LG Energy Solution officials deliver 18 million won in donations to ChildFund Korea on Feb. 19. (LG Energy Solution)
LG Energy Solution’s new solar power project in Cheongju, North Chungcheong Province, combines the firm’s social outreach program with a mission to curb carbon emissions.
Dubbed the “Power Plant for Hope Green,” the facility built at a bus transfer center in the city last year is expected to cut 4,900 tons of greenhouse gases and generate profits worth 800 million won ($712,000) over the next 20 years.
All the proceeds from the 410-kilowatt facility will be donated to underprivileged communities.
“All profits will be made into donations, which will be managed by a local committee. The money will be used for support projects for the underprivileged, such as providing scholarship or improving living conditions,” an LGES official said.
LGES, which spun off from LG Chem last year, has a long-running CSR program called “Twin Angel Fund” in the city of Cheongju.
Launched in 2005, the program has supported low-income children for 16 years. Staff and executives working at its Ochang plant have voluntarily raising funds worth 300 million won and delivered the money to ChildFund Korea. A total of 122 children have received monthly financial support ever since.
The company’s CSR activities extend to its business partners. Last year, LGES created a fund worth 150 billion won to offer loans at favorable interest rates to small and mid-sized partners. Also, it is running a program that helps partners to cut costs in energy consumption.
“Instead of simplistic CSR activities, LGES will provide a foundation where companies and society can grow together,” said Sung Hwan-doo, head of corporate affairs at LGES.