Friday, January 7, 2011

Samsung Elec to invest $23 bln in green tech by 2020 -official

SEOUL: Samsung Electronics Co Ltd <005930.KS>, the world's No.1 maker of memory chips and flat screens, will invest $23 billion on environmentally-friendly businesses by 2020, the company's television division chief Yoon Boo-keun said in a statement on Friday, Jan 7.

"Samsung is creating a greener future by actively seeking out greener energy sources such as solar power to replace gas and petroleum," the statement quoted Yoon as saying in a key note speech at the Consumer Electronics Show in Las Vegas.

South Korea, Asia's fourth-largest economy and heavily dependent on oil and gas imports, set a voluntary 2020 emissions target in 2009 of a 30 percent reduction from its forecast under a business-as-usual scenario.

The government said it would invest 107 trillion won ($95.27 billion), or 2 percent of annual GDP, in environment-related industries through 2013.

Samsung Electronics also said in 2009 that it would invest 5.4 trillion won in green research and development, and facilities to make itself a leading eco-friendly company by 2013.- Reuters

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