Samsung Goes Big On Its Carbon Neutral Goals

  • Samsung Electronics Co, Ltd SSNLF looks to invest over KRW 7 trillion ($5.02 billion) by 2030 as part of sweeping environmental initiatives to become carbon neutral by 2050.
  • Samsung will spend money on research and development for technology to filter out greenhouse gases and capture carbon dioxide generated during chip production. 
  • It sought to make its devices business carbon neutral by 2030. It also plans to boost the recycling of resources like lithium and plastic.
  • Samsung joined a group of global corporations committed to 100% renewable energy called RE100, inspired by Apple Inc AAPLTaiwan Semiconductor Manufacturing Company Ltd TSM, and Intel Corp INTCReuters reports.
  • For Samsung's chip plants and other manufacturers in South Korea, stable and affordable energy is critical for competitiveness. Still, advances in renewable energy have been too slow to meet these criteria, the report cited analysts.
  • The chips and components business accounted for 90% of the greenhouse gases Samsung Electronics emitted in 2021, while its devices businesses, including mobile, accounted for 10%.
  • Samsung sought to increase the portion of reused plastic in its devices to 50% of all plastic by 2030 and 100% by 2050. It also aims to boost the production of energy-efficient chips and devices.
  • Samsung reported second-quarter FY22 revenue growth of 21% year-on-year to KRW77.20 trillion.
  • The consolidated operating profit increased 12% Y/Y to KRW 14.1 trillion, driven by the semiconductor businesses. 
  • Photo Via Company
Posted In: GovernmentNewsRegulationsTechMediaBriefs
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!