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ESG

LG Display to power all offices with 100% renewable energy

The display maker is following moves by other LG Group affiliates to achieve carbon neutrality

By Jul 26, 2021 (Gmt+09:00)

LG Display's main plant in Paju
LG Display's main plant in Paju

LG Display Co., a major South Korean display panel maker, said on Monday it is shifting to 100% renewable energy to power all its business offices in the country.

The move is in line with the company’s strengthened environmental, social and governance (ESG) standards and designed to comply with the government initiative to achieve carbon neutrality by 2050, it said.

LG said it recently purchased 57.2 GWh of electricity produced through renewable energy sources such as solar, wind and water power from state-run Korea Electric Power Corp.

With the purchase, the company said it will be able to power all its offices across the country, including the R&D center in Seoul. Some of the electricity will be used to run manufacturing facilities, it said.

LG Display said it will expand the use of renewable energy at its plants through the purchase of government-issued renewable credit cards (RECs) and signing a power purchase agreement (PPA) with power generating firms.

Last year, the company spent 37 billion won ($32 million) to cut carbon emissions by 3 million tons compared to its 2014 level.

It plans to invest more than 6 billion won in greenhouse gas reduction facilities this year.

LG Display
LG Display

With the latest announcement, LG Display is following in the footsteps of other affiliates of LG Group in efforts to reduce carbon emissions.

LG Electronics Inc. said in mid-July that it will make a complete transition into renewable energy for its operations both at home and abroad by 2050, taking a step forward from its previous goal of achieving carbon neutrality by 2030.

Last year, LG Chem Ltd. became the first Korean chemical company to announce a plan to produce zero carbon by 2050.

Other major business groups in South Korea have been joining global efforts to combat climate change. Last year, SK Group declared that SK Hynix Inc. and other affiliates would completely switch over to renewable energy such as solar and wind power by 2050.

Write to Su-Bin Lee at lsb@hankyung.com

In-Soo Nam edited this article.

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