May 23, 2022
(press release)
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Chief Executive Officer Hak Cheol Shin Flies to Davos, “We Will Reduce Carbon in All Processes from Production to Supply Chains” LG Chem announced that Chief Executive Office Hak Cheol Shin will attend the World Economic Forum held in Davos, Switzerland for five days from May 22 to 26 (local time hereafter). Since participating in the climate change response plan session at last year’s WEF as the only Korean businessperson, he was invited again for the second straight year to the WEF. This year, he will participate in a total of four sessions and about 10 top management meetings (TMM). At the ‘Winning the Race to Net Zero’ session that will be held on the 25th, Chief Executive Officer Shin is slated to participate in the panel and share the roles and strategies of LG Chem to achieve net-zero. This session is an agenda that is given so much importance that the World Economic Forum publishes a separate report on this with the same name. In addition to CEO Shin, Boston Consulting Group CEO Rich Lesser, Novozymes CEO Ester Baiget, and DSM Co-CEO Dimitri de Vreeze will also participate as panel members. Chief Executive Officer Shin is expected to give his message that discussions that stopped short at reducing carbon in workplaces (Scope 1 & 2)* should be expanded in scope to include reducing carbon emissions (other indirect emissions, Scope 3) in all processes ranging from direct product manufacturing to vendors, logistics systems, product disposal, etc. LG Chem has been taking the lead in mitigating carbon emissions throughout its entire corporate activities through ▲conversion to eco-friendly raw materials such as bio-naphtha ▲LCA (Life Cycle Assessment) that quantitatively assesses the environmental impact of all products ▲supply chain ESG management, etc. LG Chem’s goal is to achieve net-zero where net carbon emissions is 0 by 2050. This will be possible by reducing approximately 20 million tons of emissions every year (amount emitted by 4.2 million cars per year). Furthermore, Chief Executive Officer Shin plans to participate in the world’s largest climate leader organization, the Alliance of CEO Climate Leaders’ while building global cooperative networks by cooperating in future investments, etc. at the ▲CEO conference for the chemical/advanced materials industry ▲strategic talks with the EU ▲ and about 10 top management meetings. Chief Executive Officer Hak Cheol Shin stated, “Climate change response is a problem for all humanity that can be no longer postponed, and it is a standard for customers and the market,” while adding, “LG Chem will take the initiative in efforts to respond to climate change for global corporations through measures such as reducing carbon emissions even in all supply chains related to our business.”
LG Chem Chief Executive Officer Hak Cheol Shin will attend the World Economic Forum (WEF, Davos Forum) to discuss climate change crisis response plans with leaders from around the world, while constructing a global cooperative network.
*Net-zero: Where the net emissions found by adding carbon emissions and reduction becomes ‘0’
*Scope 1 & 2 & 3: Scope 1 refers to direct carbon emissions generated in the production stage, Scope 2 deals with indirect emissions generated in the course of producing electricity and power used in the workplace, and Scope 3 refers to carbon emissions generated by vendors, logistics, use of products, and discarding of products.
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