Geely Holding eyes carbon neutrality across entire value chain by 2045

Shanghai (Gasgoo)- Zhejiang Geely Holding Group (“Geely Holding”) aims to achieve carbon neutrality across the entire value chain by 2045, according to the 2021 sustainability report it released on June 27.

Geely Holding said it has completed the checking of GHG emissions (Scope 3), and its 11 manufacturing bases have been rated as national-level green factories by China's Ministry of Industry and Information Technology (“MIIT”).

The group has invested more than 140 billion yuan ($20.94 billion) in R&D in the past 10 years, and has so far had roughly 18,000 valid patents.

Geely Holding recorded a total vehicle sales volume of more than 2.2 million units in 2021. Notably, its 2021 sales of new energy vehicles (“NEVs”) surged 94% year on year.

Photo credit: Geely Holding

The group also unveiled the carbon emission reduction targets set for each brand. Geely Auto pledges to reduce the total carbon emissions during the whole lifecycle of a single vehicle by 25% in 2025 (compared to 2020) and achieve carbon neutrality by 2045. Volvo Cars expects battery-electric vehicles (“BEVs”) to account for 100% of its annual sales in 2030. Youxing Technology is ambitious to achieve operational carbon neutrality and net zero emissions for all mobility orders by 2023 and 2035 respectively. Polestar hopes to launch a climate neutral car in 2030, and become a climate neutral company (scope 1-3) in 2040.

Geely Holding said it has incorporated sustainability into the entire value chain, from raw material selection and design to manufacturing, packaging, logistics, and recycling. For instance, the chassis of the ZEEKR 001 is made of 15% recycled steel and 25% recycled aluminium alloy. Starting with the new C40 Recharge, all new full-electric Volvo models will be completely leather free.

As for green manufacturing, Geely Holding aims to achieve three zeros in the production and manufacturing cycle: zero wastewater discharge, zero waste landfill, and zero hazardous substance discharge.

In 2021, Geely Auto's installed photovoltaic capacity reached 110MW and its recycling rate of industrial water resources amounted to 97.57%. In the meantime, both solid waste disposal and discharge of wastewater, waste gas, noise, and other pollutants at Geely Auto’s each production bases were 100% in compliance with the standards.