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Samsung Electronics to invest over $5 Billion to achieve net zero emissions by 2050

Samsung plans to invest over 7 trillion won (USD 5 billion) in its environmental initiatives by 2030, including reducing process gases, conserving water, expanding electronic waste collection and reducing pollutants.

Samsung Electronics to invest over $5 Billion to achieve net zero emissions by 2050
Samsung Electronics to invest over $5 Billion to achieve net zero emissions by 2050

Samsung Electronics on Thursday announced its new environmental strategy which is build on company’s existing climate effort. The new strategy is in alignment with company’s plans to cut down on fossil fuel usage and eventually run its entire global operations with clean electricity by 2050.

As a part of this effort, Samsung has joined the “RE100” campaign to get 100 percent of electricity from renewable sources like wind or solar power and use it for the electric power needs of all international markets where it operates, outside of Korea, within five years.

The company in its press release stated that it aims to achieve net zero carbon emissions across its mobile device, television and consumer electronics divisions by 2030, and across all global operations including semiconductors by 2050.

“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, Vice Chairman and CEO of Samsung Electronics. “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.”

To achieve the target, Samsung plans to invest over 7 trillion won (USD 5 billion) in its environmental initiatives by 2030, including reducing process gases, conserving water, expanding electronic waste collection and reducing pollutants. This figure does not include the costs related to expansion of renewable energy use in the global markets.

Samsung has already matched the electricity use with its renewable energy for US, China and Europe. The company now aims to do so in Southwest Asia and Vietnam by 2022, Central and Latin America by 2025 and Southeast Asia, CIS and Africa by 2027. It further plans to move towards expanding renewable energy power purchase agreements (PPA) in all these countries once the operations are purely run on renewable energy.

Samsung wants to develop new ultra-low power memory chips that can significantly reduce the annual power consumption of memory products used in data centers and mobile devices by 2025 compared to current products.

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