It is difficult for Samsung to transition to clean energy in Korea

Successfully transitioning to clean energy in the US and Europe, Samsung Electronics faces many difficulties at home, because Korea still depends on fossil fuels and has a scarcity of renewable energy sources.
On May 20, Bloomberg news agency assessed that Samsung has become a symbol of Korea's efforts to transition to clean energy.
The new administration of South Korean President Yoon Suk Yeol is focusing on changing environmental policies. Observers say this is the time for Samsung to clearly define its emission reduction goals and lobby the government to achieve them.
Some investors are particularly interested in the possibility of Samsung joining RE100 - a global initiative that mobilizes the world's leading businesses to realize the goal of converting to 100% renewable energy by 2050.
The media once reported that Samsung could join RE100 as early as last week, when Mr. Yoon took office. However, Samsung later said it was not ready.
According to Bloomberg, fossil fuels contributed more than 60% of South Korea's total electricity in 2020.
According to environmental consulting organization Ember, developing the semiconductor materials industry requires a lot of energy, Samsung's electricity consumption was 20% higher than the total amount of wind and solar energy in Korea in 2020.
Ember noted that Samsung is looking to achieve its 100% clean energy goal even in areas where renewable energy sources are scarce.
“Samsung's failure to make a commitment is very worrying because this not only affects the company's profits in the long run, but also affects Korea's economic growth because of this country's position and influence. ", Ms. Park Yoo Kyung - expert at APG Investment Management Company (Hong Kong) - warned.
Even if Samsung makes a commitment to clean energy transition in Korea in the next few months, analysts still say that the change process is unlikely to happen quickly and create a significant impact.
While the price of renewable energy in Europe, China or the US is quite affordable thanks to many sources of supply, the price of this type of energy in Korea is still higher than fossil fuels. The reason is because the country lacks land for wind and solar power exploitation, forcing clean energy developers to apply more expensive technologies.
Experts assess that an effective way to create change is for Seoul to have more subsidies and tax incentives for long-term power purchase agreements (PPA) for renewable energy.
These PPAs will help focus investment on solar power projects, protecting electricity consumers like Samsung from price fluctuations, allowing them to better commit to the goal of transitioning to clean energy.
According to Tuoi Tre Online