Using Waste Wood to Operate Plants and Reduce Carbon Emissions
LG Chem and GS EPS will establish the biomass power plant called "Yeosu Green Power" by investing a total of 320 billion KRW at the LG Chem Hwachi Plant in Yeosu with the goal of beginning operations by the first half of 2026. The biomass power plant built jointly by the two companies will turn waste wood from homes and industrial sites in Korea that are usually incinerated or buried into the form of woodchips to be used as raw materials. As waste wood is treated as a resource that cannot be recycled, generation using this is not viewed as using forest resources as energy. Therefore, it is recognized as sustainable biomass not only in Korea as well as in the European Union. GS EPS is Korea's first private power producer, and it possesses accumulated business capacity and operational know-how in the eco-friendly energy and generator sector, as well as a domestic woodchip supply chain network. Yeosu Green Power is expected to produce steam (heat source) and electricity needed for LG Chem's Yeosu Hwachi Plant, thereby reducing carbon emissions by 400,000 tons annually. This is equivalent to planting 2.8 million pine trees. The two companies anticipate that this will accelerate the age of carbon neutrality by using sustainable fuels and contribute to constructing a circular economy.