First Solar Commits to Science-Based Emissions Targets, Net Zero Emissions by 2050

Rhea-AI Summary

First Solar has committed to reducing its Scope 1 and Scope 2 greenhouse gas emissions by 20% by 2028, relative to 2020 levels, as part of its goal to achieve net-zero emissions by 2050. This follows a successful achievement of its previous GHG intensity reduction target.

The company has cut emissions intensity by approximately 77% since 2008, aiming for a 100% renewable energy transition by 2026 in the US and 2028 globally. Its advanced photovoltaic products already displace significant emissions, showcasing First Solar's commitment to sustainability.

Positive

• Commitment to reduce absolute Scope 1 and Scope 2 GHG emissions by 20% by 2028.
• Achieved previous GHG intensity reduction target three years early.
• 77% decrease in GHG emissions intensity since 2008.
• Plans for 100% renewable energy across US operations by 2026.

Negative

• None.

Action aligns emissions reduction targets with levels needed for global transition to net-zero economy

TEMPE, Ariz., Aug. 12, 2021 (GLOBE NEWSWIRE) -- First Solar, Inc. (Nasdaq: FSLR) today announced a commitment to reduce its absolute Scope 1 and Scope 2 greenhouse gas (GHG) emissions by 20 percent by 2028, relative to its emissions in 2020. It has also committed to achieving net zero emissions by 2050 at the latest.

The science-based targets further the company’s previous 2021 GHG intensity reduction target, which was achieved three years in advance of its commitment. These new targets are in line with international efforts to limit the global temperature rise to below two degrees Celsius and pursuing efforts to limit it to 1.5 degrees Celsius above pre-industrial levels. Scope 1 accounts for direct GHG emissions from company-owned and controlled resources, while Scope 2 accounts for indirect GHG emissions from the generation of purchased electricity consumed by the company.

Every year, First Solar products deployed globally are displacing more than ten times the amount of greenhouse gas emissions the company emits through its global operations and supply chain, assuming average worldwide irradiance and grid electricity emissions. The company’s advanced photovoltaic (PV) modules feature the industry’s smallest carbon and water footprints, and fastest energy payback time.

“As this week’s report from the Intergovernmental Panel on Climate Change showed, we need to treat the threat of climate change with a sense of urgency and do more than simply our part to accelerate the transition to a net-zero economy,” said Mark Widmar, chief executive officer, First Solar. “The solar industry is on the forefront of the fight against climate change and has a responsibility to lead by example. While First Solar’s technology addresses the need to decarbonize the global energy portfolio with ultra-low carbon solar, today, we’re stepping up and pledging to reduce our already-low emissions to zero by 2050.”

This commitment is a continuation of First Solar’s progress. Since 2008, company-wide GHG emissions intensity decreased by approximately 77% as a result of increased module efficiency, manufacturing throughput, and capacity utilization, decreased emissions intensity of purchased grid electricity, along with energy conservation and low carbon initiatives. In 2020, the company’s GHG emissions intensity decreased by 31% compared to 2019 primarily due to the greater throughput and enhanced energy efficiency of its Series 6 module manufacturing process.

First Solar aims to achieve its science-based targets through increased energy efficiency, going 100% renewable across its US operations by 2026 and globally by 2028, working on enabling the offsite solar market in Malaysia and Vietnam, and purchasing bundled RECs and offsets as a last resort, as outlined in its recently published 2021 Sustainability Report. The report was developed in accordance with the Global Reporting Initiative’s (GRI) Core Sustainability Reporting Standards and incorporates metrics from the Sustainability Accounting Standards Board (SASB) solar, as referenced in the sustainability leadership standard for PV modules and inverters (NSF/ANSI 457 – 2019).

About First Solar, Inc.
First Solar is a leading American solar technology company and global provider of responsibly produced eco-efficient solar modules advancing the fight against climate change. Developed at R&D labs in California and Ohio, the company’s advanced thin film photovoltaic (PV) modules represent the next generation of solar technologies, providing a competitive, high-performance, lower-carbon alternative to conventional crystalline silicon PV panels. From raw material sourcing and manufacturing through end-of-life module recycling, First Solar’s approach to technology embodies sustainability and a responsibility towards people and the planet. For more information, please visit www.firstsolar.com.

For First Solar Investors
This release contains forward-looking statements which are made pursuant to safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, statements concerning First Solar’s commitment to reduce its absolute Scope 1 and Scope 2 greenhouse gas (GHG) emissions by 20 percent by 2028, relative to its emissions in 2020, and to achieving net zero emissions by 2050 at the latest. These forward-looking statements are often characterized by the use of words such as “estimate,” “expect,” “anticipate,” “project,” “plan,” “intend,” “seek,” “believe,” “forecast,” “foresee,” “likely,” “may,” “should,” “goal,” “target,” “might,” “will,” “could,” “predict,” “continue” and the negative or plural of these words and other comparable terminology. Forward-looking statements are only predictions based on our current expectations and our projections about future events and therefore speak only as of the date of this release. You should not place undue reliance on these forward-looking statements. We undertake no obligation to update any of these forward-looking statements for any reason, whether as a result of new information, future developments or otherwise. These forward-looking statements involve known and unknown risks, uncertainties, and other factors that may cause our actual results, levels of activity, performance, or achievements to differ materially from those expressed or implied by these statements. These factors include, but are not limited to, the matters discussed under the captions “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” of our most recent Annual Report on Form 10-K and our subsequently filed Quarterly Reports on Form 10-Q, as supplemented by our other filings with the Securities and Exchange Commission.  

Media Reuven Proença First Solar Media reuven.proenca@firstsolar.com

Investors Mitchell Ennis First Solar Investor Relations mitchell.ennis@firstsolar.com

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/a664bbc1-6a89-4f33-b69b-bf27ece2816e.

FAQ

What are First Solar's emission reduction targets for 2028?

First Solar aims to reduce its absolute Scope 1 and Scope 2 greenhouse gas emissions by 20% by 2028, based on 2020 levels.

When does First Solar plan to achieve net-zero emissions?

First Solar has committed to achieving net-zero emissions by 2050 at the latest.

How much has First Solar reduced its greenhouse gas emissions intensity?

Since 2008, First Solar has reduced its greenhouse gas emissions intensity by approximately 77%.

What renewable energy goals has First Solar set for its operations?

First Solar plans to transition to 100% renewable energy across its US operations by 2026 and globally by 2028.

How do First Solar's products contribute to emissions reduction?

First Solar's products displace over ten times the greenhouse gas emissions generated from its operations globally.