The Korea Times
amn_close.png
amn_bl.png
National
  • Politics
  • Foreign Affairs
  • Multicultural Community
  • Defense
  • Environment & Animals
  • Law & Crime
  • Society
  • Health & Science
amn_bl.png
Business
  • Tech
  • Bio
  • Companies
  • World Expo 2030
amn_bl.png
Finance
  • Companies
  • Economy
  • Markets
  • Cryptocurrency
amn_bl.png
Opinion
  • Editorial
  • Columns
  • Thoughts of the Times
  • Cartoon
  • Today in History
  • Blogs
  • Tribune Service
  • Blondie & Garfield
  • Letter to the Editor
amn_bl.png
Lifestyle
  • Travel & Food
  • Trends
  • People & Events
  • Books
  • Around Town
  • Fortune Telling
amn_bl.png
Entertainment & Arts
  • K-pop
  • Films
  • Shows & Dramas
  • Music
  • Theater & Others
amn_bl.png
Sports
  • Hangzhou Asian Games
amn_bl.png
World
  • SCMP
  • Asia
amn_bl.png
Video
  • Korean Storytellers
  • POPKORN
  • Culture
  • People
  • News
amn_bl.png
Photos
  • Photo News
  • Darkroom
amn_NK.png amn_DR.png amn_LK.png amn_LE.png
  • bt_fb_on_2022.svgbt_fb_over_2022.svg
  • bt_twitter_on_2022.svgbt_twitter_over_2022.svg
  • bt_youtube_on_2022.svgbt_youtube_over_2022.svg
  • bt_instagram_on_2022.svgbt_instagram_over_2022.svg
The Korea Times
amn_close.png
amn_bl.png
National
  • Politics
  • Foreign Affairs
  • Multicultural Community
  • Defense
  • Environment & Animals
  • Law & Crime
  • Society
  • Health & Science
amn_bl.png
Business
  • Tech
  • Bio
  • Companies
  • World Expo 2030
amn_bl.png
Finance
  • Companies
  • Economy
  • Markets
  • Cryptocurrency
amn_bl.png
Opinion
  • Editorial
  • Columns
  • Thoughts of the Times
  • Cartoon
  • Today in History
  • Blogs
  • Tribune Service
  • Blondie & Garfield
  • Letter to the Editor
amn_bl.png
Lifestyle
  • Travel & Food
  • Trends
  • People & Events
  • Books
  • Around Town
  • Fortune Telling
amn_bl.png
Entertainment & Arts
  • K-pop
  • Films
  • Shows & Dramas
  • Music
  • Theater & Others
amn_bl.png
Sports
  • Hangzhou Asian Games
amn_bl.png
World
  • SCMP
  • Asia
amn_bl.png
Video
  • Korean Storytellers
  • POPKORN
  • Culture
  • People
  • News
amn_bl.png
Photos
  • Photo News
  • Darkroom
amn_NK.png amn_DR.png amn_LK.png amn_LE.png
  • bt_fb_on_2022.svgbt_fb_over_2022.svg
  • bt_twitter_on_2022.svgbt_twitter_over_2022.svg
  • bt_youtube_on_2022.svgbt_youtube_over_2022.svg
  • bt_instagram_on_2022.svgbt_instagram_over_2022.svg
  • Login
  • Register
  • Login
  • Register
  • The Korea Times
  • search
  • all menu
  • Login
  • Subscribe
  • Photos
  • Video
  • World
  • Sports
  • Opinion
  • Entertainment & Art
  • Lifestyle
  • Finance
  • Business
  • National
  • North Korea
  • 1

    Royal palaces in Seoul offer free access during Chuseok holiday

  • 3

    Travis King in US custody after expulsion by N. Korea: Washington officials

  • 5

    Koreans adapt to soaring food prices

  • 7

    American soldier who crossed into North Korea arrives back in the US, video appears to show

  • 9

    BTS' Jungkook to drop 2nd solo single

  • 11

    Korea wins gold in League of Legends competition; Faker tops podium

  • 13

    Over 2,200 aging applicants for reunions of separated families died this year: gov't data

