BYD Highlight Sustainability Efforts In 2024 ESG Report (Press Release) | V3Cars

A key highlight of 2024 was the elevation of ESG to a strategic priority at the board level. BYD established a dedicated Strategy and Sustainable Development Committee and appointed its first Chief Sustainability Officer, Vice President Zhao Jianping. Demonstrating its commitment to accountability, BYD have linked 10% of executive compensation to ESG performance metrics, establishing a leading sustainability governance framework.

Under the guiding principle of ‘DREAMS’ (Decarbonization, Revolution, Equality, Alliance, Moral-Integrity, and Shared Value), BYD outlined ambitious sustainability targets. The company aims to reduce the carbon intensity of its operations by 50% by 2030 and achieve carbon neutrality across its entire value chain by 2045. In 2024, BYD's sale of over 4.27 million new energy passenger vehicles contributed to a cumulative pure-electric mileage of 150 billion kilometers, an equivalent of planting 504 million trees. The company also implemented over 410 new energy-saving renovation projects, resulting in a reduction of 210,000 tonnes of carbon dioxide emissions. Furthermore, BYD invested approximately 1.41 billion RMB in waste treatment, achieving 100% compliance with pollutant emissions.

Beyond environmental efforts, BYD actively focused on social responsibility. The company maintains an average payment cycle to upstream suppliers of 127 days, outperforming many domestic peers. Through a 3-billion-RMB educational philanthropy fund, BYD supports education and promotes new energy vehicle technology. By the end of 2024, BYD employed 968,872 individuals and invested significantly in employee development and talent retention, cultivating 57,800 skilled personnel. The company also invested over 1.8 billion RMB in an Employee Share Ownership Plan, benefiting nearly 12,000 employees. These efforts led to BYD receiving multiple “Best Companies to Work For” accolades in Asia.

Innovation remains central to BYD’s strategy, with a total R&D expenditure of 54.2 billion RMB in 2024, accounting for 6.97% of its revenue. The company boasts a research team of 122,000 personnel and has filed nearly 60,000 patent applications globally, with over 35,000 granted. In 2024, BYD introduced groundbreaking technologies like the fifth-generation DM and e³ platform, further accelerating the advancement of the new energy industry.

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Here’s what BYD had to say about the 2024ESG Report: 

BYD has released its 2024 Sustainability Report, systematically outlining the company's strategic planning, practical achievements, and long-term commitments in environmental,social, andgovernance (ESG) areas. The report highlights BYD’s remarkable progress in green and low-carbon development, fulfillment of social responsibility, and corporate governance optimization, with technological innovation at its core.

In 2024, BYD elevated ESG to a strategic priority at the board level. The company established the Strategy and Sustainable Development Committee and appointed Vice President Zhao Jianping as its first Chief Sustainability Officer (CSO). By tying 10% of executive compensation to ESG performance metrics, BYD has established a globally leading sustainability governance system, reinforcing its commitment to accountability and long-term strategic vision.

Over the past 30 years, BYD has been driving the green development of new energy vehicles, energy storage, and the photovoltaic industry through technological innovation. In 2024, BYD introduced theinnovative sustainable development concept ‘DREAMS,’ which aims to advance the sustainability of both humanity and the planet through six key pillars—Decarbonization, Revolution, Equality, Alliance,Moral-Integrity, and Shared Value.

In the report, BYD set an interim target of reducing the carbon intensity of its own operations by 50% by 2030, and committed to achieve carbon neutrality across the whole value chain by 2045. In 2024, BYD sold 4,272,145 new energy passenger vehicles, with cumulative pure-electric mileage reaching 150 billion kilometers, equivalent to planting 504 million trees. BYD added more than 410 new energy-saving renovation projects throughout the year, and the cumulative energy-saving benefits achieved were equivalent to a reduction of 210,000 tonnes of carbon dioxide emissions. BYD also invested about 1.41 billion RMB in the disposal of the treatment of three wastes to achieve 100% compliance with pollutant emissions.

BYD's average payment cycle to upstream suppliers is 127 days, outperforming mainstream domestic listed car companies. The company actively fulfills its social responsibility through a 3-billion-RMBeducational philanthropy fund, supporting scholarships for colleges and universities and promoting the popularization of new energy vehicle technology. By the end of 2024, BYD had 968,872 employees,creating significant employment opportunities. The company prioritizes employee development,strengthens talent retention, and has internally cultivated 57,800 skilled personnel. The group also Invested more than 1.8 billion in Employee Share Ownership Plan ("ESOP"), benefiting nearly 12,000 employees. In 2024, BYD was recognized with multiple honors, including ‘Best Companies to Work For in Asia’s.‘The Most Talent-Cherished Employer’and so on.BYD has increased its investment in R&D, with a total R&D expenditure of 54.2 billion RMB in 2024,accounting for 6.97% of its revenue. The company has a research team of 122,000 personnel and has filed a total of 59,691 patent applications worldwide, with 35,837 patents granted.Guided by the philosophy of "Technology-based, Innovation-oriented," BYD introduced groundbreaking technologies such as the fifth-generation DM and e³ platform, further accelerating the evolution of the new energy industry.

In the future, BYD remains committed to driving high-quality growth and contributing to global sustainability goals through technological innovation, coordinated carbon reduction across the entireindustry chain, sustained investment in social welfare, and continuous optimization of corporate governance. BYD looks forward to joining hands with society to help "Cool the Earth by 1°C" and create a better future.

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