Shin Hak-cheol, vice chairman of LG CHEM, has been re-elected as the chairman of the chemical and advanced industry council at the World Economic Forum (WEF).
LG CHEM announced on the 19th that Vice Chairman Shin will participate in the World Economic Forum in Davos, Switzerland, which will be held from 20th to 24th under the theme 'Collaboration for the Intelligent Era.' This will be Vice Chairman Shin's fifth consecutive participation. More than 2,700 leaders from various sectors of the global economy, politics, and academia will gather to discuss topics such as rethinking growth, industries of the intelligent era, and rebuilding trust.
Shin, who was elected as the first chairman of the chemical and advanced industry council among Korean corporations in 2023, has been re-elected for another year. This is the first time the chairman's position of the chemical and advanced industry council has been renewed at the World Economic Forum. It is reported that the decision was made to strengthen close cooperation among member corporations amid increasing uncertainties such as changes in the U.S. administration.
This year, Shin became the first Korean executive to join the Global Impact Coalition (GIC), launching new business initiatives aimed at reducing carbon emissions and increasing resource circulation. This coalition is an executive council of more than 10 leading global chemical companies, including BASF and Sabic, working on joint investments in eco-friendly raw materials and materials, as well as joint projects related to research and development (R&D) and production.
Shin has also been invited as a speaker for the Global Plastics Action Partnership (GPAP), organized by the United Nations Environment Programme (UNEP). He will present LG CHEM's eco-friendly biofuel (HVO) and supercritical pyrolysis oil, along with discussing ways to realize a circular economy for plastics with UNEP officials and other attendees.
Shin noted, 'While uncertainties are rising globally, leading global corporations are steadfastly preparing for a sustainable future centered on low-carbon and eco-friendly businesses,' stating, 'We will secure a differentiated competitive advantage centered on three growth engines, including battery materials and eco-friendly materials, to achieve sustainable growth.'