Aims to Increase Sales of Eco-friendly Products 10-fold by 2030
Lotte Group has declared that 2021 is the first year of environmental, social, and governance (ESG) management in its chemical business. The group said it will expand sales of its eco-friendly business 10-fold by 2030.
The Lotte Chemical Business Unit (BU) announced its eco-friendly strategy called Green Promise 2030 on Feb. 2. Its plan aims to post six trillion won in sales in the eco-friendly business and promote carbon-neutral growth by 2030. For this, Lotte Chemical, Lotte Precision Chemical, Lotte Aluminum, and Lotte BP Chemicals will invest 5.2 trillion won to make their operations more eco-friendly.
To expand sales of their eco-friendly businesses, the four companies of the Chemical BU will expand their eco-friendly specialty materials sectors in consideration of future growth potential and business connections. They will strengthen the material recycling business linked to a virtuous resources cycle. They have decided to elevate sales of recycled products to one million tons by developing ways to reuse raw materials through the gasification of waste plastics and recycle waste plastics physically and chemically.
In particular, Lotte Chemical is planning to promote carbon neutral growth without increasing carbon emissions by 2030. Its goal is to increase production while maintaining carbon dioxide emissions at the 2019 level in 2030. To this end, it will make a 50 percent cut in environmentally harmful materials such as waste, air pollutants, and wastewater generated during production. It will steadily push forward with an improvement in processes by upgrading its waste management system.
Lotte Chemical reorganized its Management Support Headquarters into ESG Management Headquarters to develop ESG strategies and form a consensus among executives and employees in December 2020.