April 19, 2024

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Samsung Life Insurance’s head office in Gangnam, Seoul (Yonhap)

Samsung Life Insurance plans to invest 20 trillion won ($17.98 billion) in financial projects linked to environmental, social and governance initiatives by 2030, the company said on June 3.

After holding ESG meetings among executives recently, the insurer announced its long-term plan to make investments in renewable energy businesses and ESG bonds while cutting carbon emissions in half and reducing paper use by 60 percent by the end of 2030.

The company said it will also try to put customers first in running business operations and nurture a corporate culture where all employees are treated equally.

It has also joined global environment initiatives such as the UN Principles for Sustainable Insurance, which provide global guidance on the integration of ESG risks into insurance services, and nonprofit Carbon Disclosure Project, aimed at disclosing and reducing the environmental impacts of businesses.

“By carrying out the ESG strategies by 2030, the company will try to achieve sustainable growth while meeting the demands of customers, shareholders and communities,” said an official from the life insurance firm. “The company will adopt a process to make managerial decisions from an ESG perspective, and integrate the ESG into business management.”

By Kim Young-won (wone0102@heraldcorp.com)