LG To Abandon All Fossil Fuels By 2050

LG Electronics has finalized plans to convert all its business sites to 100 percent renewable energy by 2050.

This is even as the company joined RE100 (Renewable Energy 100), a global initiative advocating for businesses to convert to 100 percent renewable energy for all their electricity requirements.

Commenting on the move, the chief strategy officer at LG Electronics Lee Sam-soo said the decision to become a RE100 member is yet another example of its strong commitment to sustainability and to fulfilling its responsibilities as a global corporate citizen.

“LG remains fully committed to realizing its ESG vision of creating a Better Life for All. Through ongoing efforts and innovation, LG is well on its way to achieving its goals of converting to 100 percent renewable energy and becoming a carbon-neutral business,” said Lee Sam-soo.

To reach the 100 percent renewable energy goal by 2050, LG will gradually increase its usage of electricity from renewable sources, such as solar and wind power to 60 percent by 2030 and 90 percent by 2040, arriving at its target of 100 percent by 2050.

Along with expanding the generation and usage of renewable energy via the installation of high-efficiency solar panels at LG offices and manufacturing facilities, the company will be implementing a variety of additional measures, such as acquiring renewable energy certificates (RECs), signing renewable energy power purchase agreements (PPAs) and, in South Korea, paying Korea Electric Power Corporation’s (KEPCO) green premium.

As part of its ongoing efforts in this area, last year, LG signed a direct PPA with GS EPS, a Korean power generation company, to build a solar power station equivalent to the size of three soccer fields on the roof of the existing integrated production building at LG Smart Park in Changwon, South Korea by 2025.

Some solar panels have already been installed and have generated power for select buildings since last December. Around the world, the company has installed solar panels on rooftops of several of its offices, including the LG Sciencepark R&D complex in Seoul, South Korea; the North American Headquarters campus in New Jersey, USA; LG India’s office building in Greater Noida, India; and the Rayong home appliance factory in Thailand.

LG had already established plans to speed up its transition to renewable energy and accelerate its journey toward carbon neutrality. By converting to renewable energy, the company is also reducing indirect carbon (scope 2) emissions generated while using power. In 2019, LG announced its Zero Carbon 2030 pledge to reach net-zero (direct and indirect) carbon dioxide emissions (scope 1 and 2) by the year 2030.