The pharmaceutical and medical industry is already focused on creating a better world for others. Vaccines, therapies, and treatments for conditions and infectious diseases seek to improve the overall quality of life when it comes to the rest of the world.
This shared mission makes all the more sense when paired with a strong sense of ESG, or environmental, social, and governance goals that many companies develop to help make the world a better place. Leading CDMO Samsung Biologics has created and joined multiple initiatives to help combat the effects of climate change in order to help their own communities as well as lead the way for the rest of the industry to do the same.
What is ESG? Abbreviated for Environmental, Social, and Governance, it requires businesses to perform as a steward of the society in a socially conscious way, and carry out their responsibilities towards people and the planet, to ultimately build a healthier future for humanity. Furthermore, social criteria looks at the way the company handles relationships with employees, suppliers, customers, and communities where it operates. Employees should be comfortable, happy, and well-provided for by the company that employs them.
Reducing a carbon footprint means several things for a company, including exploring renewable energy options, taking a holistic approach to recycling and reducing waste , and limiting the use of carbon emissions that may have a negative effect on the local and overall environment. Samsung BIologics has taken it upon itself to meet all these goals and more.
First Annual ESG Report Outlines Climate Initiatives
In June 2021, Samsung Biologics released its first-ever annual ESG report. This report looked at environmental trends and practices held by the company from January 2020 to December 2020.
Samsung Biologics stated in its report that it intended to operate in a way that was environmentally friendly, supported by an ISO5000 certificate in energy management. In a statement on its website, the company pledged, “Samsung Biologics will do its best to prevent environmental accidents and lead a sustainable future by reducing environmental pollution and prioritizing environmental values.”
John Rim, CEO of Samsung Biologics, said, “The publication of our annual sustainability report showcases our aims to accelerate innovation and contribute to building a healthier future for all stakeholders. As we have always been since our founding in 2011, Samsung Biologics will continue to carry out its social accountability – creating a safer and healthier culture, reducing its environmental footprint, and increasing reporting transparency on ESG initiatives.”
Joining Frontier 1.5D Project
Samsung Biologics has also positioned itself as an active participant in important climate initiatives. This included their participation in the Frontier 1.5D Project. Frontier 1.5D was an initiative started by the Korean Financial Supervisory Service, the government’s top financial regulator. Other businesses and schools joined the initiative, including KB Financial Group, SK Innovation, CJ CheilJedang, and the British Embassy to Korea.
Different representatives promised to follow through to ensure that the climate temperature does not rise by 1.5 degrees Celsius above pre-industrial level. Samsung Biologics agreed to closely monitor, identify, and provide data for each of its biopharmaceutical manufacturing plants through its Carbon Disclosure Project (CDP) initiative with Science-Based Targets (SBT). These actions will help both the company and the initiative determine risks and opportunities to improve based on climate change standards, as well as the financial impact implementing new strategies would have on business.
“We are proud and honored to be a part of the vital Frontier 1.5D initiative to ultimately redefine energy efficiency and reusable energy through the reduction of GHG emissions,” said John Rim, CEO of Samsung Biologics. “Alongside our core mission to bring a healthier and sustainable future for humanity, Samsung Biologics will support the development of mid to long-term climate change strategies and action plans as part of our decarbonization efforts to achieve a net-zero future.”