  • 15

    N. Korea stipulates nuclear force-building policy in constitution

  • 17

    Korea claims third consecutive gold in men's team sabre fencing

  • 19

    S. Korea elected as IAEA board member for 2023-25

  • 2

    INTERVIEWRisk-averse culture is forcing daring creators to flee showbiz

  • 4

    Korean Baek In-chul wins stunning swimming gold

  • 6

    Education ministry prohibits parents from recording classes

  • 8

    Drug offenders using dark web increasing rapidly: report

  • 10

    Blinken to release Chuseok message for S. Koreans for 3rd year

  • 12

    BOK likely to stand pat again next month on Fed's rate freeze, slowdown

  • 14

    1st gold in Hangzhou leaves N. Korean shooters in tears

  • 16

    Daejeon hosts 14th int'l play festival

  • 18

    China launches first cross-sea bullet train line near Taiwan Strait

  • 20

    Kim Woo-min snatches gold in freestyle swimming

Close scrollclosebutton

Close for 24 hours

Open
  • The Korea Times
  • search
  • all menu
  • Login
  • Subscribe
  • Photos
  • Video
  • World
  • Sports
  • Opinion
  • Entertainment & Art
  • Lifestyle
  • Finance
  • Business
  • National
  • North Korea
Business
  • Tech
  • Bio
  • Companies
  • World Expo 2030
Sat, September 30, 2023 | 15:23
Global institutions call for Samsung to embrace environmental vision
Posted : 2021-10-06 16:33
Updated : 2021-10-07 09:09
Kim Bo-eun
Print PreviewPrint Preview
Font Size UpFont Size Up
Font Size DownFont Size Down
  • facebook
  • twitter
  • kakaolink
  • whatsapp
  • reddit
  • mailto
  • link
Samsung Electronics Vice President Lee Jae-yong enters the Seoul Central District Court in southern Seoul, Sept. 2. Korea Times photo by Lee Han-ho
Samsung Electronics Vice President Lee Jae-yong enters the Seoul Central District Court in southern Seoul, Sept. 2. Korea Times photo by Lee Han-ho

Top conglomerate yet to join RE100 initiative

By Kim Bo-eun

Samsung is facing growing calls from global institutional investors to make a greater environmental commitment through its businesses. Samsung is the only one out of the country's four major groups that has not joined Renewable Energy 100 (RE100), a global initiative seeking to source 100 percent of electricity consumption from renewable sources. Samsung stated at the National Assembly audit last year that it intends on making this commitment, but still has yet to.

Samsung's affiliates have individually been taking steps to phase out environmentally harmful businesses and investments, but their efforts are falling largely short of what is expected of Korea's largest conglomerate.

The group had been saying up until recently that coming up with a long-term environmental vision had been impossible given that its chief had been in prison.

But with the release of Vice Chairman Lee Jae-yong on parole in August, and Samsung unveiling major investment plans, global institutional investors are urging the tech giant that now is the time to make a group-wide environmental commitment.

Samsung Electronics Vice President Lee Jae-yong enters the Seoul Central District Court in southern Seoul, Sept. 2. Korea Times photo by Lee Han-ho
A Samsung flag is seen at the tech giant's headquarters in southern Seoul / Yonhap

"Having such an influential role in the Korean economy, we believe that Samsung Group can and should play an essential role in helping accelerate a green transition of the Korean energy supply," Nordea Asset Management Head of Responsible Investments Eric Pedersen said. The Copenhagen-based global investment firm has $294 billion in assets under management.

"We would like to see specific climate targets from Samsung Group on becoming net-zero. We feel that comprehensive environmental and especially climate-related commitments are overdue and would expect to see at least some high-level commitments in the very near future. "

Global investment firms have said that Samsung's environmental commitments would also benefit shareholders and create a more attractive foreign investment environment here.

"If Samsung Electronics takes the next positive step and powers all of its global operations on clean energy, especially solar and wind, from South Korea to Vietnam, the company will align with shareholders' expectations and benefit financially," KLP's Head of Responsible Investments Kiran Aziz said. KLP is Norway's largest pension fund with $95 billion in assets under management.

"Given that Samsung is such a symbol of Korea's corporate sector, 100 percent renewables policies are likely to improve its own shareholder reputation and accelerate national shifts from coal to clean energy, creating a more attractive foreign investment environment. Lee Jae-yong has a unique opportunity to ensure that this commitment for 100 percent renewables globally is made."

