[Asia Economy Reporter Hwang Yoon-joo] Lotte Chemical and Samsung Engineering have joined forces to promote green business.
On the 5th, Lotte Chemical and Samsung Engineering announced that they signed a Memorandum of Understanding (MOU) for the expansion of carbon neutrality and eco-friendly businesses. The signing ceremony held at Signiel Hotel in Jamsil, Seoul, was attended by top executives from both companies, including Kim Gyo-hyun, Co-CEO of Lotte Chemical, and Choi Sung-an, President of Samsung Engineering.
The two companies signed the MOU to collaborate on ▲achieving Lotte Chemical's carbon neutrality (Net Zero) ▲joint investment and development of eco-friendly technologies ▲commercialization of eco-friendly businesses.
This MOU was promoted to strategically utilize the expertise and experience assets of both companies to achieve the goals of carbon neutrality and eco-friendly business. Specifically, they plan to cooperate on energy efficiency improvements at Lotte Chemical’s domestic and overseas business sites, reduction of greenhouse gases and environmental pollutants, development of carbon capture and utilization technologies, joint participation in green hydrogen business and technology licensing, among others.
In February, Lotte Chemical declared its ESG management strategy and eco-friendly goal called 'Green Promise 2030,' setting the direction and specific tasks for eco-friendly business promotion. The strategy aims for growth without an increase in carbon emissions by 2030 and achieving carbon neutrality (Net Zero) by 2050. To this end, it established an ESG (Environment, Social, Governance) management headquarters at the end of last year and is promoting collaboration with major chemical companies within the Lotte Group.
Samsung Engineering is also focusing on the eco-friendly sector under the slogan 'Beyond EPC, Green Solution Provider.' Leveraging its abundant EPC execution experience and technological expertise, it plans to expand its business scope into a broad ecosystem-building project covering eco-friendly consulting, securing core technologies, basic design, EPC, investment, and operation. To this end, it invested 30 billion KRW in an investment fund formed by Samsung Venture Investment Corporation in March to accelerate securing eco-friendly technologies.
Kim Gyo-hyun, Co-CEO of Lotte Chemical, said, "The cooperation of two companies with professional capabilities and influence in their respective positions has strengthened the foundation for green business." He added, "We will strive to ensure that the enhancement of corporate future value through the establishment of a concrete and feasible carbon Net-Zero roadmap can lead to the creation of positive social value."
Choi Sung-an, President of Samsung Engineering, stated, "The two companies with the best experience and know-how have embarked on a meaningful journey for an eco-friendly society." He added, "Based on investment and nurturing of green technologies, we will lead the global ESG business sector."
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