LG Pours $18 Billion into Cleantech – April 13, 2010
South Korea’s fifth-largest corporation, LG Group, will investUS$17.9 billion in the next ten years to develop green business strategies and reduce its greenhouse gas emissions by 40% of its 2009levels.
LG Group, whose leading brands include LG Electronics, LG Chem, and LG Display will use the investment to fund research and development of green technologies and retrofitting and constructing greener buildings.
The privately-held company hopes to cut its emissions by 50 million metric tonnes a year by 2020.
LG is planning to expand its production of energy-efficient products, as well as become a bigger player in renewable batteries for electric vehicles, and fuel cell technologies.
Last year, South Korea, which is heavily dependent on imported oil and gas, pledged to reduce its greenhouse gas emissions by 30% by 2020. Part of the country’s plan to achieve this involves investing 2% of its annual Gross Domestic Product (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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