New China Life Insurance, a listed company, has emphasized its commitment to practicing sustainable development and reducing its carbon emissions. According to the ESG & social responsibility report, in 2022 the company's scope I (including greenhouse gas emissions from all fuel combustion) was 48,385.05 tons of carbon dioxide equivalent and scope II (including greenhouse gas emissions from purchased electricity used) was 659,856. tons of carbon dioxide equivalent. Whereas Greenhouse gas emission density was 8.57 (kg CO2 equivalent/RMB 10,000 revenue).

New China Life Asset has issued new portfolio products that focus on ESG, green, and "dual carbon" investments, aligning with the national strategy of peak carbon emissions and carbon neutrality. As part of the first phase of the Reform and Development Equity Investment Scheme for State-Owned Enterprises in Yunnan, China Life contributed RMB 9 billion in equity investment to Yunnan Dianzhong Water Diversion Project Co., Ltd. This investment aims to foster the dual cycle of green finance and the construction of ecological civilization.

New China Life Insurance also emphasizes responsible investment and green finance. It has developed a green research system and optimized its investment portfolio to align with the national carbon neutrality and peak carbon emissions strategy. The company also practices green supply chain management by considering workplace safety and environmental protection when selecting suppliers.

In terms of environmental reporting, the company discloses information on its environmental policy, annual environmental objectives and results, total annual resource consumption, pollutants discharged, environmental facilities, waste treatment and disposal, voluntary agreements with environmental authorities, and awards received. The company's Board and Executive Committee receive annual reports on ESG issues and are informed about the company's emissions, waste, energy, and resource consumption.

Overall, New China Life Insurance has taken steps to invest in green buildings, develop responsible investment products, and implement green supply chain management. It aligns its operations with the national strategy of peak carbon emissions and carbon neutrality. China Life has established an ESG strategic objective to evolve into a globally recognized and responsible life insurance company, driven by the ESG strategic principle of prioritizing people, emphasizing life, generating value, and contributing to society. In pursuit of this objective, China Life has formulated a comprehensive ESG and social responsibility strategic framework that encompasses three key dimensions: environment, society, and governance.

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