Seoul, Apr 12: Amid the growing concern over climate change across the world, LG group has decided to set an example for other companies by investing as much as 17.90 billion dollars to make their businesses greener and cleaner.
The South Korean company on Monday, Apr 12 announced that it has earmarked 20 trillion won to develop eco-friendly businesses and to cut down emissions by a whopping 40 per cent.
A state from LG corp read, the (LG) 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 tonnes of greenhouse gas emissions per year by 2020.
The investment will be put into the development of energy efficient products such as fuel cells and rechargeable batteries for electric vehicles.
This initiative from the company comes in line with the South Korean government's voluntary target to reduce emissions by 30 per cent.
Earlier, Samsung Electronics has also decided to set aside 5.4 trillion won for the green cause in an attempt to make the company eco-friendly by 2013.