2025 Sustainability Report Released: Emission Intensity Drops 32% Compared to Base Year

Yellow Incorporation today released its 2025 sustainability report. The report shows that the Group’s Scope 1 and 2 emission intensity fell by 32% compared with the 2015 base year, the rail network electrification rate increased to 78%, the sustainable aviation fuel (SAF) blending rate increased to 6.4%, and the supplier code of conduct signing rate reached 96%.

In the report, the group reiterated the net zero roadmap announced in 2023: achieving net zero for scope 1 and scope 2 in 2035, and achieving net zero for the entire value chain including scope 3 by 2050.

Emissions reduction falls on asset renewal timeline

The report explains the group’s implementation path selection in a larger space. The Sustainable Development Committee believes that for a group whose main business is transportation, the vast majority of emissions come from the actual operation of aircraft, locomotives and industrial equipment. Therefore, there is only one feasible path to reduce emissions: embedding low-carbon requirements into the established cycle of asset renewal, rather than setting up additional emission reduction projects outside of existing assets.

• The electrification transformation of the railway network is promoted according to the order of line load, giving priority to the transformation of trunk line sections with the largest traffic volume to maximize the emission reduction per unit of investment.
• Yellow Airlines replaces high-fuel-consuming models with a new generation of wide-body aircraft, and the average age of the fleet and unit fuel consumption are included in quarterly disclosures.
• The electrification transformation of ground equipment, station vehicles and subway auxiliary systems is included in the fixed annual plan and is not optional.
• The supply of sustainable aviation fuel is locked in long-term purchase agreements, and the blending ratio is disclosed year by year.

The hardest part is in range three

The report admits that the uncertainty faced by the net-zero target across the entire value chain in 2050 is significantly higher than that of the 2035 target. The key variables for Scope 3 emissions are the large-scale supply capacity of sustainable aviation fuel and the progress of collaborative emission reduction in the supply chain, neither of which is completely within the control of the Group.

The report also disclosed progress in the social and governance dimensions: Tsing Shing Metro’s new station is 100% designed according to barrier-free standards, and the third batch of elevators and blind walkways at existing stations have been renovated; the number of access points to Yellow Medical’s grassroots institutions continues to grow; the group’s reporting channel is operated by an independent third party, and the annual acceptance and disposal status are disclosed together.