Lenovo Releases Annual ESG Report, Announcing Increased Participation in Circular Economy and Record-Breaking Philanthropic Impact Throughout FY2021/22
Today, Lenovo (HKSE: 992) (ADR: LNVGY) published its annual Environmental, Social and Governance (ESG) Report, sharing its efforts in ESG areas to create a smarter, more sustainable future for all. The global technology powerhouse and world’s largest distributor of PCs reported increased participation in the circular economy through closed-loop processes, progress toward its near-term greenhouse gas emissions reduction targets, awards for workplace inclusion and a record-breaking philanthropic investment in communities around the world.
“The rapidly changing global context urges the global business community to respond with smarter innovations and more responsible operations, seizing every opportunity to act with a larger purpose in mind,” said Yuanqing Yang, Lenovo’s CEO and Chairman. “Lenovo is committed to our vision to provide smarter technology for all and helping to decarbonize the global economy – one of humanity’s greatest challenges.”
Building a sustainable future for all
In FY2021-22, Lenovo increased participation in the circular economy, integrating new recycled materials such as magnesium, aluminum, and ocean-bound plastic into products. https://news.lenovo.com/sustainable-innovation-for-a-smarter-future/ Lenovo has also grown its use of closed-loop post-consumer recycled plastic (plastic from recycled electronics) to 248 products, from 103 products reported in FY2020-21.
Throughout FY2021-22, Lenovo made progress in establishing its vision for net-zero emissions by 2050. The company’s emissions reduction targets for reaching net-zero are under review by the Science Based Targets initiative (SBTi) for validation against the Net-Zero Standard. In 2021, Lenovo was honored to road-test the Net-Zero Standard for SBTi, helping to test and provide feedback on the much-needed standardization for net-zero targets. Lenovo’s near-term 2030 emissions reduction goals were validated by the SBTi in 2020. In FY2021-22, Lenovo reported its progress toward the 2030 targets, including a 15% reduction in scope 1 and 2 (direct) emissions. The company is increasing its focus on collaborating with suppliers to reduce emissions intensity across the value chain (scope 3 emissions).
This year, Lenovo received honors and awards recognizing its inclusive workplace for women, LGBTQ+, and people with disabilities. The company was ranked on Bloomberg’s Gender-Equality Index, in alignment with its goal to reach 27% female executive representation in its global workforce by 2025. For the fifth year in a row, Lenovo scored 100% on the Human Rights Campaign’s Best Companies for LGBTQ+ Inclusion and recently committed to the Declaration of Amsterdam for LGBTQ+ workforce inclusion. The company also made strides for stronger inclusion of people with disabilities in its workforce, with efforts to expand its disability inclusion strategy across eight top markets and evaluate products for ability bias through its Product Diversity Office. As a result of its efforts, Lenovo was ranked as a Best Workplace for Disability Inclusion by Disability:IN.
In FY22, Lenovo reached a new high for its global philanthropy, contributing US$21 million in devices and funds for communities around the world. The company’s philanthropic investments provide smarter technology for all by empowering under-represented communities with access to technology and STEM education. Lenovo’s global workforce gave an estimated US$3 million in time and talent to local communities, most notably through the growth of the company’s Love on Month of Service. These combined charitable investments and volunteerism provided ~$24 million in charitable impact and reached 12 million people around the world, outpacing progress toward Lenovo’s goal to positively impact 15 million individuals by 2025.
Along with updated progress towards Lenovo’s environmental, social, and governance goals and metrics, the report details milestones and awards such as inclusion in Gartner’s Top 25 Global Supply Chain, Fortune’s World’s Most Admired Companies, and Corporate Knights 100 Most Sustainable Companies. This is Lenovo’s 16th annual ESG Report, covering the Fiscal Year 2021/22 (April 1, 2021 through March 31, 2022). For more information visit Lenovo StoryHub.