EPSON plans to invest 100 billion yen ($700 million) in sustainability efforts over the next decade to eliminate underground resources and become carbon negative by 2050.

“Epson will focus its management resources on developing solutions that help customers minimize their environmental footprint,” the company said in a statement on Monday.

It aims to invest in decarbonization and resource recycling initiatives, developing innovative environmental technologies, and offering products and services that mitigate environmental impacts, it said.

It added that the company is also working towards reducing greenhouse gas emissions in the supply chain by over two million tons.

In 2016, the electronics company began procuring renewable energy despite the high capital investments needed to transition. After six years, Epson transitioned completely to renewable energy and cut 250,000 tons of CO2 emissions.

In its Philippine branch, Epson utilizes local geothermal and hydroelectric sources as its renewable energy source.

“With commercial and industrial sectors responsible for half of global end-use electricity, it is essential for businesses to drive the transition to renewable energy,” the company said. — Almira Louise S. Martinez