- Aims to build an eco-friendly business environment and achieve net zero GHG emissions in its operations, moving towards 100% renewable energy.
- Details new social contribution activities that strives to support the health of its local communities.
- Requires commitment to the Supplier Code of Conduct, enhanced in accordance with RBA and PSCI.
- Establishes increased independence and transparency in its Board of Directors’ structure.
Samsung Biologics (KRX: 207940.KS), the world’s leading contract development and manufacturing organization, today published its second annual ESG Report, reflecting the company’s sustainability efforts in 2021 to address a wide range of environmental, social, and governance (ESG) activities related to its business. The report also provides increased transparency on its approach and achievements in the following areas: reduction of greenhouse gas (GHG) emissions, enhanced social contribution activities, and evaluations in the Board of Directors’ structure.
John Rim, President and CEO of Samsung Biologics, said: “Under our ‘Driven. For a Sustainable Life.’ framework, we are continuously improving and committing our resources to create a sustainable environment, build a healthy society, and implement responsible business activities. The publication of our annual ESG Report reinforces the progress we’ve made, while keeping us focused on the long-term goals we’ve set. Our sustainability initiatives reinforce the connection between the work we do and how we fulfill our mission, while delivering on our core values of always putting people and the environment first.”
See related article: Samsung Biologics Reports First Quarter 2022 Financial Results
This year’s report highlights the company’s progress in reducing Scope 1 and 2 emissions by 32.3% compared to the previous year, and its commitment to reduce total Scope 1 and 2 emissions 54.3% and Scope 3 emissions 25.7% by 2026, compared to 2021. The company is also actively working to engage its suppliers to transition to net zero emissions in multiple areas and invest in renewable energy.
Samsung Biologics’ commitment to addressing the most critical issues facing the planet is underscored by a series of global initiatives and projects to deliver progress related to climate change. Significant milestones include:
- To accelerate the delivery of net zero, sustainable healthcare to improve individual, societal, and planetary health, Samsung Biologics is actively involved in the Health Systems Taskforce as part of His Royal Highness The Prince of Wales’ Sustainable Markets Initiative, alongside global leaders from across the healthcare system, academia, and international organizations like the WHO and UNICEF.
- To foster collaborative solutions, Samsung Biologics also announced its participation in the Frontier 1.5D initiative to develop a climate risk management model as part of the 2050 Carbon Neutral Strategy in response to the ongoing challenges associated with global climate change.
- Through the Carbon Disclosure Project (CDP), Samsung Biologics, as a business sector representative, will determine the risks and opportunities within its business to address climate change, and then analyze the financial impact to adjust its response policies in relation to factors such as the reduction of GHG emissions.
Using Pricewaterhouse Coopers’ Total Impact Measurement and Management methodology as a guiding principle, Samsung Biologics has contributed 1.6 trillion Korean won in economic and social value creation. The company detailed its social contribution activities to provide youth education and scholarship support, equitable access to quality and affordable healthcare services, and childcare support. In joint partnership with other Samsung affiliates, the company has introduced new programs like Dream Class to provide career counseling for middle school students in low-income families and the Stepping Stone of Hope project to offer self-sufficiency training and support for at-risk youth.
The company is also supporting ESG activities of its partner companies and requiring suppliers to comply with the company’s Supplier Code of Conduct, which was amended this February in accordance with the Responsible Business Alliance (RBA) and Pharmaceutical Supply Chain Initiative (PSCI). Through these activities, Samsung Biologics aims to reduce ESG risk in its supply chain and build a stable network of partners.
As noted in the report, the company established increased independence and transparency in its Board structure by separating the Chair and CEO positions, and granting outside directors the right to request documentation. Through its robust compliance management system, the company also minimized management risks and strengthened its responsibility towards human rights, health, and the environment through prevention training, rigorous reporting and monitoring, and follow-up management. In March of last year, the company established a cross-organization taskforce to prevent serious accidents through process risk assessment, risk management, and potential risk identification and improvement.
The full text of the 2022 Samsung Biologics ESG Report can be viewed here.
Source: PRNewswire