LG Uplus to Recycle 100% Industrial Waste by 2025

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LG Uplus to Recycle 100% Industrial Waste by 2025

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LG Uplus [032640:KS], the mobile phone arm of South Korea’s LG Group [003550:KS], has pledged to recycle 100% of the industrial waste from its factories by 2025, as reported by the Korea Economic Daily on July 18. The pledge is included in the mobile manufacturer’s 2021 Report of Sustainability published on July 17, which outlines the company’s sustainability target and the progress in environmental, social, and corporate governance (ESG) last year. For instance, the company plans to install environmentally friendly rectifiers and open-air cooling systems to reduce carbon emissions by 38% by 2023 compared to 2021 levels. Furthermore, the company looks to use 100% renewable energy in 2050.

LG Uplus’s initiatives in recycling industrial waste accord with its parent company’s resolution in environmental governance. On June 29, LG Group announced plans to inject KRW2tr (USD1.55bn) over the next five years into sectors of biomaterials, batteries and plastic recycling, along with other carbon-neutral technologies. LG CEO, Koo Kwang-mo, has held a set of meetings since May to review the business strategies of all its subsidiaries. Under his corporate governance strategy that highlights sustainability, the company will create new business opportunities in the booming clean tech market through investments in eco-friendly and value-adding technologies. On July 11, South Korea’s largest chemical company LG Chem [051910:KS] also published its sustainable management report for 2021. LG Chem ramped up its investment in environmental safety by 62.3% YoY to KRW292.7bn (USD220m) in 2021, while its waste recycling rate also climbed up seven percentage points to 85%.

Sources:

https://www.kedglobal.com/esg/newsView/ked202207180006

https://www.koreaherald.com/view.php?ud=20220629000623

https://www.benzinga.com/pressreleases/22/07/w28013375/lg-chem-publishes-sustainable-management-report-containing-information-for-achieving-net-zero

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