Canadian Solar Wins Environmental Finance Sustainable Company Award for Sustainability Reporting of the Year

Rhea-AI Summary

Canadian Solar Inc. awarded 'Sustainability Reporting of the Year - Global' by Environmental Finance. Company recognized for transparent and comprehensive sustainability reporting aligned with global standards. Expanded participation in international ESG initiatives.

Positive

• Canadian Solar's sustainability reporting efforts recognized globally.
• Company joins United Nations Global Compact and commits to supporting Ten Principles.
• Canadian Solar expands participation in international ESG initiatives.
• Company committed to setting science-based climate targets.

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• None.

GUELPH, ON, Oct. 11, 2023 /PRNewswire/ -- Canadian Solar Inc. (the "Company", or "Canadian Solar") (NASDAQ: CSIQ) today announced that it has been awarded the "Sustainability Reporting of the Year – Global" as part of Environmental Finance's 2023 Sustainable Company Awards. This award recognized Canadian Solar's efforts in providing transparent, comparable, and comprehensive sustainability reporting which enables its stakeholders to better understand the Company's strategy, commitments, and progress towards achieving its sustainability goals.

For three consecutive years, Canadian Solar has published sustainability and ESG reports aligned with the global standards set by the TCFD (Task Force on Climate-Related Disclosure), SASB (the Sustainability Accounting Standards Board) and GRI (Global Reporting Initiative).

In the latest report, the Company has expanded its participation in international ESG initiatives, joining the United Nations Global Compact, committing to support and adhere to the Ten Principles of the UNGC on human rights, labor, environment, and anticorruption. Canadian Solar has also submitted a commitment letter to SBTi (Science Based Targets initiative), indicating the Company's intention to set near term and net-zero science-based climate targets.

Ms. Hanbing Zhang, Chief Sustainability Officer commented, "We are honored to be recognized by Environmental Finance as a global leader in corporate sustainability reporting. We hope that our reporting will help our stakeholders understand our strategy, commitment, and efforts in decarbonizing, promoting social responsibility, maintaining a responsible supply chain, and enhancing corporate governance. We will continue to adapt to the evolving global sustainability reporting landscape and execute on our sustainability strategy, creating long-term value for our stakeholders."

Environmental Finance, headquartered in London is a news and research organization established in 1999 to report on sustainable investment, green finance and the people and companies active in environmental markets. The Sustainable Company Awards are aimed at recognizing corporates across all industries that are transforming their business practices to pave the way towards a sustainable future.

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 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 over 102 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 9 GWp of solar power projects and over 3 GWh of battery storage projects across the world. Currently, the Company has approximately 700 MWp of solar power projects in operation, 8 GWp of projects under construction or in backlog (late-stage), and an additional 17 GWp of projects in advanced and early-stage pipeline. In addition, the Company has a total battery storage project development pipeline of 52 GWh, including approximately 2 GWh under construction or in backlog, and an additional 50 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; 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
914-337-8801
csiq@globalirpartners.com

 

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SOURCE Canadian Solar Inc.

FAQ

What award did Canadian Solar receive?

Canadian Solar received the 'Sustainability Reporting of the Year - Global' award.

What are Canadian Solar's sustainability reporting efforts recognized for?

Canadian Solar's sustainability reporting efforts are recognized for being transparent and comprehensive, aligned with global standards.

What international ESG initiatives has Canadian Solar joined?

Canadian Solar has joined the United Nations Global Compact and committed to supporting the Ten Principles.

What is Canadian Solar's commitment to SBTi?

Canadian Solar has submitted a commitment letter to SBTi, indicating the Company's intention to set science-based climate targets.

What is the purpose of Environmental Finance's Sustainable Company Awards?

The Sustainable Company Awards aim to recognize corporates across all industries that are transforming their business practices towards a sustainable future.