LG Chem Vice Chairman and CEO Shin Hak-cheol shared the company’s strategies on tackling climate change at the World Economic Forum on Wednesday.

During the “Mobilizing Action on Climate Change” session, which was held online, Shin suggested three keywords to business and industry leaders to address climate change -- commit, operationalize and engage.  

“In 2019, LG Chem emitted 10.5 million metric tons of carbon dioxide. If we keep growing at the current rate without major intervention, we will be emitting 40 million tons of carbon dioxide by 2050, which is four times the current emission level,” said Shin, explaining why the company is pursuing its 2050 Carbon Neutrality Initiative.

“Our 2050 goal calls for a reduction of 30 million tons of carbon dioxide on an annual basis by 2050. We deployed ‘avoid, reduce and compensate’ tactics.”

LG Chem aims to avoid carbon emissions by practicing its Renewable Energy 100 initiative in all of its global operations. Also, it aims to reduce emissions through rigorous research and development efforts in carbon capture and utilization technology. It also aims to compensate for emissions by replacing fossil fuel-based raw ingredients with bio-based raw materials.

To accomplish such a goal, Shin emphasized the collaboration between all sectors and deployment of innovative technologies.

“Carbon capture and utilization technology will be the key for the petrochemical industry. The magnitude of technical challenge is so big that no one company can perfect this technology alone. Hence the need for essential industry partnership and collaboration.”

By Kim Byung-wook (kbw@heraldcorp.com)