By 2030, Samsung Electronics expects to have invested more than KRW7 trillion ($5 billion) in green initiatives, thanks to an overhaul of its environmental policy. As a result of the company's participation in the global renewable energy effort RE100, it is now aiming towards net-zero carbon emissions by 2050.
The Specifics of Samsung’s New Project
The firm claims that this investment would be utilised to investigate new technological advancements that will reduce process gas emissions and carbon emissions at treatment facilities, which are byproducts of the semiconductor manufacturing process. Samsung will also be able to use the money to expand the treatment facilities that are already part of its semiconductor manufacturing processes. According to Samsung, the company will obtain renewable energy through a power purchase agreement (PPA), the purchase of renewable energy certificates, and participation in green pricing programmes, to name a few methods.
Investors and activists have long criticised Samsung for taking a weaker stance on climate change than competitors in the sector like Apple, which announced in October that it had reduced emissions by 40% over the previous five years and was pressuring suppliers to only use renewable energy.
The development of ultra-low power memory chips for mobile devices and data centres by 2025, as well as the adoption of a circular economy to reduce waste across the whole product lifecycle, are other initiatives. Another goal to be aware of is that by 2027, local consumer electronics plants will be powered entirely by renewable energy, and by 2050, all semiconductor activities will be run entirely on green energy. According to projections for 2021, the firm anticipates that these and other improvements will enable it to reduce emissions by the equivalent of around 17 million tonnes of carbon dioxide per year.
Han Jong-Hee, vice chair and CEO of Samsung claims that the company has a comprehensive plan in place to address the threats posed by climate change. This plan includes reducing emissions, implementing new sustainability practices, and creating novel technologies and products that are better for the environment. This justification was given by Han Jong-Hee for the updated numbers.