LG

■ On February 18th, both entities signed the MOU for ‘Joint response to achieve RE100’ that encompasses supplying and using renewable energy
 
■ With KOEN, LG Chem seeks to ▲agree on RE 100 implementation plans ▲establish a joint investment scheme on renewable energy development project ▲promote industrial revitalization through education/technology exchange
 
■ Yu Jiyung, Executive Vice President and CSO of LG Chem said
“We will closely cooperate with KOEN in securing essential renewable energies. This is a response to our clients including global IT companies and automobile OEMs, specifically to their demands in carbon reductions.”
 
 
LG Chem(Hak Cheol Shin, CEO) and Korea South-East Power Co. (Hoe-Chun Kim, President & CEO) will embark on a joint cooperation on renewable energy usage to achieve RE100.
*RE100(Renewable Energy 100): RE100 is the global corporate renewable energy initiative that require businesses to manufacture their products with 100% renewable energy. Companies can either generate RE with their own capabilities, or they can purchase RE from a power generator.
 
On February 18th, LG Chem signed the MOU for ‘Joint response to achieve RE100’ with Korea South-East Power Co.(KOEN) at Magok LG Science Park. KOEN currently supplies over 10% of power generated domestically. Yu Jiyung, Executive Vice President and Chief Sustainability Officer(CSO) and Eun Sangpyo, Head of New Business at KOEN also attended the signing ceremony.
 
Each entity will seek a working-level collaboration in renewable energy supply and usage for successful implementation of RE100. Specifically, entities will ▲agree on RE 100 implementation plans ▲establish a joint investment scheme on renewable energy development project ▲promote industrial revitalization through education/technology exchange.
 
The first assignment will include discussions over a pilot transaction on renewable energy supply certificate for 9GWh worth of energy generated from KOEN’s Samcheonpo Division Solar Power Plant. Afterwards, the two entities plan to accelerate ESG management to achieve RE100 by jointly promoting renewable energy projects.
 
Through green premium and Power Purchase Agreement(PPA), LG Chem seeks to secure 340GWh worth of renewable energy that can power approximately 80,000 households annually. Furthermore, LG Chem is pushing for a full transition to RE100 by 2050 in all of its businesses around the world.
 
Yu Jiyung, Executive Vice President and CSO of LG Chem said “LG Chem has set a challenging goal of ‘2050 Net Zero Accomplishment’ to become a global sustainable science company. We plan to introduce innovative processes and convert to eco-friendly raw materials and fuels” and added
*Net Zero: Where the net emissions found by adding carbon emissions and reduction becomes ‘0’
 
“We will closely cooperate with KOEN in securing essential renewable energies. This is a response to our clients including global IT companies and automobile OEMs, specifically to their demands in carbon reductions.”
 
Eun Sangpyo, Head of New Business at KOEN said, “As the first-ever domestic case in RE100 collaboration between a state-run power generator and a large corporation, we expect the MOU will kickstart domestic RE100-related market’s growth.”
 
Mr. Eun added that “KOEN has the success DNA in the field of renewable energy generation, such as Tamra Offshore Wind Power, Korea’s first commercial offshore wind farm and Sinan Solar Power, the largest resident-participating solar power complex in Korea. Based on these, we will do our best to become a reliable partner in domestic industry’s efforts in energy conversion and achieving RE100.”