On March 27, Samsung Electronics held in Brussels its first sustainability dialogue with EU stakeholders, "Innovate & Empower: Samsung's Sustainability Journey.” The purpose of this dialogue was to learn from stakeholder expectations as part of materiality assessment, as well as to discuss sustainability-related business risks and opportunities, especially amid active EU regulations, including the EU Corporate Sustainability Reporting Directive (CSRD) and the EU Corporate Sustainability Due Diligence Directive (CSDDD).
Over 50 participants from 40+ organizations attended the forum. Participants included public sector actors, including EU regulators and relevant bodies, i.e. European Commission department for growth (DG GROW), and the European Financial Reporting Advisory Group (EFRAG), as well as from international organizations, i.e. the International Labour Organization (ILO), the Organisation for Economic Co-operation and Development (OECD), the United Nations Development Programme (UNDP), the United Nations Environment Programme (UNEP), the United Nations Global Compact (UNGC), and the United Nations Principles for Responsible Investment (UN PRI). Private sector and industry associations, such as the Responsible Business Alliance (RBA) and the World Business Council for Sustainable Development (WBCSD), as well as NGOs and civil society actors also joined the dialogue.
Through this dialogue, stakeholders had the opportunity to learn about how Samsung Electronics, as Asia-headquartered company, approaches climate action, circular economy as well as labor and human rights in the value chain, in line with European and global standards.
The discussions from the thematic panel sessions illuminated just how interlinked sustainability topics are, especially regarding climate action and circular economy. Recycled materials, for instance, could be an effective lever in reducing global carbon footprint, and such product level efforts could be better measured. From product design to production processes, and technological innovations that can help consumers lead more sustainable lifestyles, companies can play an important role in furthering global climate and circularity efforts.
On human rights, continuous and meaningful stakeholder engagements, alongside ambitious targets, could strengthen safety and health at the workplace including along the value chain.
Samsung Electronics aims to expand stakeholder engagement and communications to better understand growing expectations from our stakeholders, as well as communicating our evolving challenges and opportunities as a global manufacturer based in Asia.
In this way, we can better align our collective goals and actions towards a common objective of achieving a decarbonized, circular and more equitable economy.
