Africa-Press – Tanzania. LG Electronics is the first Korean company to start using science-based targets to cut greenhouse gas emissions by 2030.
The announcement made Friday will see the firm participate in the net-zero global campaign, Business Ambition for 1.5°C.
“LG’s current activities are in line with our mid-to-long-term ESG strategy to produce eco-friendly products and services for future generations,” the firm’s executive vice president Kim Joon-ho said.
He added that the company is actively working on environmental solutions focusing on the themes of the net-zero and circular economy so that future generations can enjoy a better life and contribute to a better tomorrow.
The campaign, led by the Science Based Targets initiative (SBTi) with support of the CDP, United Nations Global Compact (UNGC), World Resources Institute (WRI) and World-Wide Fund for Nature (WWF), has commitments of participation from nearly 700 global companies.
LG announced its Zero Carbon 2030 initiative in 2019, committing to reduce the total amount of direct carbon emissions and indirect emissions generated during the production process by 50 percent compared to the 2017 baseline.
With its commitment to Business Ambition for 1.5°C, LG is setting a new target to also reduce GHG emissions generated during the use phase of products such as refrigerators, washing machines and residential air conditioners, a far greater challenge.
In fact, LG’s report to the CDP this year showed that the use phase of major products accounted for more than 80 per cent of its greenhouse gas emissions.
Science-based targets as promoted by SBTi are in line with the latest research and what is deemed necessary to meet the stretch goal of the Paris Agreement to limit global warming to 1.5 degrees Celsius.
LG’s carbon emission reduction target to reduce emissions in the entire production process from production to use by 2030 will be reviewed and validated by SBTi based on scientific data.
It now joins 101 other companies committed to reducing their carbon footprints and setting examples for others in their industries. These companies use innovative solutions and aggressive goals to see real results.
One in five of the world’s 2,000 largest publicly listed companies have now committed to a “net-zero” emissions target — meaning that by 2050 they will produce close to zero emissions and will offset the remaining.
The world needs to bring annual emissions down from the current 57 gigatons of CO2 to zero.
This is expected to improve the resilience and stability of supply chains and sources of raw materials for companies while improving livelihoods.
