NINGBO, China, December 24, 2024 /PRNewswire/ — In today’s rapidly evolving global marketplace, sustainability is not just a buzzword, but a central pillar of strategic success, and Ningbo Boway Alloy Material Co., Ltd. (SHSE: 601137; “Boway Alloy”) is the precursor of this movement. Recognizing the critical importance of sustainable practices in ensuring long-term growth and resilience, Boway Alloy has embedded sustainability at the core of its operations. This continued commitment was recognized in 2024 when the company received the Silver Medal from EcoVadis, the leading global provider of corporate sustainability assessments.
Roof filled with solar panels in Boway
EcoVadis conducts comprehensive assessments in four critical areas: environment, labor and human rights, ethics and sustainable sourcing. Boway Alloy’s Silver Medal from EcoVadis places the company in the top 15% of all companies evaluated globally, underscoring its strong performance and continued commitment to environmental protection, social responsibility and governance.
Complementing this recognition, Boway Alloy achieved an impressive “A” score for emissions reduction initiatives and low-carbon products in the 2023 global climate rankings from the non-profit organization CDP (Carbon Disclosure Project). Overall, the company received a “B” rating, surpassing both Asia regional average of “C” and the sector average of electrical and electronic equipment of “C”. The CDP is a leading global environmental disclosure platform and assesses organizations on their environmental management. Boway Alloy’s performance highlights the significant progress the company has made in minimizing emissions and advancing green technologies, further strengthening its role in advancing sustainable solutions.
As a company committed to social responsibility, Boway Alloy has consistently prioritized sustainable development. In an important step towards environmental responsibility, Boway Alloy has developed short, medium and long-term energy conservation and emissions reduction plans to contribute to the global effort for low-carbon and sustainable development.
A key focus of the sustainability strategy is the energy-efficient transformation of key equipment such as motors, transformers and air compressors. These improvements are expected to reduce CO2 emissions by more than 7,000 tonnes annually. In addition, it has installed systems for reuse of reclaimed water and intelligent control of the quality of circulating cooling water, which will significantly reduce wastewater discharge and optimize resource use, minimizing dependence on natural water sources.
Embracing green and clean energy, Boway Alloy has installed rooftop solar photovoltaic systems at multiple facilities in China And Vietnam. This initiative will allow these facilities to use self-generated photovoltaic clean energy, reducing CO2 emissions by more than 2,500 tons annually. Boway Alloy plans to increase the use of clean energy to 40% of total electricity consumption by 2030.
In the field of material recycling, Boway Alloy has established a raw material recycling mechanism, using advanced technology to ensure the rational recycling of raw materials, addressing the challenges of recycling waste of pre-plated materials and complex alloys. Several products have received international standard certifications for circular material, such as ISO 14021 and SCS Recycled Content. Boway Alloy aims to increase the share of recycled raw materials in alloy materials to more than 90% by 2030.
Furthermore, Boway Alloy focuses on the innovation and development of environmentally friendly materials. By utilizing an industry-leading digital R&D platform, Boway Alloy has significantly shortened the R&D cycle and reduced costs by developing various lead-free and beryllium-free, environmentally friendly new alloy materials. These materials are widely used in 3C consumer electronics, communications and new energy vehicles and comply with international environmental certifications such as RoHS and FDA.
At the same time, Boway Alloy excels in areas such as employee wellbeing, social responsibility initiatives and governance frameworks, which together support the implementation of the sustainability strategy. The company invests in employee training programs and promotes diversity initiatives, ensuring a supportive and inclusive workplace. Additionally, Boway Alloy partners with local communities through targeted outreach programs, reinforcing its commitment to social responsibility. These efforts demonstrate a comprehensive approach to sustainability by weaving environmental, social and governance elements into the fabric of its core activities.
Sustainable development is an ongoing endeavor and a key objective for Boway Alloy. The recognitions from EcoVadis and CDP underline its achievements and commitment in this crucial area. By leveraging digitalization to drive its sustainability efforts, Boway Alloy aims to move forward with greater determination and more robust actions, and strives for a greener, cleaner and more sustainable world.
About Boway Alloy
Ningbo Boway Alloy Material Co., Ltd. (SHSE:601137), founded in 1993, specializes in the R&D and production of high-precision, high-quality non-ferrous alloy bars, wires and strips. These materials are used in more than 30 industries, including high-speed rail, telecommunications, automotive and more. The company also focuses on the development of environmentally friendly, lead-free brass alloys, cost-effective titanium-zirconium-copper-zinc alloys and energy-efficient brass materials.
For more information please visit: https://www.bowayalloy.com/en/.
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