South Korea's fifth largest conglomerate, LG Group, announced plans to invest 20 trillion won (US $17.9 billion) over the next decade to reduce its emissions by 40% and develop environmentally-friendly businesses.
The group expects to cut its greenhouse gas emissions by 50 million metric tons a year by 2020.
The group said in a statement on Monday that it will split the investment between cleantech R&D and facilities, with an aim of producing 10% of revenues from energy-efficient and renewable-energy products. The group's subsidiaries, which include LG Electronics, LG Display and LG Chem, already make a wide range of products--from washing machines and televisions to solar panels and lithium-ion battery cells.
Another major Korean conglomerate, Samsung Electronics (005930.KS), said
last year it will invest
5.4 trillion won (US$4.3 billion) in cleantech R&D and
facilities by 2013 to improve its environmental performance.
Last summer the South Korean government announced it would invest 2% of its annual GDP in environmental industries over the next five years.