Samsung Biologics releases 2024 ESG report

[Courtesy of Samsung Biologics Co.]

Samsung Biologics Co., the biotech arm of South Korea’s Samsung Group, published its 2024 Environmental, Social, and Governance (ESG) Report in which includes strategies for greenhouse gas reduction and biodiversity, the company said on Thursday.

The annual report, which is in its fourth edition in 2024, reflects the company‘s efforts to align with global ESG disclosure trends by expanding its “dual materiality assessment” which evaluates both social and environmental impacts alongside financial materiality.

Samsung Biologics aims to reduce greenhouse gas emissions from its business sites and supply chain by 32 percent and 34.3 percent respectively, as well as achieving a 10 percent water reuse rate by 2030, the report said. The company reported a RE100 (100 percent renewable energy) achievement rate of 26.9 percent in 2023, compared to the business-as-usual (BAU) emission forecast.

The report also reveals the company’s strategies and tasks to address natural capital (TNFD) disclosures including those for nature, water, soil, and minerals, which are emerging as significant sustainability issues related to biodiversity, for the first time. The company’s roadmap of actionable tasks for mid- to long-term safety and health management, board independence, and transparency, among other aspects, was also included in the report.

Samsung Biologics said that 171 partners participated in ESG evaluations in 2023, a 3.7-fold increase from the 46 partners involved the year before.

“This report has further strengthened our position as a leading ESG company in the biopharmaceutical industry,” Samsung Biologics Chief Executive Officer John Rim said in a statement. “We will continue to build a sustainable bioindustry ecosystem based on consistent and transparent ESG management to realize a better life for humanity.”