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South Korea Industries to Invest $18.5 Billion in Clean Energy Projects

South Korea’s 30 major industrial groups plan to invest 22.4 trillion won ($18.5 billion) by 2013 in clean energy, including batteries and solar power, to benefit from the government’s spending on environment-friendly projects.

The proposed investment from 2011 to 2013 is a 48 percent increase from 15.1 trillion won over the past three years, the presidential office said in a statement today.

Samsung Group, the nation’s largest group, on May 11 unveiled a 23.3 trillion-won spending plan to expand into five new areas by 2020, including solar cells and batteries for electric vehicles. LG Group said in April it will invest 20 trillion won by 2020 to cut greenhouse-gas emissions and develop energy-saving products.

The government plans to spend as much as 15 trillion won on rechargeable battery technology by 2020 to boost competitiveness, the Ministry of Knowledge Economy said July 11.

South Korea, Asia’s fourth-biggest crude oil importer, said last year it plans to invest 107 trillion won over the next five years to improve energy efficiency and help cut reliance on fossil fuels and boost economic growth.

To contact the reporter on this story: Shinhye Kang in Seoul at skang24@bloomberg.net.

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