Canadian Solar has released its Sustainability Report, revealing its progress and achievements in its environmental, social, and governance (ESG) initiatives.
Canadian Solar has achieved reduction of 37 percent in GHG emissions, 37 percent in energy, 72 percent in water, and 54 percent in waste intensities. Canadian Solar follows the 3R principles of reduce, reuse, and recycle across its operations and businesses. Canadian Solar remains on track to achieve its target of powering all global operations with 100 percent renewable energy by 2030.
Canadian Solar, as a participant of the United Nations Global Compact (UNGC), adheres to the UNGC’s ten principles on human rights, labor practices, environmental protection, and business ethics. Canadian Solar engages with the Responsible Business Alliance (RBA) to conduct Validated Assessment Program (VAP) audits at its facilities and those of its suppliers.
Canadian Solar introduced disclosures highlighting the ESG strategies and practices of its subsidiaries, e-STORAGE and Recurrent Energy. Meanwhile, Recurrent Energy is developing its own ESG program and plans to publish a standalone ESG report in 2025.
Canadian Solar promotes diversity, equity, and inclusion (DE&I) to cultivate a productive workforce that provides diverse perspectives in decision-making processes. Canadian Solar advocates for equal pay and strives to ensure women receive equal compensation to men. In 2023, a gender pay analysis revealed that women at Canadian Solar earned 95 percent of what men earned, with the 5 percent gap deemed equitable.
Canadian Solar has received several ESG ratings and awards from leading agencies worldwide, including ISS ESG, Environmental Finance, EcoVadis, the UNEF, Achilles, and Ernst & Young (EY). Canadian Solar has joined the Solar Stewardship Initiative (SSI) and will continue to participate in the UNGC and Carbon Disclosure Project’s (CDP) Climate Change Questionnaire in 2024.
Canadian Solar is also developing its science-based climate targets in alignment with the Science Based Targets initiative (SBTi).
Hanbing Zhang, Chief Sustainability Officer of Canadian Solar, said: “Despite production increases, we remain fully on track to meet our sustainability goals and targets, thanks to our ongoing technological and operational advancements.”
With BlackRock’s investment, Recurrent Energy has intensified its focus on establishing and achieving its ESG targets. In 2024, Recurrent Energy is dedicated to enhancing its climate risk program to align with stakeholder expectations.
“We have initiated a standalone ESG strategy for Recurrent Energy, underpinned by a double materiality assessment conducted in partnership with a third-party sustainability firm, adhering to the European Union’s Corporate Sustainability Reporting Directive (CSRD),” Ines Arrimadas – Chief Communications and ESG Officer of Recurrent Energy, said.
GreentechLead.com News Desk