(Yicai) Nov. 22 -- Zhejiang Geely Holding Group not only pursues commercial success but also desires to participate in the global sustainable development efforts with environmental, social, and governance initiatives, according to the Chinese conglomerate's chief executive officer.

Geely Holding has developed carbon management system Geely Carbon Cloud and applied it to its manufacturing activities to realize carbon neutrality across its whole value chain by 2045, Daniel Li said recently.

Geely Carbon Cloud can not only calculate and verify carbon emitted during Geely Holding's production and operation but also manage and authenticate carbon footprints, Li explained. It can trace the carbon footprint of over 6,000 parts and provides users with guidance on how to reduce carbon emissions.

The system has been applied to over 100 car models across Geely Holding's brands and has reached about 1,800 partners along the company's upstream and downstream reaches of the supply chain, Li noted, adding that several third-party automakers also use the system as their carbon management system.

Moreover, Geely Holding is carrying out a smart and electric transformation of its automotive business, as well as developing green methanol synthesis technologies, Li pointed out.

Geely Holding spent CNY200 billion (USD27.6 billion) on research and development in the past decade, increasing its new energy vehicle penetration rate to 35 percent last year, Li said. The ratio is expected to exceed 40 percent this year, he predicted.

Last February, Geely Holding put into operation the world's first green methanol plant with an annual production capacity of 110,000 tons in Anyang in China's central Henan province, Li told Yicai.

The plant synthesizes carbon dioxide emitted from industrial manufacturing into green methanol, which is then used as automotive fuel to achieve carbon dioxide recycling and near-zero emissions for cars.

Each year, the plant can process about 160,000 tons of carbon dioxide meant to be released into the air, based on the assumption that 1.375 tons of carbon dioxide are needed to make one ton of green methanol, Li told Yicai. 

Editors: Tang Shihua, Futura Costaglione