SK to invest in ‘green technology’

SK Group, Korea’s third largest conglomerate, will invest one trillion won (US$862.5 million) as it adopts a “low-carbon management system” that focuses on renewable energy and other green energy activities. To that end, SK Group will create an “environmental commission” with its three flagship companies – SK Energy, SK Telecom and SK Networks, which will draw up environmentally friendly management plans by 2010, as part of efforts to propel the company’s growth. The environmentally friendly business scheme is in line with President Lee Myung-bak’s pledge to shift the nation’s growth focus to “low-carbon, green growth,” from fossil-fuel-based growth. He said the government was looking to increase the use of new and renewable energy from the current 2% to more than 20% by 2050, while doubling research funds for green technology. (August 29, 2008)