices.”

By Jie Ye-eun (yeeun@heraldcorp.com)