The asset managing institutions underscored the urgency of Samsung's environmental commitment.

"The global climate crisis is very concrete and so are the expectations towards global consumer brands like Samsung. It's time for Samsung to deliver consistent and ambitious climate action, and there is absolutely no time to waste," AkademikerPension CEO Jens Munch Holst said. The public pension is one of Denmark's largest, with $20 billion in assets under management.

At the National Assembly audit of the environment ministry, Monday, Rep. An Ho-young of the liberal ruling Democratic Party of Korea stated that Samsung's rate of greenhouse gas cuts was the lowest in the chip, display and electronics industries, citing data from the ministry.

Samsung's greenhouse gas reduction rate came to 73 percent as of last year. LG Electronics led the industry with a 97 percent reduction rate, followed by Samsung Display with 95.4 percent, SK hynix with 91.8 percent and LG Display with 75 percent.

"Related plans will be unveiled when the time comes," a Samsung representative said.


Emailbkim@koreatimes.co.kr Article ListMore articles by this reporter
 
miguel
wooribank
LG
Top 10 Stories
1Guide to Chuseok celebrations across Korea Guide to Chuseok celebrations across Korea
2Chuseok exodus begins ahead of extended 6-day holiday Chuseok exodus begins ahead of extended 6-day holiday
3Korea sees record-low births in July Korea sees record-low births in July
4Hyundai E&C to build upmarket apartment complex in Seoul's Gwanak District Hyundai E&C to build upmarket apartment complex in Seoul's Gwanak District
5Political battle intensifies after court rejects Lee's arrest warrant Political battle intensifies after court rejects Lee's arrest warrant
6Korea on track to prove esports prowess at Asian Games Korea on track to prove esports prowess at Asian Games
7[INTERVIEW] Risk-averse culture is forcing daring creators to flee showbiz INTERVIEWRisk-averse culture is forcing daring creators to flee showbiz
8Lotte focuses on health care, mobility to spur growth Lotte focuses on health care, mobility to spur growth
9DMZ Open Int'l Music Festival to be held in Goyang in November DMZ Open Int'l Music Festival to be held in Goyang in November
10Two Koreas trade barbs over nuclear war Two Koreas trade barbs over nuclear war
Top 5 Entertainment News
1Trailblazing nonagenarian artist honored for redefining Korean fiber art Trailblazing nonagenarian artist honored for redefining Korean fiber art
2[INTERVIEW] 'Coexistence of different art hubs across Asia is necessary': Art Week Tokyo Director INTERVIEW'Coexistence of different art hubs across Asia is necessary': Art Week Tokyo Director
3[INTERVIEW] With '30 Days,' Kang Ha-neul finds new level of comfort in acting INTERVIEWWith '30 Days,' Kang Ha-neul finds new level of comfort in acting
4Rwandan artists bring diversity to Seoul's art scene Rwandan artists bring diversity to Seoul's art scene
5[INTERVIEW] ONEUS returns as 'mermaid prince' INTERVIEWONEUS returns as 'mermaid prince'
DARKROOM
  • Turkey-Syria earthquake

    Turkey-Syria earthquake

  • Nepal plane crash

    Nepal plane crash

  • Brazil capital uprising

    Brazil capital uprising

  • Happy New Year 2023

    Happy New Year 2023

  • World Cup 2022 Final - Argentina vs France

    World Cup 2022 Final - Argentina vs France

CEO & Publisher : Oh Young-jin
Digital News Email : webmaster@koreatimes.co.kr
Tel : 02-724-2114
Online newspaper registration No : 서울,아52844
Date of registration : 2020.02.05
Masthead : The Korea Times
Copyright © koreatimes.co.kr. All rights reserved.
  • About Us
  • Introduction
  • History
  • Contact Us
  • Products & Services
  • Subscribe
  • E-paper
  • RSS Service
  • Content Sales
  • Site Map
  • Policy
  • Code of Ethics
  • Ombudsman
  • Privacy Statement
  • Terms of Service
  • Copyright Policy
  • Family Site
  • Hankook Ilbo
  • Dongwha Group