LG Energy Solution is speeding up its 'RE100 conversion' (sourcing 100% renewable energy for use).
LG Energy Solution announced on the 24th that it had purchased a 23GWh wind power and solar power 'renewable energy supply certificate (REC)' from Jeju Energy Corporation, Jeju Special Self-Governing Provincial Office, and Jeju Dongbok Village to expand the application of renewable energy to their Ochang Plant in North Chungcheong Province.
The conversion rate of renewable energy at the Ochang Plant will more than triple from 16% last year to 50% this year, through this REC purchase. LG Energy Solutions, the first domestic battery company to join RE100 in April last year, is raising the conversion rate of renewable energy in battery business sites, including the Ochang plant.
This year, it will expand the conversion rate of renewable energy to 100% at their first and second factories in Nanjing, China, where the demand for batteries is rapidly growing. The European plant in Poland and the U.S. plant in Michigan achieved the RE100 target early in 2019 and 2020.
LG Energy Solutions plans to increase the conversion rate of all production plants around the world to more than 60% this year. RE100 is an abbreviation for 'Renewable Electricity 100%'. It is an international campaign that pushes for companies to be 100% energy sustainable by 2050.
In the 'RE100 Annual Report' released in January by the multinational non-profit organization The Climate Group and CDP, LG Energy Solutions ranked first among domestic companies (14 companies) that joined RE100 with a conversion rate of 33% (as of 2020).
Young-soo Kwon, CEO of LG Energy Solution, said, “The need to convert to RE100 is growing due to increased investments in renewable energy and increased demands from customers and investors to respond to climate change," adding, "Batteries are a key product in the carbon-neutral era, and we aim to become a model company for reducing carbon emissions in the future."
LG Energy Solutions is the first Korean company to be selected as a policy advisory body for the RE100 Board of Directors. Companies of the RE100 Policy Advisory Organization are selected through a strict screening process from global companies and expert organizations, with renewable energy expertise and experience to direct plans to achieve RE100 in the future.
In 2020, the first policy advisory body completed its two-year term. Global companies such as Apple, Meta, Sony, and Pepsi, as well as LG Energy Solutions, started their activities as policy advisory organizations in the second term since March. Companies serve as policy advisors on the establishment of major strategies, such as measures to promote corporate participation in renewable energy promoted by the RE100 board of directors.
Reporter Ji-woong Kwon jw0316@etnews.com