PISCATAWAY, N.J., April 24, 2024 /PRNewswire/ -- Recently, GenScript Biotech Corporation (HK.1548), a world leader in technologies and services for life science R&D and manufacture, released its 2023 Environmental, Social, and Governance (ESG) report. This report showcases the company's dedicated efforts in ESG governance, corporate social responsibility fulfillment, and environmental conservation practices. It underscores GenScript's unwavering commitment to advancing green initiatives and seamlessly integrating sustainable development strategies, reaffirming its strong belief in sustainability.
GenScript's ESG plan embodies its comprehensive and in-depth enhancement strategy, focusing on optimizing production processes, deepening customer R&D support, and advancing lean operations to enhance overall ESG performance. GenScript believes that ESG practices complement business growth, driving sustainable business expansion and positively impacting human society's sustainability. Through close collaboration with customers and continuous improvement of ESG standards, GenScript actively contributes to society.
In strengthening corporate ESG governance, GenScript demonstrates firm determination and systematic planning. The company establishes a risk management and ESG committee at the board level and deploys a cross-departmental ESG management team to continuously monitor and improve ESG practices. Additionally, GenScript maintains high ethical standards, providing anti-corruption training for all employees, strengthening institutional construction, and implementing rigorous annual audit plans to ensure strict compliance with business ethics and legal regulations, thus enhancing risk management and ESG governance.
In terms of fulfilling social responsibilities, GenScript adheres to sustainability as its core value, striving to provide safer and more reliable products and services to global customers. The company actively promotes the development of green and resilient supply chains with its supplier partners, integrating ESG indicators into supplier evaluations and cooperation mechanisms to drive transparency and performance improvement throughout the supply chain's lifecycle.
Moreover, GenScript prioritizes employee growth and well-being, fostering an inclusive and diverse corporate culture. Through comprehensive training systems, diversified career development channels, and efficient communication mechanisms, the company promotes symbiotic growth between employees and the organization. Furthermore, GenScript engages in philanthropic activities, such as organizing "Rare Disease Awareness Weeks", donating to earthquake-stricken areas, and hosting nationwide universities relay charity events, enriching the company's social responsibility endeavors with tangible actions.
The ESG report further illustrates GenScript's environmental practices, emphasizing resource management, waste management, and proactive green actions to combat climate change. By establishing a scientific and efficient environmental management system, optimizing resource utilization, and exploring clean energy transitions, GenScript reduces its environmental footprint. The company implements energy-saving measures such as continuous improvement of production and equipment processes and waste heat recovery, linking environmental performance to management evaluations from top to bottom.
This year, GenScript has further integrated renewable energy into its energy portfolio, purchasing green power and investing in photovoltaic power generation. In April 2024, GenScript joined the Science-Based Targets initiative (SBTi), committing to scientific carbon goals and planning comprehensive carbon inventories and product carbon footprint identification to set scientific carbon targets. These efforts not only help reduce the company's environmental impact but also assist its customers in achieving carbon reduction goals, collectively fostering a favorable pattern of collaborative emission reduction throughout the industry chain.
Sherry Shao, GenScript's rotating CEO, said, "2023 was a critical year for GenScript's ESG practices. We took proactive actions to build a systematic framework for sustainable development and deeply integrated ESG concepts into the company's daily operations and long-term planning through the collaborative efforts of management, employees, and numerous stakeholders. Here, we sincerely thank all parties for their continuous support of GenScript's business development. In the future, we are willing to work hand in hand with all parties to tirelessly strive for the mission of 'Make People and Nature Healthier Through Biotechnology'."
In the pursuit of sustainable development and continuous enhancement of ESG standards, GenScript demonstrates a firm long-term commitment. In 2023, the company officially joined the United Nations Global Compact (UNGC) and integrated principles such as human rights, labor rights, environmental protection, and anti-corruption into its strategic planning, aiming to leverage the power of this international platform to deepen innovation and improvement in the ESG field. With significant improvements in environmental and sustainable procurement performance, GenScript was awarded the Bronze Medal by the international renowned provider of business sustainability ratings EcoVadis in March this year, ranking among the top 35% of over 130,000 assessed companies.
Moving forward, GenScript will continue to elevate its ESG standards, seize opportunities, and collaborate with stakeholders in a more open and transparent manner to collectively advance sustainable development goals. The "GenScript Biotech 2023 ESG Report" is available at company's official website:
https://www.genscript.com/gsfiles/esg/2023-ESG-Report.pdf
About GenScript
GenScript Biotech Corporation (HK.1548) is a world leader in technologies and services for life science R&D and manufacture. Built upon its solid DNA synthesis technology, the company comprises four major business units: a life-science services and products business unit, a biologics contract development and manufacturing organization (CDMO) business unit, an industrial synthetic products business unit, and an integrated global cell therapy company. GenScript accelerates scientific discovery and therapeutic breakthrough with its customers. Since its founding in New Jersey, USA in 2002, GenScript has expanded its operations to serve more than 200,000 customers across 100 countries with a dedicated team of 6,900 employees. As of December 31, 2023, 87,700 peer-reviewed journal articles worldwide had cited GenScript 's services and products. Guided by its mission to make people and nature healthier through biotechnology, GenScript strives to become the most trustworthy biotech company in the world.
For more information, please visit GenScript Biotech's official website
