Geely releases its 2021 ESG Report, sets carbon neutrality target by 2045

Written by Cláudio Afonso | info@claudio-afonso.com

Geely Automobile published on Monday its 2021 Environmental, Social and Governance (ESG) Report setting 5-year carbon reduction target of more than 25%, carbon neutrality target by 2045 aiming to become an ESG leader in China’s automotive industry.

To achieve the targets of carbon reduction and carbon neutrality, Geely 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.

“Geely Auto 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,” the automaker added.

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.

Earlier this year, the Chinese motorcycle and automobile manufacturer Lifan Technology announced the joint venture with Geely Auto Group. The vehicle is expected to be released as soon as next month, however, some details are out, like the impressive 60 seconds time needed to swap its battery. Leaked images from the Maple Leaf 60S Model

Written by Cláudio Afonso | info@claudio-afonso.com