Geely Automobile Holdings Limited sets 5-year carbon reduction target of more than 25% and carbon neutrality target by 2045

Geely Automobile Holdings Limited (“Geely Auto”) (Stock Code: 175) has announced that it has published its 2021 Environmental, Social and Governance (ESG) Report.

(HONG KONG, May 30, 2022) ── Geely Automobile Holdings Limited (“Geely Auto”) (stock code: 175) announced that it has published its 2021 Environmental, Social and Governance (ESG) Report, detailing its practices and plans for ESG issues such as climate change, environmental protection, corporate governance, customer interests, sustainable supply chain, employee rights, etc. Geely Auto aims to become an ESG leader in China’s automotive industry and will actively integrate sustainability into its future strategy.

With 2020 as a target, Geely Auto plans to reduce lifecycle carbon emissions per vehicle by more than 25% by 2025, and is committed to achieving carbon neutrality by 2045. Meanwhile, Geely Auto is the first Chinese passenger car company to commit to comply with the Science Based Targets Initiative (SBTi), and will publicly announce its next-stage CO2 reduction targets after these targets are submitted to and approved in the future by SBTi. Geely Auto has also participated in the “Business Ambition for 1.5C” led by SBTi and other organizations and the “Race to Zero” campaign led by the United Nations.

To achieve the goals of CO2 reduction and carbon neutrality, Geely Auto will implement a series of CO2 reduction measures in “supply chain”, “production” and “vehicle use”, including promoting the use of renewable electricity and recycled raw materials in the supply chain; introduction of zero-emission and more cost-effective photovoltaics in production plants; increase the share of new energy vehicle sales, aiming to exceed 40% (including Zeekr brand) of total sales volume by 2025. This series of CO2 reduction measures will help Geely Auto become a leader in the global transformation of the low-carbon economy.

Geely Auto also published its “Sustainable Finance Framework” in May 2022, under which it will be able to issue green sustainable bonds and loans in the future at lower financing costs to meet Geely Auto’s commitment to sustainable development. Meanwhile, Geely Auto has been recognized for its ESG achievements and has been selected as a constituent of the “Hang Seng ESG 50 Index”, the “Hang Seng Corporate Sustainability Benchmark Index” and “FTSE4Good Index Series”.

SOURCE: Geely Auto

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