Consumer electronics giant LG Electronics announced today a series of key milestones on its path to achieving 100% renewable energy for all of its electricity requirements by 2050.
The company also announced that it has joined RE100, an initiative led by the Climate Group in partnership with CDP, to bring together the world’s most influential companies committed to 100% renewable electricity. RE100 members commit to sourcing 100% of the electricity used across their global operations with electricity from renewable sources.
LG announced its commitment to transition to 100% renewable energy by 2050 in 2021. The new goals announced by the company include targets to increase its usage of electricity from renewable sources to reach 60% at all offices and manufacturing facilities by 2030, and 90% by 2040, before fully shifting to 100% by 2050.
The company outline initiatives it will pursue in order to reach its renewable energy goals, including installing high-efficiency solar panels at LG offices and manufacturing facilities, acquiring renewable energy certificates (RECs), and signing renewable energy power purchase agreements (PPAs). In South Korea, LG will also pay Korea Electric Power Corporation’s (KEPCO) green premium, which allows companies to pay a premium to purchase renewable energy.
Lee Sam-soo, Chief Strategy Officer at LG Electronics, said:
“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. LG remains fully committed to realizing its ESG vision of creating a Better Life for All.”