Baek Byung-yeul is a journalist at The Korea Times focused on cultural content, including films and cultural events in South Korea. You can contact him at baekby@koreatimes.co.kr to share your insights.
LG Chem aims for bigger presence in eco-friendly material market
LG Chem CEO Shin Hak-cheol speaks during a virtual press conference at the firm's headquarters in Seoul, July 14. Courtesy of LG Chem
By Baek Byung-yeul
By Baek Byung-yeul
The Logo for LG Chem's eco-friendly product brand LETZero / Courtesy of LG Chem
LG Chem is pushing to expand its share in the eco-friendly materials market to meet growing demand for products that are environmentally sound and sustainable.
The chemicals, batteries and biotech arm of LG Group announced Monday the launch of LETZero, a new brand for its eco-friendly products including recyclable and biodegradable materials, and perishable plastics.
“The LETZero brand is a compound word of let and zero, meaning zero harm to the environment and zero increase in carbon emissions,” a company official said.
With the new brand, LG Chem is seeking to strengthen its image as an eco-friendly company and improve its presence in such markets, which are expanding rapidly due to the increasing number of so-called “greensumers,” who purchase products that help protect the environment, the company said.
The move is in line with LG Chem Shin Hak-cheol's plan to shift to sustainable businesses. On July 14, the CEO said the company will invest 3 trillion won ($2.6 billion) in bio, recyclable and renewable energy industry materials by 2025.
LG Chem's “bio-balanced” super absorbent polymer (SAP), an eco-friendly material manufactured using plant-based renewable materials, will be the first product under the LETZero brand. The material, which will be used in sanitary products such as diapers, has received the International Sustainability and Carbon Certification (ISCC).
The company also plans to put recycled products made of plastic waste and used cooking oil, and biodegradable ones produced from corn glucose or waste glycerol, under the brand.
The recycled products will include polycarbonate and post-consumer recycled acrylonitrile butadiene styrene materials, synthetic resin with heat and impact resistance that is usually used for automotive interior and exterior materials, household appliances and IT devices.
To promote the brand, LG Chem will cooperate with customer companies which use its eco-friendly materials, allowing them to put the LETZero brand logo on their products.
“LETZero is a brand that embodies LG Chem's intention to reduce carbon emissions and resolve harmful effects on the global ecosystem to create a sustainable future where people and nature can live together,” the CEO said.