TSMC says up to 2% of revenue will go to green initiatives

TAIPEI -- Taiwan Semiconductor Manufacturing Co., the world's biggest contract chipmaker and a key Apple supplier, said on Wednesday it will spend up to 2% of annual revenue on environmental, social and governance initiatives as part of its plan to reach net-zero emissions by 2050.

"We have calculated recently, and our company's ESG spending for the long term will be about 1% to 2% of revenue on average every year," said Lora Ho, senior vice president of TSMC and chair of the company's ESG committee, at an industry forum. "That's affordable compared to enterprises that act later and  may need to pay even higher carbon emission taxes globally."