• 278 days Will The ECB Continue To Hike Rates?
  • 278 days Forbes: Aramco Remains Largest Company In The Middle East
  • 280 days Caltech Scientists Succesfully Beam Back Solar Power From Space
  • 680 days Could Crypto Overtake Traditional Investment?
  • 685 days Americans Still Quitting Jobs At Record Pace
  • 687 days FinTech Startups Tapping VC Money for ‘Immigrant Banking’
  • 690 days Is The Dollar Too Strong?
  • 690 days Big Tech Disappoints Investors on Earnings Calls
  • 691 days Fear And Celebration On Twitter as Musk Takes The Reins
  • 693 days China Is Quietly Trying To Distance Itself From Russia
  • 693 days Tech and Internet Giants’ Earnings In Focus After Netflix’s Stinker
  • 697 days Crypto Investors Won Big In 2021
  • 697 days The ‘Metaverse’ Economy Could be Worth $13 Trillion By 2030
  • 698 days Food Prices Are Skyrocketing As Putin’s War Persists
  • 700 days Pentagon Resignations Illustrate Our ‘Commercial’ Defense Dilemma
  • 701 days US Banks Shrug off Nearly $15 Billion In Russian Write-Offs
  • 704 days Cannabis Stocks in Holding Pattern Despite Positive Momentum
  • 705 days Is Musk A Bastion Of Free Speech Or Will His Absolutist Stance Backfire?
  • 705 days Two ETFs That Could Hedge Against Extreme Market Volatility
  • 707 days Are NFTs About To Take Over Gaming?
Michael Scott

Michael Scott

Writer, Safehaven.com

Michael Scott majored in International Business at San Francisco State University and University of Economics, Prague. He is now working as a news editor for…

Contact Author

  1. Home
  2. Commodities
  3. Energy

Samsung Commits To 100% Renewable Energy

solar

Samsung will soon draw 100% of its electricity needs from renewable energy sources across all its sites in the United States, Europe, and China, the Korea-based global electronics manufacturing giant announced on Thursday.

The plan, which is expected to see the transition complete by 2020, will support the local government's national strategic plan to increase the country's renewable energy use by 20 percent by 2030.

As part of this commitment, the company will  install about 63,000 square meters of solar panels in its campuses in South Korea. Samsung is also installing 42,000 square meters of solar panels in its Digital City and is working on generating geothermal power at its Pyeongtaek and Hwaseong campuses by 2020.

"Samsung Electronics is fulfilling its duty as a corporate citizen by expanding and supporting the use of renewable energy," said Won Kyong Kim, Samsung Electronics' executive vice president and head of global public affairs. Related: Nasdaq Pulls Back After Hitting A Record High

This move was welcomed by environmental organizations, who called on Samsung to set a renewable energy goal for its operations and its supply chain. “Samsung's announcement is a major step forward for the movement to build a renewably powered future," said Jennifer Morgan, Greenpeace International's executive director.

While Samsung is the first electronics manufacturing company in Asia to set a renewable energy target,  it is still lagging behind its peers, including Apple, which says its global facilities are now powered by 100 percent clean energy. Google, as another example, is offsetting all of its operational energy through wind and solar, and Amazon Wind Farm Texas adds over 1 million megawatt hours of clean energy to the grid annually.

Samsung is also planning to work with its top 100 partner companies to assist them in setting their own renewable energy targets, in partnership with the CDP's (formerly the Carbon Disclosure Project) supply chain program, which the company intends to join next year.

By Michael Scott for Safehaven.com

More Top Reads From Oilprice.com:

Back to homepage

Leave a comment

Leave a comment