LG Chem has announced that it will maintain its carbon emission rate in 2019 all the way up to 2050.
The plan, dubbed 2050 Carbon Neutral Growth, aims to reduce its expected carbon emission rate of the namesake year by 75%.
It will react to climate change, use more reusable energies, recycle its resources, protect the environment and develop and manage a responsible supply chain to achieve this, LG Chem said.
The company is the first chemical firm in South Korea to announce such plans.
Carbon neutrality refers to achieving net zero carbon dioxide emissions by balancing carbon emissions with carbon removal __ or removing carbon emissions altogether.
LG Chem plans to maintain its carbon emission rate of 10 million metric tonnes in 2019 all the way up to 2050.
The South Korean chemical and battery giant is projected to emit 40 million metric tonnes in 2015 in light of its business growth rate.
It will need to reduce 30 million metric tonnes to achieve its goal. This is equivalent to the amount 12.5 million trains running on fuel would emit for a year. 220 million pine trees will need to be planted to offset the amount.
LG Chem also plans to use only renewable energy to produce its products in all its worldwide facilities. This will allow it to reduce 24 million metric tonnes in carbon emission in 2050, the company said.
It will also adopt new processes and equipment that reduces less carbon as well as apply carbon capture utilization storage. It will also develop degradable plastics, technology to reuse dead batteries, zero burial of wastes and make supply chains follow human rights and environmental policies.
“We will have sustainability as our core growth engine to create a long-lasting business model,” Shin Hak-cheol, CEO and vice chairman of LG Chem, said in statement.
