January 30, 2023

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Samsung commits to net-zero emissions by 2050, invests billions

By joining RE100, the electronics giant has also vowed to switch to 100pc renewable energy for its electricity needs in markets outside South Korea by 2027.

Samsung Electronics, the world’s largest smartphone maker and one of the largest chip makers, has committed to achieving net-zero carbon emissions across its entire business by 2050.

The South Korean giant has also joined RE100, a global initiative bringing together businesses committed to 100pc renewable electricity. As part of this commitment, Samsung will switch to renewable energy for its electricity needs in all markets outside South Korea within five years.

However, the company will not aim for 100pc renewable electricity in its home market, where it said renewable energy supplies “have begun to expand but remain limited”.

South Korea got 7.5pc of its electricity from renewable sources in 2021, according to AP. This is significantly lower than the 30pc average among the other rich OECD nations. The incumbent government has also backtracked on previous climate commitments.

Samsung’s latest commitment also includes plans to invest heavily in new technologies that make its products more energy efficient.

Earlier this year, Samsung broke quarterly and annual revenue records driven by demand for its smartphones and semiconductor business.

Overall, Samsung said it expects to spend more than 7trn South Korean won in its environmental initiatives by 2030. These include reducing process gases, conserving water, expanding electronic waste collection and reducing pollutants.

“The climate crisis is one of the greatest challenges of our time. The consequences of inaction are unimaginable and require the contribution of every one of us, including businesses and governments,” said Jong-Hee Han, CEO and vice-chair of Samsung.

“Samsung is responding to the threats of climate change with a comprehensive plan that includes reducing emissions, new sustainability practices and the development of innovative technologies and products that are better for our planet.”

While its overall plan is to go net-zero in carbon emissions by 2050, Samsung is fast-tracking the transition in its consumer electronics business by committing to net-zero by 2030.

All other businesses, including memory and foundry, will go net-zero by the middle of the century.

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