SEOUL – LG Display, the world’s leading innovator of display technologies, announced today that it has published its 2021-2022 Sustainability Report.
The company’s eleventh sustainability report outlines its Environmental, Social, and Governance (ESG) activities and achievements within the last year as well as its short and long-term goals in pursuit of a greener planet.
In the environmental sector, the company underlined its consistent efforts to minimize its environmental impact and fight the global climate crisis, including setting greenhouse gas reduction targets, converting to renewable energy, and developing eco-friendly technologies. This year’s report especially highlights the company’s goal to reduce greenhouse gas emissions by 90 percent by the year 2050 compared to 2014.
To reduce reliance on fossil fuel-based energy, the company purchased 57.2 GWh of electricity produced through renewable energy resources from Korea Electric Power Corporation (KEPCO) last year in order to achieve the goal of using 100 percent renewable energy across all of its domestic offices. LG Display replaced gas in its manufacturing process with another type with a lower global warming index and established facilities to reduce greenhouse gas emissions by more than 90 percent. This eventually helped the company to cut carbon emissions at domestic plants by 38 percent compared to 2014.
Moreover, LG Display achieved a waste recycling rate of 98.4 percent in 2021 across its domestic plants, an increase of 1.3 percent from the year before. The company has also been consistently recognized for its efforts in the water management sector. It reached a water reuse rate of 181 percent in 2021 thanks to its efforts to repurpose sewage from nearby areas for industrial water.
LG Display also implemented a measurement system called Eco Index to assess the eco-friendly factors of its products from the development stage and identify areas that need improvement. It was used to evaluate the production of the company’s 65-inch OLED display, and, as a result, the type and ratio of raw materials used were replaced with materials that are easier to recycle, raising its recycling rate to 92.7 percent.
LG Display plans to continue strengthening its eco-friendly practices, expanding its conversion of new and renewable energy to ultimately reach its goal to reduce carbon emissions by 90 percent by 2050.
The report also outlined the company’s activities in the social sector, highlighting its establishment of the LG Display Supply Chain ESG Behavior Rules in order to establish a safe working environment for its partners, make sure employees are respected, and ensure the operation of an all-around eco-friendly and ethical company. The company also expanded its partnership ecosystem within the areas of finance, technology, and medical welfare – earning the title of Best Grade in the Shared Growth Index for the seventh year in a row.
It also disclosed the evaluation results and issues identified through SAQ and third-party on-site inspections conducted as part of its membership in the Responsible Business Alliance (RBA).
Within the governance sector, the company established its own ESG Committee in April 2021 to deliberate major strategies such as the identification of its nine core ESG areas. Moreover, it also established the Internal Transactions Committee in July 2021 to enhance the fairness of transactions and transparency within the company. The company also focused on its efforts to enhance diversity within its board of directors by appointing women ESG specialists as outside directors.
This year’s LG Display sustainability report will be published in four languages — Korean, English, Chinese, and Vietnamese — and can be found on LG Display’s website.