GUELPH,
ON, May 31, 2024 /PRNewswire/ -- Canadian
Solar Inc. (the "Company", or "Canadian Solar") (NASDAQ: CSIQ)
today announced the release of its 2023 Sustainability Report. This
report showcases the Company's ongoing progress and achievements in
its environmental, social, and governance (ESG) initiatives.
The sustainability disclosures in this report are aligned with
global standards set by the SASB (the Sustainability Accounting
Standards Board) and the Global Reporting Initiative (GRI), with
reference to the IFRS (the International Financial Reporting
Standards) set by ISSB (International Sustainability Standards
Board). The full report is available here.
Highlights of the report include the following:
- Significant reduction in the environmental impact of the
Company's operations: In 2023, Canadian Solar achieved
year-over-year reductions in GHG emissions, energy, water, and
waste intensities of 37%, 37%, 72%, and 54%, respectively. The
Company also advocates for a circular economy and 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% renewable energy by
2030.
- Ethical labor practices both across the Company's own
operations and within its supply chain: As a participant of the
United Nations Global Compact (UNGC), Canadian Solar adheres to the
UNGC's ten principles on human rights, labor practices,
environmental protection, and business ethics. To ensure the
integrity of its operations and supply chain, the Company also
engages with the Responsible Business Alliance (RBA) to conduct
Validated Assessment Program (VAP) audits at its facilities and
those of its suppliers. The RBA VAP audit is an industry-leading
standard for on-site manufacturing evaluations, assessing labor
practices, health and safety, environment, ethics, and management
systems.
- Expanded disclosures and enhanced transparency: Canadian
Solar introduced new disclosures highlighting the ESG strategies
and practices of its subsidiaries, e-STORAGE and Recurrent Energy.
By including key environmental metrics of e-STORAGE, the Company
recognizes the crucial role battery energy storage plays in
integrating renewable energy sources into the power grid,
increasing global clean energy adoption. Meanwhile, Recurrent
Energy is developing its own ESG program and plans to publish a
standalone ESG report in 2025 based on 2024 data.
- Active promotion of diversity, equity, and inclusion
(DE&I): Canadian Solar promotes DE&I to cultivate a
productive workforce that provides diverse perspectives in
decision-making processes. The Company 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% of what men earned, with the 5% gap deemed equitable.
- Exceptional external ESG recognitions and continued
participation in international ESG initiatives: Canadian Solar
has received numerous ESG ratings and awards from leading agencies
worldwide, including ISS ESG, Environmental Finance, EcoVadis, the
UNEF, Achilles, and Ernst & Young (EY). The Company 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. The Company is also
developing its science-based climate targets in alignment with the
Science Based Targets initiative (SBTi).
Ms. Hanbing Zhang, Chief
Sustainability Officer, commented, "We are delighted to share
our 2023 ESG report, which documents our ongoing journey and the
incredible progress we have made as a clean energy company
dedicated to sustainable practices. Despite significant production
increases, we remain fully on track to meet our sustainability
goals and targets, thanks to our ongoing technological and
operational advancements. As we move forward, our focus remains on
intensifying our ESG initiatives, leveraging innovative
technologies, and further advancing our sustainability
strategy."
Dr. Shawn
Qu, Chairman
and CEO of Canadian Solar, added, "I am proud of our team's
accomplishments since we revamped our ESG strategy four years ago.
As a clean energy company, we contribute to global decarbonization
efforts. At Canadian Solar, we conduct business ethically; champion
diversity, equity, and inclusion; and are committed to maintaining
a responsible supply chain. Our culture and the collective efforts
of our people form the foundation to our success. We will continue
our ethical and sustainable practices and create value for our
stakeholders."
About Canadian Solar Inc.
Canadian Solar was founded in 2001 in Canada and is one of the world's largest solar
technology and renewable energy companies. It is a leading
manufacturer of solar photovoltaic modules, provider of solar
energy and battery energy storage solutions, and developer of
utility-scale solar power and battery energy storage projects with
a geographically diversified pipeline in various stages of
development. Over the past 23 years, Canadian Solar has
successfully delivered over 125 GW of premium-quality, solar
photovoltaic modules to customers across the world. Likewise, since
entering the project development business in 2010, Canadian Solar
has developed, built, and connected over 10 GWp of solar power
projects and 3.3 GWh of battery energy storage projects across the
world. Currently, the Company has over 1.2 GWp of solar power
projects in operation, 6.5 GWp of projects under construction or in
backlog (late-stage), and an additional 19.8 GWp of projects in
advanced and early-stage pipeline. In addition, the Company has 600
MWh of battery energy storage projects in operation and a total
battery energy storage project development pipeline of around 56
GWh, including approximately 4.3 GWh under construction or in
backlog, and an additional 51.6 GWh at advanced and early-stage
development. Canadian Solar is one of the most bankable companies
in the solar and renewable energy industry, having been publicly
listed on the NASDAQ since 2006. For additional information
about the Company, follow Canadian Solar on LinkedIn or
visit www.canadiansolar.com.
Safe Harbor/Forward-Looking Statements
Certain statements in this press release are forward-looking
statements that involve a number of risks and uncertainties that
could cause actual results to differ materially. These statements
are made under the "Safe Harbor" provisions of the U.S. Private
Securities Litigation Reform Act of 1995. In some cases, you can
identify forward-looking statements by such terms as "believes,"
"expects," "anticipates," "intends," "estimates," the negative of
these terms, or other comparable terminology. Factors that could
cause actual results to differ include general business, regulatory
and economic conditions and the state of the solar and battery
storage market and industry; geopolitical tensions and conflicts,
including impasses, sanctions and export controls; volatility,
uncertainty, delays and disruptions related to the COVID-19
pandemic; supply chain disruptions; governmental support for the
deployment of solar power; future available supplies of high-purity
silicon; demand for end-use products by consumers and inventory
levels of such products in the supply chain; changes in demand from
significant customers; changes in demand from major markets, such
as Japan, the U.S., China, Brazil
and Europe; changes in effective
tax rates; changes in customer order patterns; changes in product
mix; changes in corporate responsibility, especially environmental,
social and governance ("ESG") requirements; capacity utilization;
level of competition; pricing pressure and declines in or failure
to timely adjust average selling prices; delays in new product
introduction; delays in utility-scale project approval process;
delays in utility-scale project construction; delays in the
completion of project sales; continued success in technological
innovations and delivery of products with the features that
customers demand; shortage in supply of materials or capacity
requirements; availability of financing; exchange and inflation
rate fluctuations; litigation and other risks as described in
Canadian Solar's filings with the Securities and Exchange
Commission, including its annual report on Form 20-F filed on
April 26, 2024. Although Canadian
Solar and Recurrent Energy believe that the expectations reflected
in the forward-looking statements are reasonable, it cannot
guarantee future results, level of activity, performance, or
achievements. Investors should not place undue reliance on these
forward-looking statements. All information provided in this press
release is as of today's date, unless otherwise stated, and
Canadian Solar and Recurrent Energy undertake no duty to update
such information, except as required under applicable law.
Canadian Solar Inc. Investor Relations Contact
Wina Huang
Investor Relations
Canadian Solar Inc.
investor@canadiansolar.com
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SOURCE Canadian Solar Inc.