Geely Holding Group released its 2021 Sustainability Report, and for the first time, it disclosed the goal of full-chain carbon neutrality by 2045. Geely has established multi-technology paths towards achieving this goal, such as through pure electric, plug-in and methanol vehicle models.
The report shows that Geely is focused on addressing climate change, resource conservation, travel safety, data responsibility, employee and social responsibility, and business ethics to contribute to global sustainability goals.
Geely is also actively promoting the formulation of carbon emission targets for its business groups and sub-brands. In particular, Geely has committed to reducing single-vehicle full life-cycle carbon emissions by more than 25% by 2025 (with 2020 as the base year) and achieving carbon neutrality by 2045. The report states that in 2021, Geely’s sales of new energy vehicles grew by more than 94% year-on-year. On top of that, Geely’s vehicle sales will continue to be optimized in 2022 with an increasing number of new energy products.
Volvo, which is owned by Geely, plans to become a 100% pure electric vehicle company by 2030 and to reach full-link climate neutrality by 2040. Youxing Technology aims to achieve operational carbon neutrality by 2023 and net-zero emissions for all travel orders by 2035. Polestar will attempt to roll out climate-neutral products by 2030 and achieve climate neutrality by 2040.
Centered on the whole life cycle of vehicles, Geely integrates the concept of sustainability into the whole value chain of raw material selection and design, manufacturing, packaging, logistics, and resource recycling to help realize the green transformation of the automotive industry.
The report highlights that Geely has invested more than 140 billion yuan ($20.9 billion) in R&D over the past 10 years, and has about 18,000 patents in force. Its sales of new energy vehicles grew by more than 94% year-on-year in 2021. Geely has established an education and training system that covers the entire career cycle of its employees and it has created the “Geely Talent Forest.” It also is setting up the Geely Appreciation Fund, which is valued at nearly $500 million. A total of 693 million yuan has been invested in the “Geely Rain” project.