"LG To Invest $18 Billion In Eco Business, Cutting Emissions"

"South Korea's LG Group will invest 20 trillion won ($17.90 billion) through 2020 to develop environmentally-friendly businesses and reduce emissions by 40 percent against 2009 levels, unit LG Corp said on Monday.

The group is South Korea's fifth-largest by assets and led by LG Electronics, LG Display and LG Chem. It will split the investment between green research and development and facilities to cut 50 million metric tones of greenhouse gas emissions per year by 2020, a statement from LG Corp said.

The investment aims to expand its production of energy-efficient products and renewable energy businesses such as fuel cells and rechargeable batteries for electric vehicles, bringing revenue from such sectors to 10 percent of the group's total revenue in 2020, the statement said.

South Korea, Asia's fourth-largest economy heavily dependent on oil and gas imports, set a voluntary 2020 emissions reduction target last year to a 30 percent reduction from its forecast under a business as usual scenario."

Cho Mee-young reports for Reuters April 13, 2010.

Tuesday, April 13, 2010