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[Thematic Report] Samsung's Business Decisions Influenced by the Environment |
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by Seojin Lee | 28-03-2021 14:54
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It is fairly evident that climate change exists and is a huge threat to the environment. When looking at what causes climate change, we can conclude that a huge portion that contributes to it is caused by businesses and companies. This can be due to the fossil fuels they use to create their products, office buildings using up electricity, offices using large amounts of paper, and more. However, the apparent effects of climate change and the impact businesses have on the environment have since been widely recognized, causing many companies around the world to alter their business decisions to become more eco-friendly. Samsung, one of the largest companies in the world, is a great example. In 1992, Samsung signed its Environment Declaration. Ever since then, Samsung has carefully considered every business decision and has put the environment as a factor influencing decisions; according to Samsung, they claim to “have put Eco-management into action, offering [its] customers eco-friendly solutions and leading the way to a sustainable future.” Samsung has also listed the environmental factors that affect their decision-making on their website, and they include Eco-Design, Energy Efficient Products, Sustainable Materials, and Responsible Recycling. Samsung describes Eco-Design as “considering environmental impacts at each stage of the product life cycle.” In other words, Samsung makes sure to analyze how a product may affect the environment from its creation all the way to its disposal and designs its product to be as environmentally friendly as possible at all times in its life cycle. Next, Samsung describes Energy Efficient Products as “developing the most energy-efficient products and solutions.” Samsung makes sure to design products to meet the global energy regulation while reducing power consumption generated by it. Sustainable Materials comes after, and is described as “implementing materials and product designs to facilitate a circular economy.” In other words, Samsung has incorporated eco-friendly materials into their products in order to maintain a circular economy, which is an idea where materials are reused and waste products are completely eliminated. Finally, Responsible Recycling is described as “operating global take-back and recycling programs in 60 countries.” This means that Samsung has been widely successful in reusing their materials, and contributing more to their desired circular economy. Many other huge companies like Apple and Microsoft have also addressed the negative impacts businesses have on the environment and revealed many business decisions aimed at becoming more friendly to the environment. Other small companies are also following in their footsteps. However, in order to truly save our planet from the increasing threat of climate change, every single business must start to consider the environment as a factor influencing their business decisions. Anyone, including me and you, can work together to reach this goal by exclusively purchasing products from eco-friendly businesses, in order to encourage other businesses to also turn eco-friendly. Sources: 1: https://www.dummies.com/home-garden/green-living/how-businesses-affect-the-environment/ 2: https://www.samsung.com/us/aboutsamsung/sustainability/environment/ 3: https://news.samsung.com/us/samsung-global-green-management-initiatives-journey-sustainable-future/#:~:text=Since%202005's%20Kyoto%20Protocol%2C%20brought,order%20to%20help%20reduce%20emissions.&text=In%20addition%2C%20an%20accumulated%20amount,in%20the%20same%20time%20period.
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4 Comments
Hello seojin
I hope you are doing well
Nice report
Thank you so much for the report
Keep writing
Green cheers
Regards
Asmita Gaire
Posted 03-08-2021 03:56
Hi Seojin,
this is your mentor Yuseon:D
Thank you for your well written thematic report regarding Samsung's environmental policies. Loved how you carefully organized the contents starting with the cause of sudden corporate giants to follow eco-friendly footsteps.
Although it might be seen that huge portion of environmental harm is caused by businesses and companies, it is still true that its a desirable management that still many others are failing to keep up. Hope ESG would become more than just a 'trend' but an social movement that many would follow!
Keep up the good work,
Yuseon
Posted 05-04-2021 09:14
Hi Seojin,
This is your mentor Debbie :)
It seems like Samsung has started to pay attention to environmental protection since all the way back in 1992! And since then, Samsung has been putting effort in various places in order to minimize environmental impact. Personally I feel that these efforts are being paid off with Samsung being ranked one of the top global companies in the world.
But as you said, not only large businesses like Samsung but also other businesses need to complete their responsibilities. And us too, as consumers, should do what we can as well.
Thanks for the inspiring article. I??ll be waiting for more in April!
Green Cheers,
Debbie
Posted 31-03-2021 00:51
Interesting point about smaller companies following Samsung's footsteps! Since the major attraction in switching over to more eco-friendly practices lies in the positive perception of the company and their products/services by the environmentally-conscious customer for many enterprises, perhaps the smaller companies' (albeit minor) financial sacrifices come at a greater cost than for larger companies as their products are already popular and a greener change could be a way to improve the image of their product, as opposed to the change being a much larger risk for smaller companies, who are sometimes much more financially unstable and risk losing out on essential revenue in exchange for a greener practice. Thank you for the great article, and for your contributions towards the ESG theme!
Posted 29-03-2021 19:02