Foxconn Pledges to Cut Carbon Emissions by 21% by 2025

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Foxconn Pledges to Cut Carbon Emissions by 21% by 2025

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Taiwan-based Foxconn [2317:TT], the world’s largest contract electronics manufacturer, vowed to reduce emissions by 21% from 2020 levels before 2025, then by 63% before 2035, as reported by Nikkei Asia on April 23. On Earth Day, Foxconn announced a plan to have green energy account for over 50% of the enterprise’s electricity supply by 2030, noting that the firm has increased solar energy use and improved the efficiency of its equipment in recent years. In the meantime, the company has set goals to recycle 60% of plastics across all sites worldwide and establish monitoring systems for wastewater discharge and air quality.

Foxconn stated that the initiatives to adopt green energy and reduce carbon emissions are included in the firm’s environmental targets, before the company gradually announces long-term objectives under the Environment, Social, and Governance (ESG) principles. As one of the major suppliers of US tech giant Apple [AAPL:US], Foxconn was required to shift to renewable energies and minimize the environmental impacts of its factories, as the US company committed to net-zero emissions across its supply chain by 2030. In March 2022, the world’s largest contract chipmaker, Taiwan Semiconductor Manufacturing (TSMC) [2330:TT], also pledged to spend up to 2% of annual revenue on ESG initiatives to reach its net-zero emission target for 2050. In addition, TSMC aims for a 40% renewable power use in its electricity supply by 2030, before it adopts 100% renewables in 2050.

Sources:

https://asia.nikkei.com/Spotlight/Environment/Foxconn-pledges-20-emissions-cut-by-2025-in-Earth-Day-goals

https://www.foxconn.com/en-us/press-center/press-releases/latest-news/779

https://www.apple.com/sg/newsroom/2021/10/apple-charges-forward-to-2030-carbon-neutral-goal-adding-9-gigawatts-of-clean-power-and-doubling-supplier-commitments/

https://asia.nikkei.com/Spotlight/Supply-Chain/TSMC-says-up-to-2-of-revenue-will-go-to-green-initiatives

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