Canadian Solar Releases 2022 Corporate Sustainability Report

Rhea-AI Summary

Canadian Solar Inc. (NASDAQ: CSIQ) Releases 2022 Sustainability Report, Achieves Prime ESG Rating and Commits to Global ESG Initiatives

Positive

• Achievement of Prime ESG rating from ISS and Excellent ESG rating from Achilles
• Participation in global ESG initiatives like UNGC and SBTi
• Reduction of GHG emissions, energy, water, and waste intensity
• Commitment to ethical labor practices, diversity, inclusion, and equity
• Engagement in community activities and biodiversity protection

Negative

• None.

GUELPH, ON, July 31, 2023 /PRNewswire/ -- Canadian Solar Inc. (the "Company", or "Canadian Solar") (NASDAQ: CSIQ) today announces the release of its 2022 Sustainability Report, which highlights the Company's progress toward advancing its sustainability strategy from an environmental, social, and governance (ESG) perspective.

The sustainability disclosure in this report are aligned with global standards set by the TCFD (Task Force on Climate-Related Disclosures), SASB (the Sustainability Accounting Standards Board) and GRI (Global Reporting Initiative). The full report is available here.

Highlights of the report include:

• Recognition by external ESG rating agencies. Canadian Solar received a Prime ESG rating from Institutional Shareholder Services (ISS) in early 2023, placing the Company among the top 5 percentile of the nearly 100 global companies rated in the same industry. Canadian Solar also received an Excellent ESG rating from Achilles, a reputable UK agency evaluating environmental, social and governance factors across supply chains.
• Significantly expanded the Company's participation in international ESG initiatives. Canadian Solar recently joined United Nations Global Compact (UNGC), committing to support and adhere to the Ten Principles of the UNGC on human rights, labor, environment, and anti-corruption. Canadian Solar has also recently submitted a commitment letter to the SBTi (Science Based Targets initiative) indicating its intention to set the near-term and net-zero science-based climate targets. In addition, the Company has completed CDP Climate Change 2023 Questionnaire, providing data on how climate-related issues are addressed in alignment with the TCFD recommendations.
• On track to achieve the Company's environmental goals and targets. In 2022, Canadian Solar reduced its year-over-year greenhouse gas (GHG) emissions, energy, water, and waste intensity by 3%, 7%, 30% and 15% respectively. Specifically, on GHG emissions, the Company has made further progress towards climate impact transparency by disclosing certain scope 3 emissions. The Company is also on track to achieve the goal of powering all global operations with 100% of renewable energy before 2030.
• Ensuring ethical labor practices in the Company's operations and suppliers. In 2022, the Company conducted 122 supplier ESG audits and initiated a third-party assessment to evaluate the effective of its Anti-Modern Slavery Policy, Supplier Code of Conduct, and Human Rights Policy in preventing forced labor, among other initiatives. Specifically, the Company engaged the Responsible Business Alliance to conduct a Validated Assessment Program, covering areas of labor practices, health and safety, environment, ethics, and management systems.
• Promoting diversity, inclusion, and equity. Canadian Solar is an equal opportunity provider who strives to build a diverse workforce. For example, the Company has continued to prioritize providing employment opportunities for people with disabilities, hiring 120 employees with disabilities as of 2022.
• Advancing community engagement. Canadian Solar connects employees with its mission by organizing sustainability-related activities. This includes activities such as donations to orphanages and mountain clean-up activity. The Company also collaborates closely with stakeholders when it develops solar and battery storage projects and provides operation and maintenance services.
• Protecting biodiversity. Canadian Solar prepares biological protection plans, takes measures, and obtains all required approval in terms of biodiversity protection for projects it develops and provides O&M services.

Ms. Hanbing Zhang, Chief Sustainability Officer, said, "We are pleased to publish our 2022 ESG report which underscores the progress we have made toward our sustainability goals. In addition to helping our customers and other partners reduce their carbon emissions and environmental impact, we also continue to reduce the environmental impact from our own operations. At Canadian Solar, we advocate diversity, inclusion, and equity and we are committed to maintaining a responsible supply chain. ESG efforts are a long-term exercise and we look forward to engaging with our stakeholders further."

Dr. Shawn Qu, Chairman and CEO of Canadian Solar commented, "This is the third year that we are executing on our revamped sustainability strategy and I am proud of the achievements made by our team. As a clean energy company, Canadian Solar contributes to global decarbonization goals by providing affordable and clean energy. Our participation in United Nations Global Compact and SBTi is a testament of our commitment to ethical labor practice, business ethics and climate change mitigation and adaptation. We will continue our sustainable practices and create long-term value for our stakeholders."

About Canadian Solar

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 storage solutions, and developer of utility-scale solar power and battery storage projects with a geographically diversified pipeline in various stages of development. Over the past 22 years, Canadian Solar has successfully delivered around 94 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 8.8 GWp in over 20 countries across the world. Currently, the Company has approximately 609 MWp of projects in operation, 6.9 GWp of projects under construction or in backlog (late-stage), and an additional 17.7 GWp of projects in advanced and early-stage pipeline. 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; uncertainties related to the CSI Solar carve-out listing; litigation and other risks as described in the Company's filings with the Securities and Exchange Commission, including its annual report on Form 20-F filed on April 18, 2023. Although the Company believes 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 undertakes no duty to update such information, except as required under applicable law.

Canadian Solar Inc. Contacts

Isabel Zhang
Investor Relations
Canadian Solar Inc.
investor@canadiansolar.com 

David Pasquale
Global IR Partners
+1-914-337-8801
csiq@globalirpartners.com 

View original content:https://www.prnewswire.com/news-releases/canadian-solar-releases-2022-corporate-sustainability-report-301889044.html

SOURCE Canadian Solar Inc.

FAQ

What is the ticker symbol of Canadian Solar Inc.?

The ticker symbol of Canadian Solar Inc. is CSIQ.

What are the highlights of Canadian Solar's 2022 Sustainability Report?

The highlights include achieving Prime ESG rating, participating in global ESG initiatives, reducing environmental impact, ensuring ethical labor practices, promoting diversity, inclusion, equity, engaging in community activities, and protecting biodiversity.

What are some global ESG initiatives that Canadian Solar has recently joined?

Canadian Solar recently joined United Nations Global Compact (UNGC) and submitted a commitment letter to the Science Based Targets initiative (SBTi).

How has Canadian Solar reduced its environmental impact in 2022?

In 2022, Canadian Solar reduced its year-over-year greenhouse gas (GHG) emissions, energy, water, and waste intensity by 3%, 7%, 30%, and 15% respectively.

What are some of the ethical labor practices Canadian Solar has implemented?

Canadian Solar conducted 122 supplier ESG audits and initiated a third-party assessment to evaluate the effectiveness of its Anti-Modern Slavery Policy, Supplier Code of Conduct, and Human Rights Policy in preventing forced labor.

What is Canadian Solar's commitment to diversity and inclusion?

Canadian Solar is committed to building a diverse workforce and has prioritized providing employment opportunities for people with disabilities, hiring 120 employees with disabilities as of 2022.

How does Canadian Solar engage with the community?

Canadian Solar connects employees with its mission by organizing sustainability-related activities, such as donations to orphanages and mountain clean-up activities.

What measures has Canadian Solar taken to protect biodiversity?

Canadian Solar prepares biological protection plans, takes measures, and obtains all required approvals in terms of biodiversity protection for projects it develops and provides O&M services.