Lotte Corporation Wins Grand Prize in Energy Transition Category at the 2022 Seoul Metropolitan Government Environmental Awards

Lotte World Tower panorama.

[Asia Economy Reporter Lim Chun-han] Lotte Property & Development announced on the 12th that it won the Grand Prize in the energy transition category at the '2022 Seoul Metropolitan Government Environmental Awards.'

The Seoul Metropolitan Government Environmental Awards are given by the Seoul Metropolitan Government to citizens, organizations, and companies that have contributed to responding to the climate crisis and creating a pleasant environment. Awards are presented in five categories: green technology, energy transition, environmental management, resource circulation, and climate action. In the energy transition category, citizens, organizations, and companies that contributed to building energy efficiency and the spread of renewable energy are selected.

Lotte Property & Development was highly evaluated for operating Lotte World Tower while improving energy efficiency and producing renewable energy such as water source and geothermal energy. Lotte World Tower is an eco-friendly landmark that received the LEED Gold certification, the first among buildings over 100 floors worldwide, in 2017.

Over the past three years, Lotte Property & Development invested about 3 billion KRW to improve energy efficiency and achieved energy savings of about 750 million KRW. They focused on improving energy facilities by enhancing the automatic control system of the shopping mall's air conditioning units and replacing fluorescent lights in the tower, mall parking lots, and rear facilities with high-efficiency LED lighting. According to the analysis of energy consumption through the Building Energy Management System (BEMS), Lotte World Tower reduced its energy use by about 9%, and Lotte World Mall by about 12% compared to 2019.

Lotte World Tower is equipped with various renewable energy facilities including the largest water source energy facility in Korea, geothermal, solar, and wind power. As of last year, more than 11% of the total energy used was replaced with renewable energy. They also save an average of 69,000 tons of water annually by recycling condensate water generated from the tower and mall air conditioning units for equipment supply water and landscaping water.

To support carbon neutrality by 2050, Lotte Property & Development signed a business agreement last year with the Korea Meteorological Administration, Seoul Institute of Health and Environment, and Yonsei University for greenhouse gas observation and research in Seoul. Observation equipment was installed on the top lantern of Lotte World Tower to measure Seoul's greenhouse gases in real time.

A representative of Lotte Property & Development said, “Lotte World Tower has continuously made efforts for energy transition by improving energy efficiency and producing renewable energy. We will continue to take the lead in responding to the climate crisis and protecting the environment as a world-class eco-friendly landmark.”