LOTTE Chemical, global cooperation to analyze carbon-neutral policies and

conduct feasibility studies with Beerenberg

LOTTE Chemical has signed a business agreement for ESG cooperation and policy development with Beerenberg at the headquarter of LOTTE Chemical in Jamsil, Seoul on the August 25th. The signing ceremony was attended by In-Chol Park, Eco-friendly Management Sector Director of LOTTE Chemical, Arild Apelthun, CEO of Beerenberg Service AS and BongHyun Cho, Managing Director of Beerenberg Korea.

In addition, preliminary feasibility study will be conducted for solutions that can be commercialized through market analysis to discover possible business models and promote commercialization.

LOTTE Chemical is promoting carbon neutrality (net zero), creating social value of circulation and coexistence, and green innovation through its ESG vision/strategy 'GREEN PROMISE 2030'. Through this business agreement, the company plans to lead the realization of a virtuous cycle of resources between countries, contributing to Nordic carbon neutrality by supplying low carbon/recycled products. In addition, accelerating the implementation of ESG management by utilizing the carbon-neutral experience and technology of Northern Europe.

Last year, LOTTE Chemical and Beerenberg applied the optimal insulation solution at the Daesan plant, replaced the existing insulation with Beerenberg own aerogel solution. This is one of LOTTE Chemical's 'climate crisis response' implementation roadmaps. It was promoted with the goal of reducing energy use by reducing heat loss from existing piping and equipment by more than 40 percent, thereby reducing greenhouse gas emissions.

"With this partnership, we expect that the two companies will lay the foundation for a new eco-friendly business and realize global ESG management through continuous collaboration” In-Chol Park, Eco-friendly Management Sector Director of LOTTE Chemical, said.

“By collaborating with LOTTE Chemical, which is leading ESG management through green promise 2030, Beerenberg can help build a carbon-neutral future by utilizing the best of experience and technologies existing in both Europe and in South Korea,” Arild Apelthun, CEO of Beerenberg Services AS, said.