Jeju Energy Corporation and Others Purchase 23GWh REC
Expanding Renewable Energy at Chinese Battery Plant for RE100 Transition
[Asia Economy Reporter Oh Hyung-gil] LG Energy Solution announced on the 24th that it has purchased 23GWh worth of wind and solar renewable energy certificates (REC) from Jeju Energy Corporation, Jeju Special Self-Governing Province Office, and Dongbok Village in Jeju.
This REC will be applied to the renewable energy at the Ochang plant, and the renewable energy transition rate is expected to increase more than threefold from 16% last year to 50% this year.
LG Energy Solution, which joined RE100 in April last year as the first domestic battery company, is raising the renewable energy transition rate at its business sites including the Ochang plant, overseas production plants, headquarters, and research institutes. This year, it will expand the renewable energy transition rate to 100% at the Nanjing electric vehicle battery plants 1 and 2 in China.
RE100 stands for "Renewable Electricity 100%" and is an international campaign with the goal of companies supplying 100% of their electricity consumption from renewable energy sources such as wind and solar power by 2050.
An LG Energy Solution official stated, "It is expected that the renewable energy transition rate of all production plants worldwide can be expanded to over 60% this year." The European Poland plant and the U.S. Michigan plant have already achieved the RE100 target ahead of schedule in 2019 and 2020, respectively.
LG Energy Solution was recognized for its achievements related to the RE100 transition and was selected as a member of the RE100 board's 'Policy Advisory Group' for the first time among domestic companies as well as global battery companies. Since March, LG Energy Solution has started activities as a second-term policy advisory group member alongside global companies such as Apple, Meta, Sony, and Pepsi.
It performs roles such as policy advice on major strategies including corporate renewable energy participation activation plans and renewable energy procurement plans promoted by RE100.
Kwon Young-soo, Vice Chairman of LG Energy Solution, said, "The need for RE100 transition is growing due to expanded investment in renewable energy and increased demands from customers and investors for climate change response," adding, "Batteries are a core product in the carbon-neutral era, and we will continue to be a model company in reducing carbon emissions."
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