Samsung Electronics have announce plans to invest over 7 trillion won ($5.02 billion) by 2030 as part of the company’s plans to become carbon neutral by 2050.
The majority of the money will be spent on research and development for technology aimed at filtering out greenhouse gases and capturing carbon dioxide generated during chip production, said Kim Soo-jin, Samsung’s head of ESG strategy group. Samsung is also seeking to make its devices business carbon neutral by 2030 and plans to boost the recycling of resources such as lithium and plastic.
“These activities are to eventually meet demand from our customers … so that we raise interest in our products,” said Kim. “There are costs, but we will try to forge a business opportunity.”
Samsung said it had joined a group of global corporations committed to 100% renewable energy called RE100, which includes companies such as Apple, TSMC, and Intel.
The South Korean firm’s goals are in line with those set by the national government to also achieve net zero emissions by 2050. This is proving challenging however, with the country significantly dependent on heavy industry including shipbuilding and steel.
South Korea relies on coal and gas for over 60% of its electricity generation, while renewables account for only 6% of its electricity output, according to industry ministry data.
Stable and affordable renewable energy is crucial if Samsung and other manufacturers in the country are to achieve their climate goals, but advances in the sector have been slow to date.