Thursday 15 September 2022

Samsung Electronics splashing $5bn on net zero aim

Samsung Electronics has vowed to invest $5 billion (£4.3bn) in the next eight years to reach net zero by 2050.

The chip and mobile phone producer will spend this cash on carbon capture for filtering processes – to produce less greenhouse gas emissions during chip production.

Kim Soo-Jin, Head of ESG at Samsung, stated the company’s desire to have its devices business become carbon-neutral first by 2030 – before the remainder of Samsung follows suit.

Recycling plastic and lithium for products is another way the company is looking to cut carbon.

Kim said: “These activities are to eventually meet demand from our customers, so that we raise interest in our products. There are costs but we will try to forge a business opportunity.”

The South Korean company is following the stance of its nation, with the country looking to hit net zero by 2050.

Businesses such as Samsung quashing emissions will be critical in the country achieving this, analysts have stated, as the Asian nation relies greatly on heavy industry for its economic strength.

The chips and components section of Samsung Electronics was responsible for 90% of its 17.4 million tonnes of carbon emissions, with the devices business only causing 10%.