LG Chem announced on the 19th that it signed a business agreement with the Ministry of Environment and the Korea Institute of Environmental Industry and Technology to support small and medium-sized companies in the chemical industry to strengthen their ESG capabilities, said the company.
With this agreement, the Ministry of Environment and the Korea Institute of Environmental Industry and Technology are LG Chem's small and medium-sized companies in Korea. It supports mid-sized suppliers to strengthen their carbon competitiveness and enhance their ability to respond to related regulations.
The main support contents include support for carrying out Life Cycle Assessment (LCA), process diagnosis and carbon reduction items, and support for process improvement activities to reduce carbon. It is to improve the level of environmental management of mid-sized companies and strengthen their ability to respond to global regulations.
LG Chem is a leading chemical industry company and has participated in preparing the foundation for responding to carbon emission regulations in the entire product process, including the establishment of the LCI (Life Cycle Inventory) database promoted by the Ministry of Environment and the Korea Institute of Environment and Industry.
The LCI DB quantifies environmental impact information such as greenhouse gases emitted from the entire process, such as raw material use, manufacturing, and transportation, and is essential when performing LCA. A reliable LCI DB is essential to cope with global customers' carbon regulations such as the European Union's carbon border coordination system (CBAM) and battery licenses.
The Ministry of Environment and the Korea Institute of Environmental Industry and Technology have established "carbon-reducing product design and production consulting" this year to enhance environmental management capabilities and reduce product carbon so that small and medium-sized companies can respond to environmental trade regulations in a timely manner.
We remind, LG Chem Ltd. and Italy's energy giant Eni Sustainable Mobility (SM) have tentatively agreed to build a hydrotreated vegetable oil (HVO) production plant in South Korea. If completed, the joint venture plant will become the first HVO facility with its entire supply chain from feedstock to finished products based in Korea, according to LG.
mrchub.com