Samsung Elec to invest over $5 bln to slash emissions

STORY: Samsung Electronics wants to reach net-zero emissions by 2050.

The world’s largest maker of smartphones and chips said Thursday its investing more than $5 billion dollars into major eco-intiatives by 2030.

Kim Soo-jin, Samsung's head of ESG strategy group, said the company hopes to “contribute positively” to climate change issues by developing better technology.

"Samsung Electronics will actively take part in activities to overcome the climate crisis through innovative technology, such as ultra-low-power products and recycling resources, and do our best to achieve carbon neutrality by 2050."

The South Korean firm said it will spend the money on research and development for technology aimed at filtering out greenhouse gases and capturing carbon dioxide generated during chip production.

Samsung is also seeking to bring up the portion of reused plastic in its devices to 50% of all plastic by 2030, and 100% by 2050.

Other initiatives include recycling more resources such as lithium and cobalt used in its devices, boosting production of energy-efficient chips and devices, as well as slashing water usage.

The company said it joined a group of global corporations committed to 100% renewable energy called RE100, following in the footsteps of global peers such as Apple and Intel.

South Korea has said it aims to achieve net zero emissions by 2050, but experts say it’s especially challenging for a country with large scale heavy industry, including shipbuilding and steel.