Lenovo Announced FY2023/24 ESG Report ESG Leads the Realization of "Smarter AI for All" Vision
- Written by Telegraph Magazine
- Created the Responsible AI Committee in FY2022/23 and has built a 7-pillar governance framework to evaluate AI innovation across its pocket-to-cloud portfolio.
- Made progress toward and is on-track to meet its 2030 emissions reduction targets, in alignment to the Science Based Targets initiative's net-zero standard.
- Reported an industry-leading 29% representation of women in technical teams, fueling innovation and its smarter technology for all vision.
HONG KONG SAR - Media OutReach Newswire - 27 June 2024 - Lenovo (HKSE: 992) (ADR: LNVGY) has published its 18th annual Environmental, Social and Governance (ESG) Report, further demonstrating its commitment to being a responsible corporate citizen with a vision to provide smarter technology for all. In this year's report, the global technology powerhouse shared its progress toward 2030 emissions reduction goals, increased participation in the circular economy, industry-leading representation of women in technical roles 4, increased employee volunteerism, and proactive governance of AI as it works to become the leading provider and enabler of smarter AI.
"AI has brought unprecedented opportunities over the last year," shared Yuanqing Yang, Chairman and CEO of Lenovo. "It is clear that AI will be a major priority and influence in our business for years to come and we recognize our duty to leverage this technology to improve the lives of people around the world while minimizing its impact on the planet."
Lenovo first announced its smarter AI for all vision at Lenovo Tech World in October 2023. Since then, Lenovo has launched an AI-enabled solution for real-time tracking of its manufacturing emissions, an AI-powered engine to give customers insights on their IT emissions, and numerous social impact initiatives to support communication for people with hearing loss, preserve the voice of an individual suffering from ALS, connect non-profits to trusted resources for AI, and ensure its own AI solutions are reviewed for inclusion and accessibility, among other responsible AI factors.
The proactive governance in place for the quickly emerging AI field underscores Lenovo's long-standing commitment to governance across its environmental affairs and social impact programs. Lenovo is in the first group of companies to have its near-zero targets validated by the Science Based Targets initiative's Net-Zero Standard and is on-track to meet the first milestone in its journey to net-zero: near-term 2030 emissions reduction goals. The company has made progress towards its 2030 goals to reduce scope 1 and 2 emissions by 50%, and Scope 3 emissions intensities by 66.5% from purchased goods and services, 35% from sold products, and 25% from upstream transportation and distribution.
Lenovo continues to increase its participation in the circular economy, increasing use of sustainable materials and asset recycling and disposal. Since 2017, Lenovo has grown its reuse and recycling of products by nearly 40%1 through its product take-back programs2. Lenovo has reused or recycled more than 94,000 metric tons of products1 through PELM programs2 – Since 2020 – the same weight as 87 million ThinkPads3.
In addition to environmental impact, Lenovo is working to increase diversity, inclusion, and access to technology internally and externally. Lenovo has reported 29% representation of women in technical roles in this year's report, leading the industry in women's representation on technical teams4. Lenovo continues its pursuit of increasing diversity in its executive ranks, working to reach 27% women representation around the world and 35% representation of historically excluded talent in the U.S. by FY2025/26. With customers in 180 markets around the world, diversity has always been core to Lenovo's business success "Workforce diversity not only supports stronger solutions to problems, but it helps us better meet the needs of our diverse, global customer base," shared Laura Quatela, Senior Vice President and Chief Legal and Corporate Responsibility Officer for Lenovo.
Lenovo is focused on sharing its smarter technology with the community and reported USD $21M in philanthropic impact around the world. Lenovo's global employee base is core to this mission, with employee volunteerism increasing by 40% during the annual Love on Month of Service in 2023. Lenovo's philanthropic work underscores the company's smarter technology for all vision and smarter AI for all focus through initiatives like the AI for Social Impact webinar series, Ashoka changemakers partnership, and partnerships localized to meet the needs of communities around the world.
Lenovo's ESG experts align its corporate strategy to various frameworks and standards, and is honored to be recognized by leading ratings, rankings, and indices throughout the year.
- In FY2023/24, Lenovo committed to the United Nations Global Compact's Forward Faster Initiative, aligning to goals focused on climate action and water resilience.
- Lenovo maintained its AAA status on MSCI's ranking and was awarded the stronger score in the IT industry for environmental and social achievements in the Hang Seng Corporate Sustainability Index, receiving an AA score overall.
- 2023 was the eleventh year that Lenovo was recognized by Hong Kong Institute of Certified Public Accountants' Most Sustainable Companies and Organizations section of the Best Corporate Governance and ESG Awards, receiving a Gold Award.
- Lenovo was also honored to be named as a best place to work for disability inclusion by Disability:IN, maintained its placement on the Human Rights Campaign's Corporate Equality Index for LGBTQ+ Inclusion, and received the highest score to date for Workplace Prides' Global Benchmark Score.
- These recognitions were further underscored by Lenovo being ranked #10 on Gartner's Top 25 Global Supply Chains ranking, receiving the Sustainability Champion Award for 2023 by Canalys, and being named one of Fortune Magazine's Most Admired Companies.
More resources:
- Learn Lenovo's commitment and progress toward its sustainability goals on YouTube
- Explore Lenovo's global impact on the interactive ESG Map
- Read more about Lenovo's Environmental, Social and Governance performance in the FY2023/24 ESG Report
1 Based on CY 2022 product recycling data: https://www.lenovo.com/us/en/sustainability-product-recycling/
2 Consumer and commercial take-back programs
3 Based on total weight of ThinkPad X1 Carbon Gen 12 at 1.09kgs/2.42 lbs: https://www.lenovo.com/us/en/p/laptops/thinkpad/thinkpadx1/thinkpad-x1-carbon-gen-12-(14-inch-intel)/len101t0083
4 Based on published data from competitors and peers
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About Lenovo
Lenovo is a US$57 billion revenue global technology powerhouse, ranked #217 in the Fortune Global 500, and serving millions of customers every day in 180 markets. Focused on a bold vision to deliver Smarter Technology for All, Lenovo has built on its success as the world's largest PC company with a pocket-to cloud portfolio of AI-enabled, AI-ready, and AI-optimized devices (PCs, workstations, smartphones, tablets), infrastructure (server, storage, edge, high performance computing and software defined infrastructure), software, solutions, and services. Lenovo's continued investment in world-changing innovation is building a more equitable, trustworthy, and smarter future for everyone, everywhere. Lenovo is listed on the Hong Kong stock exchange under Lenovo Group Limited (HKSE: 992) (ADR: LNVGY). To find out more visit https://www.lenovo.com, and read about the latest news via our StoryHub.
