■ Selected key issues through internal/external experts for objectivity of ‘double materiality assessment’… Supplemented global ESG initiative disclosure and assessment standards.
■ CEO Lee Hun Ki said, “Identify new market opportunities and secure growth drivers based on [Every Step for Green], while establishing an advanced ESG management systems and controlling risks”.
■ Acquired Grade A on Morgan Stanley Capital International (MSCI) ESG Assessment…Overall grade improved as assessment in the environment section, which takes the biggest part in the chemical industry, has improved year after year.

LOTTE Chemical has published its "2023 ESG Report," which details its ESG (Environmental, Social, and Governance) management activities and achievements. Following the launch of a new "ESG Management System" last month to enhance credibility through the establishment of an indicator management framework, the company explained that this report ensures the integrity of its ESG data.

The report integrates the output standards of the Basic Materials Business at the Yeosu, Daesan, and Ulsan plants, and the Advanced Materials Business at the Yeosu plant from 2021 to 2023. It has enhanced global ESG initiative disclosure and evaluation standards by selecting key issues through internal and external experts and securing objectivity for the "Double Materiality Assessment."

The "Double Materiality Assessment" is a method that comprehensively analyzes ESG-related issues by considering not only the impact of social and environmental factors on a company's financial status but also the impact of the company's business activities on the society and environment.

LOTTE Chemical has been publishing its annual Sustainability Report since 2007 and this year’s report has expanded the scope of disclosure of ESG Report by including greenhouse gas emissions and data from LOTTE Chemical's 23 affiliated companies and two non-subsidiary affiliates.

Additionally, the report introduces "ECOSEED," a brand of physically and chemically recycled materials (PCR, Post-Consumer Recycled) and bioplastic materials (Bio-PET, biodegradable plastics). It includes new content on the sustainability of major products by showcasing the actual areas of application.

In his message in the report, LOTTE Chemical’s CEO Hun Ki Lee stated, "We will make our best efforts to identify new market opportunities and secure growth drivers based on [Every Step for Green], while establishing an advanced ESG management system and controlling risks to ensure that both the company and the society can achieve sustainable growth together."

Meanwhile, last May, LOTTE Chemical achieved a significant milestone by receiving an A rating from Morgan Stanley Capital International (MSCI) in their annual ESG evaluation, which assesses key environmental, social, and governance issues of listed companies worldwide. This upgrade from the previous BBB rating was driven by consistent improvements in the assessment in the environment section.