Samsung Electronics will invest over 7 trillion won ($5.02 billion) by 2030 as part of its green initiatives aimed at making the company carbon neutral by 2050.

The world’s largest chip and smartphone maker in a news statement said it will spend the money on research and development for technology aimed at filtering out greenhouse gases and capturing carbon dioxide generated during chip production.

It is seeking to make its devices business carbon neutral earlier, by 2030, said Kim Soo-jin, Samsung’s head of ESG strategy group. It also plans to boost the recycling of resources such as lithium and plastic.

Samsung said it joined a group of corporations committed to 100 percent renewable energy called RE100, following in the footsteps of global peers such as Apple, TSMC, and Intel.

South Korea also aims to achieve net zero emissions by 2050 but this is challenging for a country with significant heavy industry including shipbuilding and steel, analysts say.

For Samsung’s chip plants and other manufacturers in South Korea, stable and affordable energy is key for competitiveness, but advances in renewable energy have been too slow to meet these criteria so far, according to analysts.

The chips and components business accounted for 15.6 million or 90 percent of the 17.4 million tonnes of greenhouse gases Samsung Electronics emitted in 2021, the company said, while its devices businesses, including mobile, accounted for 10 percent.

Moreover, Samsung’s chip and components business used 144 million tonnes of water in 2021, 88 percent of the 164 million tonnes the company used. Samsung is aiming to keep water withdrawn from sources at the 2021 level while chip production expands.

Samsung plans to increase the recycling of resources such as lithium and cobalt used in Samsung devices.

It is currently collecting electronic waste in about 50 countries, adding it is aiming to do this in about 180 countries by 2030.

Samsung is seeking to bring up the portion of reused plastic in its devices to 50 percent of all plastic by 2030 and 100 percent by 2050, and boost production of energy-efficient chips and devices, Kim said.