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June 1, 2022

Geely eyes carbon neutrality by 2045

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

By David Leggett

Geely Automobile Holdings has published its Environmental, Social and Governance (ESG) Report 2021, outlining Geely Auto’s practices and plans on ESG issues such as climate change, environmental protection, corporate governance and sustainable supply chain.

Geely Auto says it is committed to becoming an ESG leader in China’s automotive industry and will ‘actively integrate sustainability in its future strategy’.

With 2020 as the baseline, Geely Auto plans to reduce life cycle carbon emissions per vehicle by more than 25% by 2025, and commits to achieving carbon neutrality by 2045.

Geely Auto also says it is the first Chinese passenger car company to commit to complying with the Science Based Targets Initiative (SBTi), and will publicly announce the next phase’s carbon reduction targets after these targets are submitted to and approved by SBTi in the future. 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 targets of carbon reduction and carbon neutrality, Geely Auto will implement a series of carbon reduction measures in “supply chain”, ” manufacturing” and “vehicle use”, which include promoting the use of renewable electricity and recycled raw materials in the supply chain; adopting zero-emission and more cost-effective photovoltaic power in production plants; increasing the proportion of new energy vehicle sales, with an aim to exceed 40%(including Zeekr brand) of total sales volume by 2025. This series of carbon reduction measures will help Geely Auto to become a leader in the global transformation of the low-carbon economy.

Geely Auto has also published its “Sustainable Finance Framework” in May 2022, under which it can issue green, sustainability bonds, loans, at lower financing costs in the future to fulfill Geely Auto’s commitment to sustainable development. Meanwhile, Geely Auto received recognition on it ESG performance and has been selected as constituent of the “Hang Seng ESG 50 Index”, the “Hang Seng Corporate Sustainability Benchmark Index” and “FTSE4Good Index Series”.

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