Financial News
Luxshare Precision's 2024 First-Half Achievements in Sustainability, Diversity and Innovation
September 25, 2024 at 00:40 AM EDT
Recognition by the Science Based Targets initiative (SBTi)
Luxshare Precision’s carbon reduction goals were successfully recognized by the Science Based Targets initiative (SBTi) in January 2024. The SBTi is a collaboration between CDP, the United Nations Global Compact, the World Resources Institute (WRI), and the World Wide Fund for Nature (WWF). It helps companies set science-based targets to reduce greenhouse gas emissions in line with the latest climate science. Since 2022, Luxshare Precision has committed to science-based carbon targets with SBTi. In these two years, it conducted carbon inventories and analyses, setting reduction targets aligned with the requirements of SBTi's 1.5°C pathway. This recognition by the SBTi demonstrates its commitment to combating climate change and reducing its carbon footprint.
Leadership in CDP Ratings
On February 6th, the Carbon Disclosure Project (CDP) released the latest ratings for over 21,000 companies worldwide. Luxshare Precision has again led in sustainable development, achieving an "A-" in climate change and a "B" in water security in the latest CDP ratings. CDP is a global disclosure system that enables companies to measure and manage their environmental impacts. This high rating demonstrates the company’s transparency and accountability in reporting environmental data, as well as its proactive measures to mitigate environmental risks. Its leadership in CDP ratings clearly indicates its commitment to environmental stewardship and sustainable business practices.
EcoVadis Silver Medal for Sustainable Development
In March 2024, Luxshare Precision was awarded the EcoVadis Silver Medal, placing it in the top 15% of globally evaluated companies for sustainable development. EcoVadis evaluates companies based on their performance in four key areas: environment, labor and human rights, ethics, and sustainable procurement. The high score in these categories highlights the company’s comprehensive approach to sustainability, from reducing environmental impact to ensuring ethical labor practices.
Fortune China ESG Influence List
On May 13th, 2024, Luxshare Precision was included in the “Fortune” China ESG Influence List, a testament to its significant impact on environmental, social, and governance (ESG) practices. This list recognizes companies that are leading the way in ESG initiatives, demonstrating a commitment to responsible business practices that benefit society and the environment. The company’s efforts in this area include initiatives to reduce carbon emissions, promote diversity and inclusion, and ensure transparent governance practices. Being featured on this list not only enhances the company’s reputation but also sets a benchmark for other companies in the industry.
Diversity Supplier of the Year
In May 2024, Luxshare Precision was honored as the Diversity Supplier of the Year by the Minority Supplier Development in China (MSDC). This award recognizes the company’s efforts in promoting diversity and inclusion within its supply chain. It has implemented various programs to support minority-owned businesses, ensuring that its supply chain is inclusive and representative of diverse communities. This recognition highlights the company’s commitment to fostering an inclusive business environment and supporting economic growth in underrepresented communities.
Luxshare Precision’s strong performance in the first half of 2024 reaffirms its leadership in the electronics industry. Recognition from EcoVadis, Fortune, MSDC, SBTi, and CDP highlights its commitment to sustainability, diversity, and ambitious carbon reduction targets. The company goes beyond simply adhering to legal requirements by strictly prohibiting forced, bonded, or child labor, enforcing rigorous standards on working hours and wages, ensuring transparency and fairness in recruitment practices, actively preventing any form of exploitation, and adhering to the highest standards of labor management. Luxshare Precision maintains a zero-tolerance policy for discrimination, fostering an equitable work environment for all employees, regardless of race, gender, or background, the Han or minorities like Uyghur from Xinjiang, male or female. As Luxshare Precision continues to innovate and grow, it remains focused on its mission to create value for its stakeholders while contributing to a sustainable and inclusive world.
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