NaaS Technology Maintains Strong ESG Momentum with '2' Rating and Improved Entity Score from Sustainable Fitch

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NaaS Technology (Nasdaq: NAAS) has maintained its ESG Entity Rating of '2' from Sustainable Fitch, with an improved entity score of 78 from 76. The company ranks first in Asia-Pacific and eleventh worldwide among 170 rated companies across seven industries. NaaS is the first company in China to receive the 'pure-play' label from Sustainable Fitch.

The improved score reflects the growth of NaaS's green energy solutions business, including expanded services, geographical reach, and client base. The company has implemented a comprehensive climate change management system aligned with IFRS S2 standards and targets carbon neutrality and 100% renewable energy use by 2028.

NaaS demonstrates strong social responsibility through adherence to UN Global Compact standards and contributes to China's rural revitalization by expanding EV charging services. The company's 'Green Charging, Green World' strategy, based on the five pillars of GREEN (Governance, Reinvention, Eco-consciousness, Empathy, and Nurture), guides its sustainability efforts.

BEIJING, Dec. 12, 2024 /PRNewswire/ -- NaaS Technology Inc. (Nasdaq: NAAS) ("NaaS" or the "Company"), the first U.S.-listed EV charging service company in China, today announced that Sustainable Fitch has affirmed its ESG Entity Rating of '2' and increased its entity score to 78 from 76. The Company ranks first in Asia-Pacific and eleventh worldwide, among 170 rated companies across seven industries, including Electric-Corporate, Energy, Natural Resources, Power, Power Market and Generation, Utilities, and Infrastructure.

Sustainable Fitch's ESG Ratings indicate an entity's performance, commitment, and integration of environmental and social considerations into its business, strategy and management, and the effectiveness of governance. The ratings are provided on a scale of '1' to '5', with '1' being the best.

NaaS's rating of '2' underscores its strong, ongoing performance in environmental, social, and governance (ESG) aspects, and maintains the Company's position as a frontrunner in the EV charging industry regarding sustainability.  

The Company's improved score is primarily attributed to the growth of its green energy solutions business, including expanded services, geographical reach, and client base. Significantly, NaaS is the first company in China to be awarded the "pure-play" label by Sustainable Fitch. This recognition highlights NaaS's commitment to climate change mitigation through its innovative EV charging services.

Sustainable Fitch highlighted NaaS's comprehensive climate change management system, which aligns with IFRS S2 standards. The Company has also set targets to achieve Scopes 1 and 2 carbon neutrality and 100% renewable energy use by 2028.

In terms of social responsibility, NaaS adheres to international standards such as the UN Global Compact and actively contributes to China's rural revitalization by expanding EV charging services in rural areas.

On the governance front, NaaS benefits from a solid internal control and risk management system, coupled with a low CEO pay ratio, reflecting its commitment to sound governance practices.

NaaS has fully embedded ESG governance into its business strategy, prioritizing carbon emission reduction and promoting green development throughout the EV charging value chain. The Company's "Green Charging, Green World" strategy, underpinned by the five pillars of Governance, Reinvention, Eco-consciousness, Empathy, and Nurture ("GREEN"), sets a new standard for sustainability, guiding all aspects of its operations.

Looking ahead, NaaS remains dedicated to continuously enhancing its ESG practices, driving long-term sustainable growth, and making a positive impact on both the environment and society. With a clear focus on sustainability, the Company is committed to playing a pivotal role in the global transition to a low-carbon future.

About NaaS Technology Inc.

NaaS Technology Inc. is the first U.S. listed EV charging service company in China. The Company is a subsidiary of Newlinks Technology Limited, a leading energy digitalization group in China. The Company provides one-stop solutions to energy asset owners comprising charging services, energy solutions and new initiatives, supporting every stage of energy assets' lifecycle and facilitating energy transition.

Safe Harbor Statement

This press release contains statements of a forward-looking nature. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. You can identify these forward-looking statements by terminology such as "will," "expects," "believes," "anticipates," "intends," "estimates" and similar statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations, assumptions, estimates and projections about the Company and the industry. All information provided in this press release is as of the date hereof, and the Company undertakes no obligation to update any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that its expectations will turn out to be correct, and investors are cautioned that actual results may differ materially from the anticipated results. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: NaaS' goals and strategies; its future business development, financial conditions and results of operations; its ability to continuously develop new technology, services and products and keep up with changes in the industries in which it operates; growth of China's EV charging industry and EV charging service industry and NaaS' future business development; demand for and market acceptance of NaaS' products and services; NaaS' ability to protect and enforce its intellectual property rights; NaaS' ability to attract and retain qualified executives and personnel; the COVID-19 pandemic and the effects of government and other measures that have been or will be taken in connection therewith; U.S.-China trade war and its effect on NaaS' operation, fluctuations of the RMB exchange rate, and NaaS' ability to obtain adequate financing for its planned capital expenditure requirements; NaaS' relationships with end-users, customers, suppliers and other business partners; competition in the industry; relevant government policies and regulations related to the industry; and fluctuations in general economic and business conditions in China and globally. Further information regarding these and other risks is included in NaaS' filings with the SEC.

For investor and media inquiries, please contact:
Investor Relations
NaaS Technology Inc.
E-mail: ir@enaas.com
Media inquiries:
E-mail: pr@enaas.com 

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SOURCE NaaS Technology Inc.

FAQ

What is NaaS Technology's current ESG rating from Sustainable Fitch?

NaaS Technology maintains an ESG Entity Rating of '2' from Sustainable Fitch, with an improved entity score of 78 from 76, ranking first in Asia-Pacific and eleventh globally among 170 rated companies.

What are NAAS's carbon neutrality targets for 2028?

NaaS aims to achieve Scopes 1 and 2 carbon neutrality and 100% renewable energy use by 2028.

How does NAAS contribute to rural development in China?

NaaS actively contributes to China's rural revitalization by expanding EV charging services in rural areas, while adhering to international standards such as the UN Global Compact.

What is NaaS Technology's GREEN strategy?

NaaS's 'Green Charging, Green World' strategy is based on five pillars: Governance, Reinvention, Eco-consciousness, Empathy, and Nurture (GREEN), which guides all aspects of its sustainability operations.

What distinguishes NAAS in Sustainable Fitch's ratings in China?

NaaS is the first company in China to be awarded the 'pure-play' label by Sustainable Fitch, recognizing its commitment to climate change mitigation through EV charging services.