LG unveils 2023 strategy anchored on its 2030 sustainability blueprint

LG Electronics has rolled out its 2023 blueprint aimed at creating innovation for a better life and ensuring a sustainable future for all.

Running under the slogan Life’s Good, the blueprint was made public by LG electronics Global CEO William Cho during the LG World Premier press conference held on the sidelines of the ongoing CES 2023 exhibition.

It features a strong offering of customer-centered innovations to build a better life for all, and care for the environment which is anchored on its 2030 ESG blueprint dubbed better life plan, and its Better Plan blueprint that seeks to build accessibility, and easy use of LG’s products and services by the disabled and elderly.

Speaking while rolling out the company’s vision, William Cho affirmed the company’s commitment to take on new challenges in 2023 and beyond despite any uncertainties, noting that, “LG has known and truly believed that the answer is always with the customer. The start and end of all innovation are our customers, and it is with these innovations that we aim to put a smile on their faces”.

The People

To provide new value to its customers, Cho highlighted upcoming ground-breaking customer-centered innovations in its home electronics and appliances such as the LG OLED, which has changed customers’ viewing experience completely. He noted that the company is actively working with partners to introduce various new interactive services through LG TVs, including the online educational platform MasterClass, workout app MaxPro and metaverse service Sansar that will expand the customer experience and enable TV users to redefine the viewing experience. Now celebrating its 10th anniversary, LG OLED continues to set the industry standard for picture quality and unprecedented customer experiences.

Additionally, Mr. Cho also spoke about LG ThinQ UP, a new category of ‘evolving’ home appliances offering unique upgradeability and personalization options. The premium lineup includes revolutionary products like the LG refrigerator with MoodUP™, which can change color to suit users’ tastes, mood, or kitchen décor.

While emphasizing the company’s focus to create a better future for all, Cho reiterated LGs commitment as a responsible corporate citizen to realize a sustainable future. He mentioned the company’s promise to increase the accessibility and easy use of LG’s products and services by the disabled and elderly. This, as guided by feedback from LG’s ‘Disabled Advisory Group’ – in operation since 2021 and comprised of members with varying abilities and accessibility experts – the company is continuously introducing barrier-free products that can be conveniently used by all.

“Our goal is to eliminate barriers at every stage of the customer experience This will include developing product manuals that incorporate audio and sign language guides, distributing braille stickers for appliances, and operating sign language counseling centers among others”. Said Cho.

To complement this, LG currently runs the Global IT Challenge for Youth with Disabilities (GITC) which, since 2011, has empowered more than 4,000 youth to build skills in technology to eliminate the digital divide for persons with disabilities.

The Environment

To make a positive impact on people’s lives and the planet, LG electronics revealed its plan to put people and the planet first which is at the heart of the new Better Life Plan 2030, LGs global framework for Environmental Social and Governance that defines core ESG tasks and ESG led management. On the environment agenda, LG aims to use 600,000 tons of recycled plastic by 2030 in its production process, an act that signifies its commitment to lead the way in environmental sustainability and climate action. Over the next 7 years, LG plans to collect and recycle another 4.5 million tons of e-waste. In the same breadth, LG expects to reduce carbon emissions by 20 percent in its 7 major product categories through energy efficiency, even as it aims to complete its transition to renewable energy by 2050.

Aligned with this, the CEO announced continuity in supporting the LIFE’S GOOD AWARD, an innovation challenge set up by the company to promote its Life’s Good vision and empower innovators eager to make a positive impact on people’s lives and the planet.

The Future

Moving into the future, CEO Cho shed light on the mobility sector, noting that the company has joined hands with some of the world’s most-recognizable auto brands, leveraging its customer insight from consumer electronics, advanced technologies, and diverse areas of expertise to drive the in-vehicle experience forward. This has seen LG establish itself as one of the auto industry’s preferred innovation partners with its vehicle component solution business, even as it broadens its business portfolio to encompass new areas such as electric vehicle (EV) charging, digital health, and content services for the webOS platform.

At the same time, the company is increasing investment in core ‘future’ technologies, including AI and 6G, as well as collaborating with startups through LG NOVA (LG North American Innovation Center).

Besides the mobility sector, Cho underlined the company’s aim to provide ‘First’, ‘Unique’, and ‘New’ experiences across all its products and solutions to provide a better life for all. To expand the customer experience in more various fields, the company is also operating various in-house programs to foster innovators, encouraging LG employees to bravely adapt to new challenges.

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