SINGAPORE, Aug. 11, 2022 - As a responsible corporate citizen, running a global business means providing quality products and services to customers worldwide and making a positive social impact around the planet. With an enduring vision to better customers' lives, LG has unveiled its
Sustainability Report, which comprises six initiatives that detail its commitment to sustainable business practices in all areas of its diverse business operations.
As with its vision, the company's specific sustainability goals and plans for implementing related practices have constantly evolved over the years. In 2021, LG established a comprehensive framework for its sustainable practices. Key initiatives were reestablished and categorized according to a new ESG structure, and corporate ESG communication guidelines were instituted for the first time. This year, LG has further refined its far-reaching program of ESG initiatives in the new 'BETTER LIFE PLAN 2030'.
LG's newly revealed sustainable vision aligns perfectly with the phrase, Better Life for All. While LG has consistently shown its commitment to providing a better lifestyle forcustomers through its innovative products and services, the catchphrase signifies yet another step forward for the company. Henceforth, LG is expanding the scope of its sustainable practices with six key ESG initiatives to create a better life for its customers, the environment, employees, suppliers, and one and all who call this planet home.
"LG Electronics have come a long way since our first Environmental report two decades ago. Together with our stakeholders, we have made significant improvements to our business practices and contributed to a cleaner, greener Earth. Taking the next leap forward, LG recognizes that our strategies must evolve according to the ever-changing climate of our environment and society. Detailed in the 'Better Life Plan 2030', the initiatives demonstrate our steadfast commitment to creating a Better Life for All," said Mr Chun SungHo, Managing Director of LG Electronics Singapore.
LG Electronics' ESG Vision
1. Better Earth – To strive for carbon neutrality and the use of renewable energy LG will achieve its carbon-neutral goal by 2030 by continuously reducing greenhouse gas emissions at the production stage through process improvement and introducing energysaving technologies. This is evident through LG Smart Park, the company's first lighthouse factory for home appliances. The factory reduces carbon emissions by tapping on the high pressure generated from waste steam from waste incineration plants and supplying energy to the production building. This results in a reduction of carbon emissions by 30% in 2021. LG also aims to convert to 100% renewable energy by 2050 by purchasing new and renewable energy and expanding solar power installation.
2. Better Circularity – To create a circular economy by reusing resources from waste Aboutsustainability, Better Life for All outlines LG's new focus on creating a regenerative environment for the better well-being of all lives by establishing a circular economy – a term describing a production and consumption model that minimizes waste and the extraction of new resources. This will be carried out in several ways: (a) LG will proactively use eco-friendly materials from the manufacturing stage to minimize environmental pollution. The LG Soundbar has incorporated polyester jersey fabric made from recycled PET bottles
1 and utilized recycled moulded pulp in its packaging to lower the use of EPS (polystyrene) foam and plastics. (b) LG will recycle waste generated at production sites to create worksites with zero waste for landfilling by recovering 8 million tons
2 of e-waste and recycling them.
3. Better Eco Products – To create products and services that consider the environment LG will reduce carbon emissions from using its seven major products
3 by 20% by 2030 (compared to 2020) through energy improvements to new and current products and expand the application of recycled plastics by 2030
4 . The 2022 LG OLED Evo TVs are a testament to this goal. The TV stand of the C2 65-inch uses a new material, making it 40% lighter than 2021's model, resulting in a reduction of carbon dioxide emissions during transportation. Eco-friendly materials are also applied to the back cover of the TV and remote control, while the packaging uses corrugated cardboard
5 .
Ultimately, the company is moving on from aiming to do less environmental harm within the traditional linear economy – a system where materials are processed into products and then thrown away after use – to creating an altogether new business process that promotes the recirculation of finite resources. With the new initiative, LG is redirecting more of its environmental efforts to retrieving and recycling used products.
4. Better Workplace – To build a better supply chain through enhanced ESG risk management While LG has always endeavoured to work closely with partners in its pursuit of sustainability, the company is further establishing guidelines to better collaborate with supply chain partners, nurture a more embracive corporate culture, and introduce products that are accessible to all. To this end, LG will increase the inspection of production sites and have experts at each worksite to maintain management standards required by international practice to establish a safe and systematic supply chain system. Three targets have been set to achieve this goal: acquire/preserve safety and health management system certification for production sites from 87% (as of 2021) to 100%.
5. Better Society – To unfold a healthy organizational culture that embraces diversity LG seeks to provide more opportunities for persons with disabilities and expand recruitment efforts to nurture female leaders and experts by growing the employment ratio by 3.5% and 20%, respectively, in Korea. Together, these efforts share LG's goal of a Better Life for All.
6. Better Access – To develop products and services that are convenient for all To create universal designs and accessible features that comfort all users, LG will enhance its research and development process and gather feedback from diverse groups of people – from elderly to children, disabled to non-disabled users. In customer service, LG will develop a technical manual for persons with disabilities to enable a barrier-free user experience.
Find out more on LG's ESG goals, key achievements and activities in the 2021-2022 LG Electronics ESG STORY BOOK and FACT BOOK here.
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About LG Electronics, Inc
LG Electronics is a global innovator in technology and consumer electronics with a presence in almost every country and an international workforce of more than 75,000. LG's four companies – Home Appliance & Air Solution, Home Entertainment, Vehicle component Solutions and Business Solutions – combined for global sales of over USD 56 billion in 2020. LG is a leading manufacturer of consumer and commercial products ranging from TVs, home appliances, air solutions, monitors, service robots, automotive components and its premium LG SIGNATURE and intelligent LG ThinQ brands are familiar names world over. Visit www.LGnewsroom.com for the latest news.
About LG Electronics Singapore Pte Ltd
LG Electronics Singapore Pte Ltd (LG Electronics Singapore) is a fully-owned subsidiary of LG Electronics Inc., the pioneer and market leader of the Korean electronics industry. LG Electronics Singapore operates two business units – Home Entertainment and Home Appliance & Air Solution. In recognition of its vision to enrich people's life with smart technologies and innovative design, LG Electronics Singapore has been recognized with prominent local and international accolades, such as the CNET Asia Editor's and Readers' Choice Awards, HWM+HardwareZone.com Tech Awards, Red Dot Design, and GfK No. 1 Awards. For more information, please visit www.lg.com/sg.
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1 Materials certified by UL 2809 Environmental Claim Validation Procedure (ECVP) for recycled content And polyester jersey fabric made from recycled materials that meets the Global Recycled Standard (GRS)
apply to 2022 LG Soundbar models S95QR, S90QY, S80QY, S65Q. Amount of recycled fabric varies by model
2 Cumulative from 2006 to 2030
3 TV, Refrigerators, Washing Machines, Dryers, Residential Air Conditioner, System Air Conditioner and Monitors
4 Cumulative 600,000 tons
5 All 2022 OLED evo models have obtained eco-friendly certifications from the world's three major certification bodies (SGS Eco Product, UL Environmental Claim Validation, Carbon Footprint from Carbon Trust)
