{"id":19014,"date":"2020-10-27T16:53:44","date_gmt":"2020-10-27T07:53:44","guid":{"rendered":"https:\/\/news.samsungcnt.com\/en\/?p=19014"},"modified":"2024-01-30T10:15:59","modified_gmt":"2024-01-30T01:15:59","slug":"samsung-ct-announces-coal-exit","status":"publish","type":"post","link":"https:\/\/news.samsungcnt.com\/en\/features\/corporate-sustainability\/2020-10-samsung-ct-announces-coal-exit\/","title":{"rendered":"Samsung C&amp;T announces coal exit"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"19014\" class=\"elementor elementor-19014\" data-elementor-post-type=\"post\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-7abaa6a6 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"7abaa6a6\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-4ffc5508\" data-id=\"4ffc5508\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-5ecf4c2 elementor-widget elementor-widget-text-editor\" data-id=\"5ecf4c2\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><strong>&#8211; Samsung C&amp;T\u2019s board of directors has decided to stop any new coal-related business, including investment, construction, and trading<\/strong><\/p><p><strong>&#8211; Ongoing projects will be gradually closed or withdrawn from<\/strong><\/p><p><strong>&#8211; The coal exit plan is unprecedented for a nonfinancial company in Korea<\/strong><\/p><p>Samsung C&amp;T\u2019s board of directors announced its decision today to stop any new engagement in coal-related investment, construction, and trading. Existing projects will be gradually withdrawn from depending on their contract status.<\/p><p>Samsung C&amp;T has established an Environmental, Social, and Corporate Governance (ESG) strategy system centered on six nonfinancial areas \u2013 labor\/human rights, environment\/safety, co-prosperity, compliance, information security, and social contribution \u2013 based on ISO 26000, an international standard for corporate social responsibility management, and the United Nations\u2019 Sustainable Development Goals. It has also been making efforts to preemptively respond to climate change, enhance social responsibility across all of its businesses, and create value for society.<\/p><p>Accordingly, the company\u2019s Governance Committee, which consists entirely of independent directors, last month presented its opinion in favor of the company\u2019s participation in Vietnam\u2019s Vung Ang 2 Thermal Power Plant project after comprehensively reviewing various factors such as inter-governmental relations, the trust of customers and partners, and the company\u2019s technological and execution capabilities. On October 23rd, the committee held an in-depth discussion on a coal exit for all of Samsung C&amp;T\u2019s businesses.<\/p><p>Based on the results of the committee\u2019s discussion, the board of directors today decided on a plan to completely stop new coal-related projects in order to comply with the company&#8217;s sustainable management policy and join efforts to cope with global climate change risks.<\/p><p>Samsung C&amp;T Engineering &amp; Construction Group will not participate in coal-fired power generation projects in any capacity, including investment or construction, starting today. Regarding its existing projects, the group plans to apply stricter environmental standards than those required by international regulations to both the Vung Ang 2 Thermal Power Plant in Vietnam and Anin Thermal Power Plant in Gangneung, Korea.<\/p><p>The Trading &amp; Investment Group, meanwhile, will also gradually withdraw from any coal-related business as its contracts end while continuing to provide stable services in the meantime.<\/p><p>Samsung C&amp;T plans to continue to expand its sustainable business portfolio, focusing on its core business of LNG combined cycle power plants and storage facilities, as well as renewable energy such as solar and wind power projects.<\/p><p>In line with its coal exit pledge, Samsung C&amp;T will contribute to the transition to a low-carbon society by reducing greenhouse gases and to the establishment of a circular economy system by increasing the efficiency of resource use. In addition, it will further enhance its sustainable management by maintaining efforts to develop and expand environmentally friendly projects and services.<\/p><p>Samsung C&amp;T plans to make every effort to establish itself as a sustainable value-creating company while actively communicating with stakeholders.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>&#8211; Samsung C&amp;T\u2019s board of directors has decided to stop any new coal-related business, including investment, construction, and trading &#8211; Ongoing projects will be gradually closed or withdrawn from &#8211; The coal exit plan is unprecedented for a nonfinancial company in Korea Samsung C&amp;T\u2019s board of directors announced its decision today to stop any new [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":47499,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[30],"tags":[],"class_list":["post-19014","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-corporate-sustainability"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.4 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Samsung C&amp;T announces coal exit - Samsung C&amp;T Newsroom<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/news.samsungcnt.com\/en\/features\/corporate-sustainability\/2020-10-samsung-ct-announces-coal-exit\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta 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