Lotte Chemical Partners with Korea Midland Power for Renewable Energy Development

Mutual Cooperation for Renewable Energy... Strengthening ESG
"We Will Strive for a Transition to Carbon-Free Energy"

Lotte Chemical has begun taking concrete steps to secure renewable energy. As part of its efforts to strengthen environmental, social, and governance (ESG) management, the company is partnering with Korea Midland Power to expand the supply of renewable energy.

On the previous day, the 13th, Lotte Chemical announced that it had signed a 'Memorandum of Understanding (MOU) for Renewable Energy Development and Supply Business' with Korea Midland Power at a conference room on the 113th floor of Lotte World Tower in Songpa-gu, Seoul. The agreement includes plans to jointly pursue successful development and power supply from new and renewable energy power plants, such as solar and wind power. The signing ceremony was attended by Youngjun Lee, CEO of Lotte Chemical, Youngjo Lee, President of Korea Midland Power, and other key officials from both companies.

Youngjun Lee, CEO of Lotte Chemical (left), and Youngjo Lee, President of Korea Midland Power, are posing for a commemorative photo at the 'Business Agreement for Cooperation in Renewable Energy Development and Supply' event held on the 13th at Lotte World Tower in Seoul. Lotte Chemical

Through this agreement, Lotte Chemical aims to lay the foundation for achieving 'RE100'?a global campaign for companies to use 100% renewable energy?and accelerate the creation of an eco-friendly ecosystem. The company is also working to realize its green strategy, 'Green Promise 2030,' by simultaneously introducing in-house renewable energy facilities, engaging in direct power transactions, and securing Renewable Energy Certificates (REC).

Korea Midland Power is striving to increase the proportion of new and renewable energy generation to 40% by 2040, and is also focusing on the transition to carbon-free energy sources such as hydrogen.

Youngjun Lee, CEO of Lotte Chemical, stated, "We are accelerating activities to expand eco-friendly future growth businesses and achieve carbon neutrality by 2050," adding, "We hope this business agreement will serve as a foundation for the expansion of our eco-friendly initiatives." Youngjo Lee, President of Korea Midland Power, also said, "This collaboration will be a key driver not only for RE100 but also for the broader adoption of renewable energy in Korea," and emphasized, "We will focus the full capabilities of our organization on this effort."