Chief Executive Officer Hak Cheol Shin announces climate change response strategy for the first time by a Korean business executive at the World Economic Forum (WEF)2021.01.20
■ LG Chem’s three implementation plans - reduce, avoid, compensate – to be announced at the ‘Mobilizing Action on Climate Change’ session
□ Chief Executive Office Hak Cheol Shin, the only Korean business executive to be invited as a panel member for the WEF
■ Chief Executive Officer Hak Cheol Shin,
□ “Responding to climate change is a universal issue for all of humanity that requires the cooperation of the global economic world that cannot be put off any longer”
□ "We will continuously discover growth engines using sustainability as the core competitiveness of LG Chem”
Chief Executive Officer Hak Cheol Shin is the only Korean businessman to be invited to the panel of the World Economic Forum (also known as the "Davos Forum") and announce LG Chem's strategy to cope with climate change.
Chief Executive Officer Hak Cheol Shin was invited to a "Mobilizing Action on Climate Change" session at the World Economic Forum 'Davos Agenda Week (January 25-29), which will be held online this year.
In this session on the 27th, LG Chem will also announce the three strategies for ‘2050 Carbon Neutral Growth’ such as ▲Reduce (direct reduction) using CCUS (Carbon Capture Utilization Storage) technologies, etc.), ▲ Avoid (indirect reduction) by using renewable energy, and ▲ Compensate (offset reduction) through foresting, etc. and will discuss international cooperation plans to respond to climate change.
LG Chem proclaimed ‘2050 Carbon Neutral Growth’ for the first time among Korean chemical companies in July of last year and has been focusing on drawing up business models that can offer innovative and sustainable solutions for the environment and society such as ▲ pursuing RE100 in all of its places of business around the world, ▲ developing the world’s first new biodegradable material, ▲ world’s first commercial production of PCR (Post-Consumer Recycled) ‘white ABS,’ etc.
The session that Chief Executive Officer Shin is taking part of is especially meaningful in that it is an agenda that the WEF has been focusing on the most as of late. Regarding this, the WEF has been publishing a separate ‘The Net-Zero Challenge’ report since last year.
Other panel members for this session in addition to Chief Executive Officer Shin include Governor of Tokyo, Japan Yuriko Koike, the global reinsurance company Swiss RE Group CEO Christian Mumenthaler), Chinese Minister of Ecology and Environment Huang Runqiu.
As there is great interest among WEF members, leaders of over 70 global corporations have already applied to attend the session, and the day of the presentations is scheduled to be streamed live online to the 27 million followers of the WEF platform around the world.
Meanwhile, Chief Executive Officer Shin was invited as a panel for this session on the strong recommendation by Dominic Waughray who is a member of the managing board at the WEF.
Dominic Waughray held interviews with CEOs of approximately 60 sustainability-leading corporations including Amazon and Apple for the publication of ‘The Net-Zero Challenge.’ He stated that upon interviewing Chief Executive Shin in November of last year, he came to the decision that Chief Executive Shin would be an ideal panel member for the Mobilizing Action on Climate Change session based on his expertise and insight, thus inviting him to take part as an official panel member.
Chief Executive Officer Hak Cheol Shin said, “Responding to climate change is a universal issue for all of humanity that requires the cooperation of the global economic world that cannot be put off any longer,” and added, “As demands for carbon-neutral products by global clients are increasing, we will continue to discover next-generation growth engines based on sustainability as the core competitiveness of LG Chem.”