LG Pours $18 Billion into Cleantech

LG Logo LG Pours $18 Billion into Cleantech

South Korea’s fifth largest corporation, LG Group, will investUS$17.9 billion in the next ten years to develop green businessstrategies and reduce its greenhouse gas emissions by 40% of its 2009levels.

LG Group, whose leading brands include LG Electronics, LG Chem, andLG Display will use the investment to fund research and development ofgreen technologies, and retrofitting and constructing greener buildings.

The privately-held company hopes to cut its emissions by 50 millionmetric tonnes a year by 2020.

LG is planning to expand its production of energy-efficient products, as well s become a bigger player in renewable batteries for electricvehicles, and fuel cell technologies.

Last year, South Korea, which is heavily dependent on imported oiland gas, pledged to reduceits greenhouse gas emissions by 30% by 2020.  Part of the country’splan to achieve this involves investing 2% of its annual Gross DomesticProduct (GDP) into green and cleantech industries.

Read the full story at Reuters:  LG to invest $18 billion in eco business, cutting emissions

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Original Article on EnergyBoom