The headline news, according to Giant, is a reduction in GHG (greenhouse gas) emissions by 28.5% across major operational sites, surpassing the company’s 2030 reduction target of 25%. That 28.5% reduction represents a combination of figures from Giant’s Taiwan and China manufacturing hubs and the company’s direct emissions and purchased energy (scope 1 and 2).
Emissions decreased, but intensity increased
Giant’s ESG Report shows that decreases in scope 2 emissions are the driving force behind the overall reduction, reducing from 76.7 million metric tons of CO2 in 2021 to 51.2 in 2024. Meanwhile, scope 1 had a subtle increase in CO2 emissions from 27.5 million tonnes in 2023 to 29 million tonnes in 2024, while still on a downward trend overall.
Unsurprisingly, “The primary emission sources [of scope 1 and 2] were electricity and fuels used in operations, accounting for over 98% of the Group’s total emissions,” according to the report. Therein lies the rub: while operational emissions remain more consistent, the market fluctuates around them. So, though the company’s scope 1 and 2 emissions fell by 28.5%, the average carbon footprint of a Giant bicycle increased.
In 2021, Giant produced 6.06 million bicycles, and factory emissions were at 112,180 tonnes of CO2. So, each bicycle accounted for about 18.5 kg of CO2. In 2024, during a period of market decline that saw Giant sales slump by 7.1%, the company made 4.03 million bikes with factory emissions at 80,234 tonnes of CO2, or about 19.9 kg per manufactured bike. Giant acknowledges this carbon footprint increase and attributes it to its varying production volumes, adding that the company experienced record-high production rates between 2020 and 2022.
“A significant milestone”
Last year, Giant was selected to join the Dow Jones Sustainability Indices (DJSI) in recognition of its ESG activities — something Giant Group Chairman Young Liu called “a significant milestone” for the company. It is the first company in the bicycle sector to be awarded this distinction. Already in its 2023 assessment results, the company ranked within the top 6% of the leisure equipment and consumer electronics industry category. It scored the highest in the climate strategy category.
Giant is also a founding member of the Bicycling Alliance for Sustainability (BAS), an organisation that aims to jointly work toward the net-zero carbon emission transformation of the Taiwanese bicycle industry. As one of the country's leading manufacturers, Giant has a leading impact on the rest of the supply chain in terms of what it expects from its vendors. All 82 BAS members signed an agreement with the intent to protect workers in the Taiwanese bicycle industry during the 2025 Taipei Cycle show, after accusations of human rights violations were made against key manufacturers. Giant board members say they remain committed to adhering to international human rights conventions.
Scope 3
According to GHG protocol, scope 3 emissions often represent the largest source of emissions for companies — with some studies attributing up to 70-80% of emissions to scope 3. These emissions encompass all indirect emissions that occur in a company’s value chain. In the bicycle industry, these are suppliers making aluminium frames, carbon fibre or tyres upstream and transportation, bike use and disposal downstream.
For Giant, by far the biggest scope 3 GHG contributor is the purchase of raw materials and consumables. Still, the past four years of data show a downward trend in this category, from 2.3 million tonnes of CO2 in 2021 to 469,062 in 2024. The “use of sold products” dropped sharply from 2023 to 2024, from 53,654 to 19,647 tonnes of CO2. These drops can be attributed to multiple factors, including the company’s documented decrease in sales — as there was less demand overall.
2024 gains
Other gains highlighted by the Taiwanese company include an increase in solar power to 15.6% of total energy use (up from 11.7% in 2023) and the introduction of 546 eco-friendly tyres, 600,000 low-carbon saddles and 155,000 bikes with recycled aluminium (a reduction of 2,806 tonnes of CO2).
Under Giant’s second pillar, “transforming for circularity,” Phoebe Liu, Giant Group chief executive officer, highlighted the undeniable widespread success of Giant’s YouBike public bicycle rental system, with over 160 million rides in 2024 alone — reflecting a 20% increase year-over-year. In their third pillar, mobilising for DEI, Giant highlighted that women now hold nearly 37% of STEM roles in the company, with 36% women on the Giant Board.
Giant’s 2024 ESG report shows a company with a fairly consistent trajectory toward a greener future, already surpassing its sustainability goal of 25% reduced emissions six years early. It also subtly reflects what the industry at large experienced the last two years, and how a declining sales market is felt in every corner of the company — right down to the carbon footprint of a single bicycle.
