The environment doesn’t get a lot of coverage by CE publications but it’s probably a discussion that we need to have. There are a few thousand manufacturers of audio, video, and mobile components that end up in tens of millions of homes in N. America alone and millions of those products get discarded every single year. What doesn’t get a lot of coverage is the manufacturing process and how much pollution and waste that creates. LG Innotek is one company taking a more proactive approach to reducing its impact on the environment.
Every tablet, television, computer monitor, smart phone, and hundreds of smart devices for both consumers and industrial purposes creates a lot of waste — we’re not even talking about the packaging.
LG Innotek (CEO Cheoldong Jeong) reduced greenhouse gas emissions by 11% in 2020 from the previous year. The total reduction amount is about 45,000 tons (tCO2eq, carbon dioxide equivalent), which is equivalent to the amount of greenhouse gas absorbed by 3.9 million trees in a year.
LG Innotek announced on the 12th that it had published the ‘2020-2021 LG Innotek Sustainability Report,’ which contains the company’s ESG (Environment, Social, Governance) efforts and achievements.
LG Innotek’s commitment to reinforce ESG management is well illustrated in this report. In the report, the company disclosed a new ESG vision and relevant organizational structure.
LG Innotek has established the ESG vision system that includes strategies and tasks for each ESG field with the vision of ‘Global No. 1 Material and Component Company to Bring a Better Tomorrow.’
Its relevant organizations were also reinforced. The ‘ESG Board Committee’ was established within the board of directors (BOD) to act as the supreme review board for ESG. In addition, the ‘ESG Executive Committee’ is running to promote company-wide ESG activities. The Executive Committee is chaired by the CFO, and relevant departments are participating.
Especially, this year’s report disclosed ESG management activities more in detail as per the global information disclosure standards to reinforce communication with stakeholders.
Along with it, the report introduced the company’s major environmental, social and governance-related efforts and achievements.
First, in the field of environment, LG Innotek has proactively performed green management activities with the goal of ‘zero environmental impact.’ Such activities include introducing renewable energy and expanding the application of high-efficiency production facilities to reduce greenhouse gas emissions. Through these efforts, the company saved the total energy cost of KRW 5.2 billion last year. Greenhouse gas emissions decreased by 11% from 2019, and the total reduction amount is about 45,000 tons.
LG Innotek also cut its consumption of water resources by 7% from the previous year through expanding investment in recycling facilities and managing water usage by the unit of KRW.
In recognition of such achievements in eco-friendly management, LG Innotek received an A- rating from the Carbon Disclosure Project (CDP) on climate change for two consecutive years in 2019 and 2020 and on water security for four consecutive years between 2017 and 2020.
As for social responsibility, the company is continuing the activities for its employees, partners, and the local communities aiming to establish ‘the partnerships for elevating social value.’
LG Innotek and its employees have also been active in their social contributions. The company has arranged non-contact social contribution programs in which the employees can participate to continue to give back to local communities even under COVID-19. Last year, LG Innotek supported about 37,000 youths and underprivileged neighbors through 163 beneficiary organizations domestically and internationally, spending a total budget of KRW 3 billion.
For more information: www.lginnotek.com