For a responsible corporate citizen, running a global business means not only providing quality products and services to customers worldwide, but also making a positive social impact around the planet. With an enduring vision to better customers’ lives, LG strives to pursue sustainable innovation in all areas of its diverse business operations.
As the pressing problems of our environment and society accelerate with the changing times, corporations’ sustainable strategies must evolve accordingly. Recognizing this, LG has unveiled its most up-to-date vision to achieve greater social impact.
LG’s newly revealed sustainable vision aligns perfectly with the phrase, Better Life for All. While LG has consistently shown its commitment to providing a better lifestyle for customers through its innovative products and services, the catchphrase signifies yet another step forward for the company. Henceforth, LG is expanding the scope of its sustainable practices to not only create a better life for its customers, but for the environment, employees, suppliers and for one and all who call this planet home.
With regard to sustainability, Better Life for All outlines LG’s new focus on creating a regenerative environment for the better well-being of all lives by establishing a circular economy – a term describing a production and consumption model that minimizes waste and the extraction of new resources.
The company is ultimately moving on from aiming to do less environmental harm within the traditional linear economy – a system where materials are processed into products and then thrown away after use – to creating an altogether new business process that promotes the recirculation of finite resources. With the new initiative, LG is redirecting more of its environmental efforts to retrieving and recycling used products.
Better Life for All also embodies LG’s commitment to realizing a more inclusive and diverse society by embracing differences, and by forming close-knit circles of alliance with company employees, corporate partners and stakeholders.
While LG has always endeavored to work closely with partners in its pursuit of sustainability, the company is further establishing guidelines to better collaborate with supply chain partners, nurture a more embracive corporate culture and introduce products that are accessible to all.
The company’s efforts in ongoing business practice involve C-Level executives’ leadership and collaboration with corporate partners and other entities which share LG’s goal of Better Life for All.
As with its vision, the company’s specific sustainability goals and plans for implementing related practices have constantly evolved over the years. In 2021, LG established a comprehensive framework for its sustainable practices. Key initiatives were re-established and categorized according to a new ESG structure, and corporate ESG communication guidelines were instituted for the first time.
This year, LG has further refined its far-reaching program of ESG initiatives in the recently announced ‘BETTER LIFE PLAN 2030.’With ‘BETTER LIFE PLAN 2030’, LG is pursuing about a range of initiatives under the broad categories of ‘Environment’ and ‘Society’.
Stay tuned to Beyond News for the next story, which will look at how LG is fostering a greener and cleaner environment through the first three ESG Initiatives. You can find the 2021-2022 LG Electronics ESG STORY BOOK and FACT BOOK here.