South Korea-based LG, the second largest business conglomerate in the country, announced new plans to invest 8 trillion won (US $6.8bn) into the promising “green new business” sector. By 2015, LG’s investments will aim to generate 10 trillion won in revenues and create 10,000 new jobs.
Key focal points for LG include the electric vehicle battery sector (which will receive a 2 trillion won investment by 2013), the photovoltaic, LED and water treatment sectors (to receive 1 trillion won investment by 2014) and the polysilicon business (set to receive 490 billion won in new investment by 2014.)
Additionally, 400 billion won by 2015 has been allocated toward the construction of new solar cell wafer manufacturing facilities.
South Korea has clearly identified the new energy mega trend as a major profit center for the future. Through a combination of substantial private sector investments and government stimulus programs, South Korea is positioning itself to benefit as the world transitions to a low-carbon energy economy.