LG Innotek Earns Top Global Rating for ESG Management

Acquisition of "Platinum" rating from EcoVadis, the world's largest ESG ratings organization Puruing "2030 RE100" and "2040 Carbon Neutrality" goals, with a renewable electricity transition rate of 61% in 2023 Working to create an equal and fair working environment,- leading to selection as an "Good Company for Equal Employment Opportunity."

SEOUL, South Korea , July 24, 2024 /PRNewswire/ -- LG Innotek (CEO Moon, Hyuksoo) announced on July 24, 2024, that it has been awarded the highest rating of "Platinum" by EcoVadis, the world's largest environmental, social, and governance (ESG) ratings organization.

Founded in Paris in 2007, EcoVadis is a reputable organization in the field of global sustainability ratings. It carries out assessments of more than 130,000 companies in over 180 countries, measuring their performance throughout the year across four ESG assessment categories: environment, labour rights, ethics, and supply chain. Based on the results, companies are graded into four levels: Platinum (top 1%), Gold (top 5%), Silver (top 15%), and Bronze (top 35%).

LG Innotek achieved the highest rating of Platinum with high scores in all four categories, scoring especially high in environment and labour rights. This marks the second consecutive year that LG Innotek has maintained its Platinum status since 2023.

The company has established and actively implemented three strategic directions for ESG: "Green management for a healthier planet", "Partnerships for elevating the social value", and "Trustworthy Governance"

It recognizes climate change as a serious issue and has adopted climate change response as a top priority. To this end, LG Innotek has set itself the ambitious goals of "2030 RE100" and "2040 Carbon Neutrality" and is accelerating its implementation eco-friendly management activities.

As a result, it converted about 61% of its electricity consumption to renewable energy last year. The consequent reduction of greenhouse gas emissions was approximately 267,000 tonnes of carbon dioxide equivalent (tCO2eq), which has an effect on par with planting about 40 million 30-year-old pine trees.

In fact, LG Innotek has been committed to securing a stable renewable energy supply chain, signing power purchase agreements (PPAs) and renewable energy certificate (REC) contracts with major domestic energy companies last year. In addition, it is rapidly increasing the proportion of renewable energy it consumes by expanding the solar power generation facilities at its domestic and overseas operations and participating in the Green Premium program.

In terms of labour rights, LG Innotek respects the diversity of its employees and constantly works to create a fair and equal working environment.

In 2012, LG Innotek established Innowith, a general subsidiary company that actively recruits people with disabilities. The hired employees work in cafés, stores, and other major welfare facilities within its workplace.

Furthermore, LG Innotek was selected as an "Good Company for Equal Employment Opportunity" by the Korean Ministry of Employment and Labour last year. It was recognized for hiring talented women employees and increasing the number of women in management positions. The company is also promoting a culture of horizontal communication through its anonymous internal communication channel, Inno Voice.

LG Innotek CEO Moon said, "As global regulations and systems related to ESG are gradually being refined and rapidly adopted, it is time for companies to demonstrate their actual ESG performance." He then added, "We will continue to create differentiated customer value through authentic ESG management practices for a sustainable company."