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LG Chem Ltd., a leading South Korean chemical manufacturer, has announced that it has signed a Letter of Intent (LOI) with GS EPS to build a biomass-based eco-friendly energy project. These kinds of biomass-based power plants burn wood waste or other waste in order to produce steam, which then moves a turbine to make electricity.
Proponents of this kind of energy argue that while biomass does produce carbon dioxide when burned, technologies have already been developed and deployed that significantly reduce the amount of greenhouse gas emitted, making it less pollutive then other fossil fuels.
LG Chem’s petrochemical business head Noh Kug-lae said: “The partnership enables LG Chem to expand our foothold in the renewable energy market to achieve our net zero commitment.
“Accelerating Net Zero transition across all aspects of the corporate value chain will enable us to more quickly establish a circular economy utilising renewable and sustainable fuels.”
Chung Chan-soo, the CEO of GS EPS, South Korea’s leading green energy supplier said: “Leveraging GS EPS’s core competencies in renewable energy such as biomass power, we will work closely with partners such as LG Chem to help them achieve their commitment toward Net Zero.”
Under this agreement, the two companies will build a joint biomass power plant at Yeosu Complex on the southern coast of Korea to produce industrial steam and electricity with waste woods by 2025.
The companies have also agreed to collaborate on developing further renewable energy projects to strengthen their competitiveness in the global market.
Once built, LG Chem will be able to produce steam from biomass, which it will use to run its petrochemical operations within the Yeosu Complex.
The company expects this plant to reduce its carbon emissions by more than 400,000 metric tons per year, which is equivalent to planting 2.8 million new pine trees.
Biomass or bioenergy is Britain’s second-biggest source of renewable energy after wind power.
The UK is also the largest importer of bioenergy in the world, importing over 9 million tonnes of wood pellets in 2020.
Bioenergy plants in the UK are now trialling the use of carbon capture technologies, which will further reduce the amount of emissions released by this type of energy.
Last month Drax, which is the UK’s largest renewable energy power plant announced plans to use bioenergy with carbon capture and storage (BECCS) which will capture the carbon released from burning wood pellets and crops, and store the carbon deep below the ground.
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This technology is considered carbon negative because it effectively removes carbon from the atmosphere.
However, the latest report from the UN Intergovernmental Panel for Climate Change is ambiguous about the effectiveness of BECCS, writing: “The use of bioenergy can lead to either increased or reduced emissions, depending on the scale of deployment, conversion technology, fuel displaced, and how and where the biomass is produced.”
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