LG Innotek joined the member of RE100 Initiatives

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Jul 06, 2022, 07:00 ET

The company plans to go 100%-renewable electricity by 2030 - a challenging goal.
The company will expand its solar power generation facilities and use PPA actively.
Cheoldong Jeong, its CEO, says, "We will respond to the climate crisis with a sincere heart."

SEOUL, South Korea, July 6, 2022 /PRNewswire/ -- LG Innotek (CEO Cheoldong Jeong) announced on the 5^th, July that the company had been admitted as a member of RE100, a global initiative.

RE100 is the abbreviation for "Renewable Electricity 100%" and is a global initiative that has set a goal to go 100%-renewable electricity that its member companies use by 2050. The initiative was launched in 2014 by The Climate Group, a UK non-profit organization, in partnership with the Carbon Disclosure Project (CDP).

Companies consuming 100 GWh or more of electricity per year are eligible to become a RE100 member. For such a company to be admitted as a member, the company must commit itself to a goal of procuring 100% of the electricity it uses from renewable energy by 2050. A member must practice the RE100 initiative's roadmap of achieving 60% renewable electricity by 2030 and 90% renewable electricity by 2040 and disclose its performance through the CDP every year. Currently, approx. 370 global companies including Google LLC, Apple Inc., and Microsoft Corporation are members of RE100.

LG Innotek plans to procure 100% of the electricity that its domestic and overseas establishments use from renewable electricity by 2030. This is a challenging goal that is earlier than the RE100 requirement by 20 years. In addition, the company announced in last February through its ESG committee that it would become carbon-neutral by 2040.

To achieve the RE100 goal early on, LG Innotek has strenuously executed various energy saving activities, including introducing energy-efficient facilities. In the short term, the company will continue to participate in the Green Premium program operated by Korea Electric Power Corporation (KEPCO), in which companies receive electricity produced from renewable energy at an additional fee. The electricity that the company will receive through the Green Premium program will amount to a total of 192 GWh, which is approx. one third of the electricity that the company's domestic establishments consume annually. In addition, the company will increase the solar power generation facilities in its domestic and overseas establishments to produce electricity for itself from renewable energy.

In the long term, LG Innotek will actively utilize the Power Purchase Agreement (PPA) program, in which companies purchase electricity directly from renewable energy producers, to procure electricity securely from power companies that produce electricity from renewable energy such as solar power and wind power.

Sam Kimmins, Director of Energy, Climate Group said : "LG Innotek's goal of 100% renewable electricity by 2030 shows it is a true leader in the manufacturing sector. By joining a growing number of South Korean businesses that are pushing for greater access to renewables, LG Innotek sets an example to other businesses out there that are looking to make the same positive steps."

Cheoldong Jeong, LG Innotek's CEO, said, "We will take our admittance to RE100 as an opportunity and reborn as an eco-friendly leader that responds to the climate crisis with a sincere heart." He added, "We will further strengthen our ESG management as well and make company-wide efforts to shape a sustainable future."

In the meantime, LG Innotek has also participated in the Science Based Targets initiative (SBTi) and the Business Ambition for 1.5℃ campaign to achieve carbon neutrality.

The Science Based Targets initiative is a global initiative in which companies set and verify the goals for reducing greenhouse gas emissions in accordance with the Paris Agreement. The Business Ambition for 1.5℃ is a campaign to proactively respond to the Paris Agreement that has set the goal of limiting the increase in average global temperature to 1.5℃ compared to before the Industrial Revolution.

About LG Innotek Co.,Ltd.

LG Innotek is a cutting-edge materials and components manufacturer and an affiliate of the LG group. The company's business units include core components for mobile, automotive, display, semiconductor, and IoT products. Furthermore, the company has cooperated closely with the mobile devices, home appliances, and automotive companies, producing camera modules, automotive electronic components, wireless communication modules, and substrate materials.

LG Innotek is headquartered in Seoul, Korea and its sales subsidiaries are located in Germany, USA, China, Japan, and Taiwan with production subsidiaries in China, Vietnam, Indonesia, Mexico, and Poland. For more information, please refer to the website: www.lginnotek.com