PAS 2060 is the internationally recognized carbon neutrality standard, which requires enterprises to strive to reduce carbon emissions and achieve low-carbon production on the basis of quantifying greenhouse gas emissions. With regard to carbon emissions that cannot be reduced, PAS 2060 encourages enterprises to adopt voluntarily compensation and offset to achieve carbon neutrality. The PAS 2060 carbon neutrality declaration certificate proved that JL MAG’s efforts in carbon neutrality have been highly recognized by the international authorities. The Company has established and implemented systematic management and identification of carbon emission sources in accordance with ISO 14064 standard. It also demonstrated to the SGS professional audit team that the Company has fulfilled the commitments and requirements of products and services within the scope of certification, with the system capable of meeting the organizational objectives. Meanwhile, on top of implementing the emission reduction plan, JL MAG has been committed to completely offsetting the remaining carbon emissions by taking relevant effective measures.
JL MAG has been adhering to the philosophy of green development and fulfilling corporate responsibilities since its establishment. The Company facilitates the pursuit of carbon neutrality in China and around the world by providing rare earth permanent magnets to its top player customers. In 2021, the Company’s sales volume of magnetic steel products for NEV drive motors was sufficient to equip approximately 1.24 million passengers NEVs 2021, facilitating to reduce of carbon emissions by approximately 2.56 million tonnes/year. The Company’s sales volume of magnetic steel products for energy-saving VFACs was sufficient to equip approximately 48.50 million air conditioner compressors in 2021, facilitating the reduction of carbon emissions by approximately 17.55 million tonnes/year. The Company’s sales volume of magnetic steel products for the wind power sector was sufficient to equip wind turbine generators with an approximate aggregate installed capacity of 8.65GW in 2021, facilitating to the reduction of carbon emissions by approximately 14.33 million tonnes/year. Combining the three key downstream areas, JL MAG facilitated the reduction of carbon emissions by approximately 34.44 million tonnes in 2021.
In addition, JL MAG reduces its own carbon emissions through various energy conservation approaches, including technological innovation, lean production, management-driven energy conservation, technology-driven energy conservation, efficiency improvement, equipment upgrading, and conversion of green power. The Company also joined hands with Goldwind (002202.SZ; 02208.HK) to develop a green power program. The Company has also announced that it has entered into a strategic cooperation framework agreement with China Resources Power Investment Co., Ltd. Northern Branch, a management company established by China Resources Power (836.HK) in the northern region. Both parties will cooperate on a number of projects on the basis of the development and construction of new energy projects, including indemnificatory grid-connected centralized new energy projects, renewable energy replacement projects in industrial parks, thermal power flexibility retrofits supporting new energy projects, distributed wind power projects and permanent magnet motor transformation projects, to promote the Company’s low-carbon production with green power.
Looking forward, the Company has established a clear carbon reduction target, aiming to reduce its emission/consumption per unit by an average of 5% to 10% on an annual basis in the future through the increasing use of green energy and recycling of raw materials. Guided by the vision of “growing into the leading enterprise in the world rare earth permanent magnet industry”, the Company will continue to enhance its product innovation and research and development, further improve energy efficiency, proactively develop and introduce photovoltaic power, and strive to achieve carbon emission reduction and carbon neutrality at the Group level and product level. JL MAG will realize its corporate mission of “Better Life with Rare Earth” with concrete actions and facilitate the pursuit of carbon neutrality in China and around the world.
About JL MAG Rare-Earth Co., Ltd.
JL MAG Rare-Earth Co., Ltd. (“JL MAG” or the “Company”, together with its subsidiaries, the “Group”, HKEX: 6680; SZSE: 300748) is a global leading producer of high-performance REPMS with rapid growth in the fields of new energy, energy conservation and environmental protection. The Company ranked first in the world by production volume of high-performance REPMs and by production volume of high-performance REPMs based on GBD technology in 2020. The Company’s products are widely applied in downstream sectors including NEVs and automotive parts, energy-saving VFACs, wind power, 3C, industrial energy-saving motors, energy-saving elevators and rail transit. The Company has also established long-term and stable cooperative relationships with domestic and foreign top-tier companies in various sectors. The Company successfully listed its H shares on the Main Board of the Stock Exchange of Hong Kong Limited on January 14, 2022, making JL MAG the first high-performance REPM producer with dual listings of A-shares and H-shares in the world. Meanwhile, JL MAG successfully raised HK$4.241 billion.
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