Chinese electric vehicle giant BYD has set an interim target of reducing the carbon intensity of its operations by 50 percent by 2030 and committed to achieving carbon neutrality across the whole value chain by 2045, according to its newly released 2024 Sustainability Report.
As a leader in green energy solutions, BYD introduced its “DREAMS” initiative in last year. This initiative encompasses six pillars: decarbonization, revolution, equality, alliance, moral integrity and shared value.
The outcome of this initiative was that the company sold 4.27 million new energy passenger vehicles in 2024, pushing cumulative pure-electric mileage to 150 billion kilometers — an equivalent environmental impact of planting 504 million trees.
The company also launched over 410 energy-saving projects, cutting carbon dioxide emissions by approximately 210,000 tonnes. Additionally, BYD invested 1.41 billion RMB in waste treatment to ensure 100 percent compliance with pollution regulations.
ESG as a Strategic Priority
In a move to enhance corporate sustainability, BYD elevated ESG as a board-level strategic priority this year. The company established a Strategy and Sustainable Development Committee and appointed Vice President Zhao Jianping as its first chief sustainability officer.
Tying 10 percent of executive compensation to ESG performance, BYD has implemented a globally recognized governance system focused on accountability and long-term impact.
Social Responsibility and Employee Investment
BYD maintains an average supplier payment cycle of 127 days, outperforming many domestic competitors. The automaker has also invested 3 billion RMB in educational philanthropy, funding scholarships and promoting awareness of new energy technologies.
By the end of 2024, BYD employed nearly 969,000 people and developed 57,800 skilled professionals through internal training programs. It allocated 1.8 billion RMB toward its employee share ownership plan, benefiting nearly 12,000 employees.
Innovation and Research Spending
Research and development remained a key focus, with BYD spending 54.2 billion RMB — 6.97 percent of its revenue — on R&D in 2024.
The company has a 122,000-member research team and has filed nearly 60,000 patent applications worldwide.
Notable innovations include its fifth-generation DM technology and the e³ platform, driving advancements in new energy vehicles.
Looking ahead, BYD reaffirmed its commitment to high-quality growth and global sustainability objectives through continued technological innovation, carbon reduction efforts, social responsibility initiatives, and enhanced governance frameworks.
The company reiterated its vision of helping “Cool the Earth by 1°C” as part of its long-term mission to drive a greener future.
