Samsung Biologics Made ESG a Priority Throughout the Last Year

After the catastrophe that was the global COVID-19 pandemic, companies began to think about their impact on the world. Pharmaceutical companies and contract development and manufacturing companies (CDMOs) had multiple considerations, including the welfare of patients, the welfare of their partners, and the general impact they had on society, especially the environment. 

If a biopharma manufacturing company wants to help reduce the effects of climate change and global warming, it must consider all aspects of its operations. Unnecessary waste must be eliminated, recyclable materials must be implemented, and a community effort should be initiated to determine the needs of the local surroundings. 

At the beginning of the year, Samsung Biologics made the preliminary steps to dedicate the year to a new initiative focusing on ESG, especially the environmental impact the company had. In February 2021, Samsung Biologics created an ESG Committee to oversee and design the company’s management policies and practices. Independent directors with competence in the domains of management, economics, biotechnology, and law and systems comprise the committee.

There are several ways that a biopharma manufacturing company may demonstrate its commitment to the preservation of the environment and human advancement. In the first annual sustainability report, issued in June 2021, Samsung Biologics revealed a crucial knowledge of what they intended to achieve and how they might do it better.

ESG Report and Emphasis on Sustainable Practices

Samsung Biologics’ annual report focused on the firm commitment made by the company particularly when it came to the environment. From January 2020 through December 2020, the company’s environmental policies and practices were examined in this report. Samsung Biologics stated in its report that it intended to operate in a way that was environmentally friendly. The company recently achieved an ISO 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.” 

Samsung Biologics took a stance to reduce environmental pollutants, avoid harmful chemicals, and resolved to take action when it came to assisting the rest of the community in the worldwide movement to resolve climate change. 

John Rim, CEO of Samsung Biologics, said of the report, “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.”

Occupational safety and health, environmental management, energy management, and business continuity management are all new ISO certifications that Samsung Biologics has recently obtained.

Furthermore, the company established a goal to reduce its own greenhouse gas emissions by 37 percent around 2025. It plans to achieve carbon-neutral status as well. “We are aware of the importance of energy and climate change, and will do our best to continuously improve energy performance in key business activities,” said Rim. 

Participation in Global Activities Regarding Climate Change

Samsung Biologics is proud to join the rest of the world in its efforts to improve the global level of carbon emissions. The Dow Jones Sustainability World Index (DJSI) includes Samsung Biologics and a few other Korean firms in November. The newly included firms, such as Samsung Biologics, showed a considerable increase in sustainable policies. Only 12.7 percent of the 2,544 enterprises that were reviewed made it into the index, which included 322 companies.

Part of the company’s efforts this year include joining initiatives like the Frontier 1.5D Project. In order to limit the temperature of the planet from increasing by 1.5 degrees Celsius compared to pre-industrial times, the corporation has joined an international focus group. The Frontier 1.5D initiative was launched by the Korea Financial Supervisory Service, the country’s leading financial regulator. KB Financial Group, SK Innovation, CJ CheilJedang, and the British Embassy in Korea are among the organizations and educational institutions that have joined the initiative.

Samsung Biologics has committed to thoroughly monitoring, identifying, and sharing data for each of its biopharmaceutical manufacturing facilities as part of its Carbon Disclosure Project (CDP) collaboration with Science-Based Targets (SBT). Companies and the initiative alike will benefit from these steps since they will help them identify potential climate change-related risks and possibilities for improvement, as well as potential costs associated with adopting new methods.