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31 Aug Samsung and LG to Boost Use of Recycled Materials in Electronics
South Korean tech giants Samsung Electronics [005930:KS] and LG Electronics [066570:KS] will exhibit various products made from recycled materials at the IFA 2022 on September 2 to parade their efforts in making environmental-friendly products, as reported by the Korea Economic Daily on August 29. At the IFA, the biggest tech show in Europe, the two enterprises will showcase products produced using recycled plastics, fabrics, and fishing nets. Moreover, Samsung and outdoor brand Patagonia will demonstrate a co-developed new washing machine laundry method that could reduce microplastic generation by up to 54%.
Samsung and LG are boosting the supply of sustainable products under pressure to enhance environmental, social, and governance (ESG) practices. According to Samsung’s June ESG report, the firm used 31,000 to 33,000 tons of recycled plastics in 2021, and the figure is set to increase 30 times this year. Similarly, LG used 27,000 tons of recycled plastics last year in its products such as refrigerators, air-conditioners, and TVs, as part of its plan to apply a total of 600,000 tons of recycled plastics in its products during the ten years between 2021 and 2030. According to the Comprehensive Measures of Waste Recycling published by South Korea’s Ministry of Environment (MOE) in 2018, by 2030, the country will raise the recycling rate of plastic waste to 70% from 34% in 2018 and reduce plastic waste generation by 50% compared to 2018 levels.