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LG Chem, South Korea’s leading chemical and materials manufacturer, says it will develop new social responsibility activities in co-operation with local governments and social welfare organizations in South Korea.
The company has signed an agreement with the Seoul Metropolitan Government and Community Chest of Korea (CCK), a social welfare organisation to jointly operate a charity project called “Green Partnership.”
LG Chem has pledged to invest a total of KRW 3 billion in this project by 2020.
CCK is a national organization with offices in 17 cities which raises and allocates welfare funds and offers expertise in their management.
LG Chem intends that the project should set a new foundation for public and private sectors to work together and will support those in need.
The charity will expand its work by establishing Green Partnerships with other regional governments in the future.
The company says it will use its expertise in the eco-friendly energy sector in the project’s activities. It said the Green Partnership project consists of a solar power business and a green remodelling business.
For the solar energy part, the company will build solar power generating panels in public areas such as parks run by regional governments and use profits generated to help the underprivileged.
In the green remodelling business, the company will install insulation at social welfare facilities and build green areas on the roofs of such buildings, aiming at reducing energy consumption and operating expenses.
To begin with, LG Chem will provide KRW 750 million and technical expertise to enable the Seoul Metropolitan Government to build a number of solar power plants in the capital city by the first half of 2016.
This is not the first time LG Chem has become involved in social welfare projects.
Last year, LG Chem together with LG Electronics set up a KRW 6 billion fund to invest in social enterprises over three years.
The two firms said that their new LG Social Fund would financially support companies such as social venture firms and village enterprises seeking to improve the country’s socioeconomic conditions by creating innovative solutions.
The two companies said they hoped LG-backed social enterprises would increase not only productivity and jobs but also improve education and welfare.
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