"No warning can save people determined to grow suddently rich" - Lord Overstone

  • 4 hours Why Investors Must Look At Small-Cap Stocks
  • 5 hours Banking Major Pays $42M For Misleading Customers
  • 6 hours Rookie Daytrader Accidentally Makes $10 Million Profit
  • 7 hours Flying Cars Are No Longer Science Fiction
  • 8 hours The Internet Fights Back As EU's Controversial Copyright Bill Passes
  • 10 hours Is Gold Preparing For A Reversal?
  • 12 hours Tech Giants Under Fire For Facial Recognition
  • 1 day 4 Reasons Why Gold Investors Should Keep A Cool Head
  • 1 day Hackers Lift $30 Million In Crypto From South Korean Exchange
  • 1 day Tax Reform Could Push U.S. Profits Abroad
  • 1 day Pot Stocks Soar As Canada Legalizes Cannabis
  • 1 day How Chinese Investors Could Send The Tech Boom Into Overdrive
  • 1 day U.S. Market Growth Weighs On The Global Economy
  • 2 days The Trials And Tribulations Of A $4 Billion Blockchain
  • 2 days The Crypto Cartel: Inside Bitcoin’s Rise And Fall From $300B
  • 2 days Why We Should Be Worried About Europe’s New Copyright Laws
  • 2 days How Will Trump’s Tariffs Impact Tech Stocks?
  • 2 days Net Neutrality Supporters Face Off Against The FCC
  • 2 days Treachery At Tesla: Rogue Worker Steals Secret Data
  • 2 days Things Are Beginning To Look Up For Bitcoin
Goldman Remains Optimistic Despite Falling Oil Prices

Goldman Remains Optimistic Despite Falling Oil Prices

Investment bank Goldman Sachs remains…

Banks Spent $1.7B On Blockchain Last Year

Banks Spent $1.7B On Blockchain Last Year

Though the finance industry has…

Solar Boom Unfazed By New Tariffs

Solar Boom Unfazed By New Tariffs

Despite the implementation of tariffs…

Michael Scott

Michael Scott

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…

More Info

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