LG Innotek Secures Top Climate Award for Eco-Friendly Initiatives
LG Innotek Achieves 'Leadership A' Grade in Sustainability
LG Innotek is thrilled to announce that it has been awarded the prestigious 'Leadership A' grade in the 2024 Carbon Disclosure Project (CDP) Climate Change Response Assessments. This notable recognition marks the second consecutive year the company has received this honor, showcasing its unwavering commitment to eco-friendly practices.
Understanding the CDP Climate Change Response Assessments
The CDP is an international initiative backed by prominent financial institutions aimed at gathering and evaluating environmental information from leading companies around the globe. This initiative provides crucial information for stakeholders, promoting transparency and accountability in corporate environmental practices.
This year's assessment included over 24,000 companies from more than 130 countries, with only the top 2% being awarded the coveted 'Leadership A’ grade. LG Innotek's impressive performance sets it apart as a leader in sustainability efforts.
LG Innotek's Commitment to Renewable Energy
The company has set ambitious targets for itself, aiming for 100% renewable energy by 2030, known as the 2030 RE100 initiative, and achieving carbon neutrality by 2040 under the 2040 Net Zero initiative. These goals reflect LG Innotek's recognition of the critical challenges posed by climate change.
In a bid to attain these objectives, LG Innotek has been actively transitioning to renewable energy sources, enhancing its energy efficiency, and refining operations. The company has now converted over 60% of its electricity consumption to renewable sources, amounting to 638GWh of renewable energy use in the last year alone.
Innovative Approaches to Sustainable Practices
To bolster its renewable energy supply chain, LG Innotek is engaging in various initiatives, including Power Purchase Agreements (PPAs) and Virtual Power Purchase Agreements (VPPAs). Furthermore, the company is installing rooftop photovoltaic (PV) systems across its major facilities.
Internationally, LG Innotek has been lauded for its initiatives in Paju and Gumi, which have already achieved 100% renewable energy status in addition to operations in Vietnam. The commitment to sustainability is a key element of LG Innotek’s corporate philosophy.
CEO’s Vision for a Sustainable Future
Moon Hyuksoo, CEO of LG Innotek, emphasized the importance of ESG management centered on climate change. Under his leadership, the company is dedicated to generating substantial customer value while promoting sustainability and environmental stewardship.
He stated, ‘We are focused on genuine ESG management activities that prioritize climate change response. Our journey toward sustainability not only supports global efforts but also enhances our brand value in the marketplace.’
Frequently Asked Questions
What is the CDP Climate Change Response Assessments?
The CDP Climate Change Response Assessments are evaluations conducted by a global initiative that gathers and assesses climate-related information from major companies worldwide.
What does achieving 'Leadership A' grade signify?
Receiving the 'Leadership A' grade indicates that a company is among the top performers in terms of climate change management and environmental responsibility.
What are the 2030 RE100 and 2040 Net Zero initiatives?
These initiatives represent LG Innotek’s commitment to reaching 100% renewable energy usage by 2030 and achieving carbon neutrality by 2040.
How much of LG Innotek's electricity consumption is renewable?
LG Innotek has successfully converted over 60% of its electricity consumption to renewable sources, with specific sites achieving 100% already.
What steps is LG Innotek taking to increase renewable energy use?
The company is investing in renewable energy projects, including rooftop PV systems and various power purchase agreements to enhance its renewable supply chain.
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