LG Group is investing 20 trillion won ($18 billion) by 2020 to cut the company’s greenhouse gas emissions, develop energy-saving devices, and evaluate “green” energy businesses.
The investment is expected to reduce South Korea’s fourth-largest conglomerate’s emissions by 50 million metric tons annually by 2020 — 20 million tons from manufacturing facilities and green energy businesses and 30 million tons from energy-efficient products, reports Business Week.
The company set a goal to reduce GHG emissions from the production process by 40 percent from 2009 levels by 2020. LG also aims to reduce water consumption by 30 percent during the same period, reports The Korea Herald.
LG reduced its corporate GHG emissions by 8.1 percent in 2008, according to last year’s sustainability report.
The group, which consists of LG Electronics, LG Display and LG Chem, also plans to expand its use of electric-car batteries and solar cells. Part of the investment will also be used to develop air conditioners, refrigerators and television sets that are more energy-efficient.
As part of the new initiative, LG Electronics unveiled its compact full touchscreen phone, the LG GD510, or Cookie Pop that can be recharged using solar power, reports TMCnet.
Last year, LG’s energy-efficient portfolio hit a snag when Department of Energy required LG to remove the Energy Star label from some of its refrigerator-freezers.
LG Group is aiming to generate 10 percent of its revenue from solar cells, next-generation lighting, next-generation batteries and other green energy businesses by 2020.
The company also plans to replace all of its existing fluorescent lamps at its headquarters building in Seoul with light-emitting diodes, which will cut its energy consumption by more than 45 percent.
LG’s competitor Sony announced last week its “Road to Zero” plan, aimed at reaching a zero environmental footprint by 2050. Some of the company’s short-term goals by March 2016 include a 30 percent reduction in energy consumption of its products and a 14 percent reduction in transportation/logistics emissions.