SEOUL, South Korea
,
April 1, 2022
(press release)
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LG Chem will begin recycling waste resources such as waste plastics generated in Siheung. LG Chem announced on the 31st that it signed the ‘MOU for Constructing a Resource Cycle System by recycling waste resources’ together with Siheung City and Siheung Urban Corporation. This MOU signing ceremony was attended by Siheung Mayor Lim Byeong-Taek, LG Chem Petrochemicals Company President KUG LAE, NOH, Siheung Urban Corporation CEO Jung Dong-seon and others. LG Chem, Siheung City and Siheung Urban Corporation agreed to the need for constructing a system for the virtuous cycle of plastic resources, and they agreed to jointly pursue the project of transforming waste resources generated in Siheung into clean resources. LG Chem is actively pursuing R&D and ESG projects related to virtuous resource cycles such as biodegradable plastics, recycling of waste cooking oil, etc., and recently, it has been accelerating investments in the recycling sector such as recently announcing the establishment of the nation’s first supercritical pyrolysis plant. In accordance to the contents of the MOU, Siheung will provide support for various licensing and administrative systems for the establishment of policies and businesses for resource circulation. Siheung Urban Corporation will utilize its currently operating municipal waste sorting center to conduct R&D with LG Chem for the advancement of waste sorting until 2023. LG Chem will engage in R&D for waste resource recycling and building a circular economy by utilizing its supercritical pyrolysis, etc., and it is also slated to launch various eco-friendly products which recycle waste resources that would otherwise be incinerated or placed in landfills. Siheung Mayor Lim Byeong-Taek commented, “With this MOU, I hope that Siheung will be reborn as an eco-city that turns 100% of recyclable wastes into resources for the first time in the nation, and a sustainable eco-city that harmonizes nature and people.” LG Chem Petrochemicals Company President KUG LAE, NOH said, “This MOU is meaningful in that it creates a win-win value with local governments by using wastes that would be incinerated or discarded,” while adding, “We will accelerate the construction of a circular economy for plastic by continuously expanding cooperation with local governments.” Siheung Urban Corporation CEO Jung Dong-seon stated, “This MOU has become the cornerstone for utilizing waste resources, which used to be sorted at sorting centers and then incinerated, into upcycled resources with high value. Based on this, we will take the lead in establishing a sustainable ESG management system.”
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