A researcher is testing the physical properties of newly developed biodegradable materials at LG Chem's Future Technology Research Center in Daejeon Metropolitan City on April 25. Courtesy of LG Chem

LG Chem is going through radical reforms in all of its businesses, aiming for sustainability as a key competitive edge and priority management task.

In February, LG Chem revealed its new plan to achieve Net Zero by 2050 ― and reach its carbon reduction goal 20 years earlier ― to secure environmental, social and corporate governance (ESG) leadership in global industry.

Net Zero is the target of completely negating the amount of greenhouse gases produced by human activity.

LG Chem will have to reduce 20 million tons of carbon emissions more than what it had originally planned to cut by 2050 in order to achieve the new goal. Twenty million tons of carbon emissions is equal to the amount of carbon emitted by 8.3 million fossil fuel vehicles over a year. It can be offset by planting about 140 million pine trees.

LG Chem is actively promoting the introduction of innovative processes, the conversion of eco-friendly raw materials and fuels and the expansion of renewable energy use.

The company plans to conduct a Life Cycle Assessment, which quantitatively evaluates the environmental impact from raw materials on product manufacturing for all domestic and international products by 2023. It will also convert the electricity sourced at all of its worksites around the world into renewable energy such as solar and wind power.

LG Chem has secured 340 gigawatt-hours (GWh) of renewable energy through the Green Premium System and power direct purchase agreement within the country and abroad. This is the amount that about 80,000 households use in a year.

Last year, the company won a bid to obtain 135 GWh of renewable energy through the Green Premium System, which will be used at its anode materials plant in Cheongju, North Chungcheong Province, which produces key materials for electric vehicle batteries.