LG commits to sustainability mission, aims to go 100% renewable by 2050

Author : Pankaj Singh | Published Date : 2021-07-23 

South Korean multinational electronics firm LG Electronics Inc. recently announced its plans to transition to 100% renewable energy by 2050 as part of its sustainability strategy.

For the record, the firm had earlier committed to carbon neutrality via the Zero Carbon 2030 initiative, which aims to reduce 50% carbon emissions in the production process of 2017 standards by 2030. It plans to make the transition one region at a time, beginning with North America.

In the next four years, LG manufacturing facilities outside of Korea are likely to shift 50% of their electricity demands to renewable energy.

LG has also proposed several strategies to meet its 2050 goal. It will use Renewable Energy Credit (REC) certificates, employ power purchase agreements to buy electricity straight from suppliers, and install highly efficient LG solar panels on its buildings.

Further, it will also participate in the Green Premium program to acquire clean energy from Korea Electric Power Corporation (KEPCO). 

LG is currently installing 3.2 MW solar modules on a manufacturing site in Noida, India, which will generate enough electricity to run the company’s administrative office as well.

As part of the Clean Development Mechanism (CDM), this initiative will allow LG to obtain carbon reduction certificates from the United Nations Framework Convention on Climate Change (UNFCCC).

Park Pyung-gu, Senior VP at LG Electronics Safety & Environment Division, mentioned that LG's commitment to improving life for all may best be realized through its transition to renewable energy and carbon neutrality.

Manufacturers today have a once-in-a-lifetime opportunity to leave a planet worth living to the next generation, and LG takes this responsibility seriously, he added.

LG Electronics Inc. is a global leader in technology and consumer electronics, with operations in nearly every country and a staff of over 75,000 people worldwide.

It is a top supplier of various consumer and commercial electronics, including televisions, monitors, air solutions, home appliances, mobile devices, automotive components, and service robots, boasting of global sales of over USD 56 billion in 2020.

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Pankaj Singh

Pankaj Singh

Endowed with a post graduate degree in management and finance, Pankaj Singh has been a part of the online content domain for quite a while. Having worked previously as a U.K. insurance underwriter for two years, he now writes articles for fractovia.org and other online portals. He can be contacted at- [email protected] | https://twitter.com/PankajSingh2605

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