Yahoo Finance WuXi Biologics Releases 2023 ESG Report Demonstrating Strong Sustainability Commitment
The Company demonstrated a deep commitment to achieving ESG success in partnership with global clients, creating long-term value for all stakeholders.
The Company made remarkable progress in tackling climate change, achieving a 29% intensity reduction of Scope 1 and Scope 2 greenhouse gas emissions in 2023 since 2020.
The Company achieved its initial water consumption intensity reduction target of 18% and increased to 30% by 2025.
The Company has over 12,000 employees representing 56 nationalities, with 53% of STEM (Science, Technology, Engineering, Mathematics) positions held by female employees.
The Company has been recognized as an industry leader in ESG by major ESG rating agencies.
HONG KONG, April 29, 2024 /PRNewswire/ -- WuXi Biologics ("WuXi Bio") (2269. HK), a leading global Contract Research, Development and Manufacturing Organization (CRDMO), today published its 2023 Environmental, Social and Governance (ESG) Report, highlighting the company's substantial progress in advancing sustainable development.
WuXi Biologics' ESG strategy remains aligned with the company's vision and mission, and embedded in its global operations. In 2023, the company joined the United Nations (UN) Global Compact, demonstrating its sustainability commitment. Its significant ESG progress was recognized by major ESG rating agencies in 2023 for its progress towards reaching its commitments. The company was added to the S&P Dow Jones Sustainability™ World Index and Emerging Markets Index; granted a "AAA" rating from MSCI ESG Ratings; awarded the distinguished Platinum Medal by EcoVadis; recognized as an Industry and Regional Top-Rated Company by Sustainalytics; named to the CDP Water Security "A list"; and awarded an "A-" CDP Climate Change score.
"As a participant of the UN Global Compact, the world's largest corporate sustainability initiative, WuXi Biologics regards sustainability as the cornerstone of its business development strategy," said Dr. Chris Chen, CEO and ESG Committee Chairman of WuXi Biologics. "While 2023 was a year with both opportunities and challenges for the industry, WuXi Biologics maintained sustainable growth momentum through our unique CRDMO business model. We have demonstrated a deep commitment to upholding our shared responsibility supporting positive social and environmental impacts across the whole value chain together with our global clients."
In this year's ESG report, the company provides a transparent and fulsome update on its ESG strategy and progress on major initiatives that impact its people, global partners, communities and the environment.
Enhancing Corporate Governance
Guided by its ESG strategy, WuXi Biologics has established strong governance mechanism, which includes oversight by the Board-level ESG Committee, guidance by the company's ESG Steering Group, and efficient implementation by the dedicated ESG department and cross-functional task forces for ESG material issues. It implements a zero-tolerance policy toward unethical behaviors and commits to the highest standards of integrity and business ethics. In 2023, an Ethics and Compliance Committee was established to serve as the highest compliance management body to reinforce its ability to prevent and address compliance risks. In line with the United Nations Sustainable Development Goals, the company remains committed to a science-based and measurable ESG target matrix, and has subsequently developed refined roadmaps while tracking progress for continuous improvement.
Tackling Climate Change
For businesses around the world, achieving and maintaining environmental sustainability has become a critical part of long-term sustainable development. In 2023, WuXi Biologics committed to the Science Based Targets initiative (SBTi), marking a new milestone in its Net-Zero journey. The company has seen meaningful progress in tackling climate change and reducing carbon emissions. Since the base year 2020, the company has achieved a 29% intensity reduction of its Scope 1 and Scope 2 greenhouse gas emissions in 2023. Furthermore, WuXi Biologics achieved its water consumption intensity reduction target ahead of schedule, and proactively upgraded its target from 18% to 30% by the year 2025 since the base year 2019.
Promoting a Sustainable Value Chain
WuXi Biologics has made great efforts to maintain a transparent dialogue and build strong connections with all stakeholders. The company is committed to working with supply chain business partners who operate in line with its ethical standards and principles, and strives to integrate their environmental and social sustainability into the company's supplier management system. WuXi Biologics is engaging and collaborating with suppliers through admission screening, regular assessments and audits, as well as ongoing trainings to drive best practices and bring positive impact to its value chain.
Advancing Diversity, Equity, Inclusion
WuXi Biologics' business success is attributable to its employees. WuXi Biologics has over 12,000 employees who are highly dedicated and experienced professionals, representing 56 nationalities with diverse backgrounds. In 2023, the company established a Diversity, Equity, and Inclusion (DEI) Committee comprised of employees from different departments and countries to formulate and oversee implementation of DEI strategies. The company encourages the career development of women in the areas of Science, Technology, Engineering and Mathematics (STEM). Currently, 53% of STEM positions are held by female employees, far exceeding the industry average.
Practicing Corporate Social Responsibility
WuXi Biologics sees community engagement as a vital social responsibility. In 2023, over 8,000 employee volunteer hours were logged. Using core competencies to benefit patients worldwide is one of the company's three-pillar corporate social responsibilities. As part of its business, the company works closely with global clients to bring their novel treatments to patients with rare diseases. Currently there are 19 ongoing rare disease projects on the company's integrated platform. In 2023, the company has enabled the approval of an innovative Pompe disease therapy in EU, UK and the U.S. To celebrate this milestone, the company launched Run for Health, a charitable initiative to raise scholarship funds for students with rare diseases. The program has been supported by over 1,500 employee volunteers from 10 sites worldwide.
End-to-end Green CRDMO Solutions
To advance an eco-friendly transition for the biopharmaceutical industry, WuXi Biologics has integrated ESG concepts into multiple innovative technology platforms, including WuXiBody™, WuXiUP™, and WuXiUI™, to offer end-to-end green CRDMO solutions for its global clients. The company also utilizes Lean Management processes and completed over 150 Kaizen projects that yielded environmental and economic outcomes, including improved operational efficiency and reduced resource consumption.
"We are proud of the concrete progress achieved toward our ESG goals. More importantly, these efforts have brought substantial benefits for the broader communities in which we operate," commented Dr. Chen. "As we pursue our 2024 goals with boldness and determination, WuXi Biologics will continue to integrate sustainability into the core commitment that has always defined our work: enabling our global clients to bring life-changing treatments to patients worldwide."
For the full 2023 ESG report, please visit: https://www.wuxibiologics.com/sustainability/
About WuXi Biologics
WuXi Biologics (stock code: 2269.HK) is a leading global Contract Research, Development and Manufacturing Organization (CRDMO) offering end-to-end solutions that enable partners to discover, develop and manufacture biologics – from concept to commercialization – for the benefit of patients worldwide.
With over 12,000 skilled employees in China, the United States, Ireland, Germany and Singapore, WuXi Biologics leverages its technologies and expertise to provide customers with efficient and cost-effective biologics discovery, development and manufacturing solutions. As of December 31, 2023, WuXi Biologics is supporting 698 integrated client projects, including 24 in commercial manufacturing.
WuXi Biologics views Environmental, Social, and Governance (ESG) responsibilities as an integral component of our ethos and business strategy, and we aim to become an ESG leader in the biologics CRDMO sector. Our facilities use next-generation biomanufacturing technologies and clean-energy sources. We have also established an ESG committee led by our CEO to steer the comprehensive ESG strategy and its implementation, enhancing our commitment to sustainability.
For more information about WuXi Biologics, please visit: www.wuxibiologics.com.
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