The South Korean network operator subsidiary to LG Corporation, LG Uplus revealed on Monday its plans to support manufacturing businesses with manageable product exports. Along with Nuvix and Glassdome, LG Uplus will create a carbon emission management platform for corporates in Korea.
LG Uplus signed a memorandum of understanding (MOU) with its new partners Nuvix, a value chain platform operator and Glassdome, a Korean management solution provider at the agreement ceremony in Yongsan, Seoul city. The company’s executives and top management pertained to its upcoming projects during the occasion.
Via new collaboration, the three companies are going to put together some of the best of their technologies including ‘VCP-X’, an integrated data collection between finished product exporters and primary and secondary partners and ‘LCA (life cycle assessment) solutions’, a life cycle assessment technique which determined environment damage a product can cause from the point of its production, usage and recycle, within a corporate network available for all companies, especially exporters.
Nuvix has taken on the task of development and commercialization work for VCP-X. Whereas, Glassdome is responsible for the exact job of LCA solutions which is also favourably dependent on LG Uplus for its corporate network’s database. Construction and operation of the new platform come under LG Uplus.
It is observed that countries that have attempted to minimize toxic greenhouse gasses like carbon dioxide or methane at a premature phase have turned obliged to substantial carbon emission rules and regulations over time. One peculiar case is the European Union which recently renewed its ‘Carbon Border Adjustment Mechanism’ also known as ‘CBAM’ in December 2022.
With CBAM regulations, the European Union keeps an assessment of carbon leakage as well as carbon-intensive goods. An additional cost is charged on 6 specific imported items like cement, steel, and fuels. Similarly, global companies who are involved in exports of cars and other automobiles in Europe are required to submit their carbon footprint report by 2024 at least.
From this year 1st October onwards, the CBAM is set to enter into an transitional phase where it will estimate whether the climate is being undermined in any way. By 2026, the notion of battery passports will go in full swing. It means that companies have to digitize life cycle information about batteries from the time of production to the recycling procedure.
Implementation of global environment-based regulations is catching pace in contemporary times. According to LG Uplus, companies are required to accommodate their exports as per the new rules that curtail carbon emissions.
The new collaboration of LG Uplus with Nuvix and Glassdome is aimed at building a system that could usher in better carbon emission management. Jointly the three companies’ schemes to improve export quality as well as competitiveness in South Korea.
The management platform won’t be restricted to one or two industries rather it will be accessible in multiple industries with real-time data. LG Uplus and its partners want to institutionalize LCA solution certification with international bodies in future. It also intends to vacate the need for extra certification for companies looking to improve climate conditions.