Jejudo Island and LG Group have joined hands to make the province carbon-free by the year 2030.

The two signed a memorandum of understanding on Tuesday to initiate the “Global Eco Platform Jeju” project ― a 6 trillion won ($5.4 billion) investment project that aims to ensure that the island is powered solely by renewable energy by the 2030 deadline.

The project’s agenda includes expanding the island’s wind turbines to reach a capacity of 2.35GW before 2030 ― up by more than 15 times from their current energy output of 156MW.

Jejudo and LG also plan to significantly increase the number of electric vehicles on the island ― from 852 units now to 377,000 vehicles by 2030 ― by providing subsidies for EV usage and running an EV battery lease program.

The two sides will build more rapid charging stations to operate roughly 15,000 stations by the deadline as well. At present, only 79 rapid-charging stations exist on the island.

In addition, the project foresees the establishment of a new energy storage system which will conserve energy generated by solar and wind power plants for reliable future use. A smart grid system to manage efficient energy usage will take root too.

“The project will foster more than 50,000 new jobs and lead to the birth of successful small- and medium-sized companies in the new energy and EV sector,” said Jeju Gov. Won Hee-ryong.

“We will strive to set a successful example of green energy development and creative economy endeavors through this project,” he said.

By Sohn Ji-young (jys@heraldcorp.com)