Lotte Chemical, DL Energy team up to produce renewable energy

South Korea’s Lotte Chemical Corp. and DL Energy have joined forces to spread carbon neutrality and environmental, social and governance (ESG).

Since joining RE100, a global initiative for the eventual use of 100% renewable energy, early this month, Lotte Chemical has expanded its use of renewable energy.

Lotte Chemical on Monday said it signed an agreement at its plant in Uiwang, Gyeonggi Province, with DL Energy on joint development of power generation projects using green energy to adopt renewable energy on the domestic market.

Under their accord, both companies will jointly develop new and renewable energy projects in the country, devise joint measures for the supply and use of renewable energy, exchange information and conduct exchange to promote such energy.

Joining RE100 on July 5, Lotte Chemical will raise the proportion of its renewable energy use to 60% by 2030 and 100% by 2050 to achieve the initiative’s goals.

As an independent power plant developer, DL Energy is emerging as a global private power company that develops and invests in power generation projects at home and abroad like the Middle East and South America. It is also working on ESG management through development of eco-friendly energy through projects like the construction of a hydrogen fuel cell plant launched last year in Yeosu, South Jeolla Province.

Write to Mi-Sun Kang at misunny@hankyung.com