Canada’s Solar Sustainability Report Reveals Achievements in ESG Initiatives

Canadian Solar has released a sustainability report highlighting progress and achievements in environmental, social and governance (ESG) initiatives.

Canadian Solar achieved reductions in greenhouse gas emissions by 37 percent, energy by 37 percent, water by 72 percent and waste intensity by 54 percent. Canadian Solar adheres to the 3 Rs of reduce, reuse and recycle throughout its operations and businesses. Canadian Solar remains on track to achieve its goal of powering all global operations with 100% renewable energy by 2030.

Canadian Solar, as a participant in the United Nations Global Compact (UNGC), adheres to the ten UNGC Principles on human rights, labor practices, environmental protection and business ethics. Canadian Solar partners with the Responsible Business Alliance (RBA) to conduct Validated Assessment Program (VAP) audits at its facilities and with its suppliers.

Canadian Solar has 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 develop a productive workforce that brings diverse perspectives to decision-making. Canadian Solar advocates for equal pay and strives to ensure that women are paid equally to men. In 2023, a gender pay analysis found that women at Canadian Solar earned 95% of what men earned, with a 5% difference considered fair.

Canadian Solar has received several ESG ratings and awards from leading agencies around the world, including ISS ESG, Environmental Finance, EcoVadis, UNEF, Achilles and Ernst & Young (EY). Canadian Solar has joined the Solar Stewardship Initiative (SSI) and will continue to participate in the UNGC Climate Change Questionnaire and the Carbon Disclosure Project (CDP) in 2024.

Canadian Solar is also developing its science-based climate targets, in line with the Science Based Targets Initiative (SBTi).

Hanbing Zhang, chief sustainability officer at Canadian Solar, said: “Despite production growth, we remain on track to achieve our sustainability goals and objectives thanks to continued technological and operational advancements.”

With BlackRock’s investment, Recurrent Energy has increased its focus on setting and achieving ESG goals. In 2024, Recurrent Energy will strive to refine its climate risk program to align it with stakeholder expectations.

“We have initiated a stand-alone ESG strategy for renewable energy, based on a dual materiality assessment carried out in cooperation with an external sustainability company, in line with the EU Corporate Sustainability Reporting Directive (CSRD),” Ines Arrimadas – Director of Communications and ESG – said the renewable energy specialist.

GreentechLead.com news desk