30 June, 2022
JLMAG Awards the First SGS PAS 2060 Carbon Neutrality Declaration Certificate in the Global Rare Earth Permanent Magnet Industry Strives to Realize the Mission of “Better Life with Rare Earth” Facilitates the Pursuit of Carbon Neutrality in China and Around the World.
30 June 2022, JL MAG Rare-Earth Co., Ltd. (“JL MAG” or the “Company”, together with its subsidiaries, the “Group”, SZSE: 300748; HKEX: 6680), a leading producer of high-performance rare earth permanent magnets (“REPMs”) in China, is pleased to announce that the Company has been awarded the first SGS PAS 2060 carbon neutrality declaration certificate (“Certificate”) in the global rare earth permanent magnet industry by SGS, an internationally recognized testing, inspection and certification institution. Both parties held a Certificate presentation ceremony at Ganzhou Jinjiang International Hotel today. Mr. Chen Shuilian, Deputy Mayor of the People’s Government of Ganzhou City of Jiangxi Province, Ms. Zhang Qiumei, Director of SGS Knowledge and Management Services in Southern District & Central and Western District, and Mr. Cai Baogui, Chairman and General Manager of JL MAG jointly attended the ceremony.
PAS 2060 is the internationally recognized carbon neutrality standard, which requires enterprises to strive to reduce carbon emissions and achieve a 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 voluntary 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 international authority. 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 capability 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 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 passenger NEVs in 2021, facilitating to reduce 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 to reduce carbon emissions by approximately 17.55 million tonnes/year. The Company’s sales volume of magnetic steel products for wind power sector was sufficient to equip wind turbine generators with an approximate aggregate installed capacity of 8.65GW in 2021, facilitating to reduce carbon emissions by approximately 14.33 million tonnes/year. Combining the three key downstream areas, JL MAG facilitated to reduce 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, 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 around the world.