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The Carbon-Neutral Action League (the “League") was officially established today at the launch ceremony of China’s National Carbon Market Online Trading (Shanghai Venue) and the China Carbon Market Forum. The League was initiated by the Shanghai Environment and Energy Exchange in order to actively promote the standardization of the carbon neutral standards, promote the cooperation between the members, make efforts to construct a comprehensive platform to service carbon neutral demand, and strive to achieve of the "30/60" target early. Cathay Biotech is one of the first board members of the League. 

Through the “30/60” carbon-neutral related targets, proposed by China’s President Xi Jinping at the general debate of the 75th session of the United Nations General Assembly, China commits to hit peak carbon emissions by 2030 and to reach carbon neutrality by 2060. 

The League is initiated by the Shanghai Environment and Energy Exchange, co-sponsored by the first group of executive members of the council, and jointly formed by various market organizations and professional institutions from different industries. The establishment ceremony of the League was held after the launch ceremony of the China’s National Carbon Market Online Trading. The League sponsors include the Agricultural Bank of China, the Bank of China, the Bank of Communications, the Postal Savings Bank of China, the China Three Gorges Corporation, the China BAOWU Steel Group, Guotai Junan Securities, Ping An Insurance, Tencent, CICC, and the Envision Group.

The League has attracted a number of leading enterprises from different industries to participate from inception. In addition to the companies above and Cathay Biotech, the first group members of the League include the China Forestry Group, the China Academy of Urban Planning & Design, PwC China, China Eastern Airlines, Microsoft China, Shenergy, Hengfeng Bank, Geely Holding Group, the Bank of Jiangsu’, Jilin Electric Power, Shanghai Electric Wind Power Group, Envision Energy, Polestar and others. 

Lai Xiaoming(赖晓明), president of the Exchange, declared the guiding principle of the League. The League members advocate to actively carry out carbon accounting and carbon disclosure, set up the carbon-neutral target and its implementation roadmap of the company, use various means to practice low-carbon production and management methods and promote the application of low-carbon technology applications, among others.

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About Cathay Biotech Inc.

Cathay Biotech Inc. is a listed company on the Shanghai stock exchange’s STAR market (symbol: 688065.SH). Cathay Biotech was founded in 2000 and engages in the research, development, production and sales of new bio-based materials based on synthetic biology and other disciplines and utilizes bio-manufacturing technology. 

Cathay focuses on the polyamide industry chain, producing monomer raw materials that can be used in the production of bio-based polyamides, including a series of bio-manufactured long-chain diacids and bio-based pentamethylene diamine, as well as several bio-based polyamides and related products. The products are used in many applications in textiles, pharmaceuticals, perfumes, automobiles, electronic appliances, consumer goods and other fields. In 2018, Cathay’s long-chain diacids were rated as the individual champion product of the manufacturing industry by the Ministry of Industry and Information Technology and the China Federation of Industrial Economics.

Cathay uses renewable plant resources as the raw material to produce high purity bio-based PDA through a specific bioconversion process. Its carbon content from renewable resources is 100%. Cathay's bio-based polyamide have renewable carbon content as high as 45%-100%. Its PA56 can reduce more than half of the carbon emission per unit when compared to traditional Nylon 6 and Nylon 66.