Fisker Inc. Commits to United Nations Global Compact and Will Pursue Sustainable Development Goals

Rhea-AI Summary

Fisker Inc. (NYSE: FSR) has joined the UN Global Compact, committing to sustainable practices and supporting UN sustainability goals. CEO Henrik Fisker emphasized the importance of Environmental, Social, and Governance (ESG) principles in the company's culture. In 2022, Fisker will publish a Communication of Progress detailing efforts aligning with the UNGC's Ten Principles. The company has established an ESG advisory council, featuring UNDP Goodwill Ambassador Nikolaj Coster-Waldau. Fisker aims to produce a climate-neutral vehicle by 2027, positioning itself as a leader in sustainable electric vehicle production.

Positive

• Fisker joined the UN Global Compact, enhancing credibility in sustainability.
• The company aims to produce a climate-neutral vehicle by 2027.
• Establishment of an ESG advisory council indicates strong commitment to sustainability.
• Fisker's Labor and Human Rights policy aligns with international standards.

Negative

• None.

• Fisker has signed the UN Global Compact (UNGC) and is committed to supporting sustainable development goals and being an active participant with the UN.
• The company has published a Labor and Human Right policy, in alignment with the UNGC. Fisker joins businesses in over 160 countries that are advancing UN objectives in human rights, labor, environment, and anti-corruption.
• Fisker CEO Henrik Fisker, in a letter to the UN, expressed the importance of Environment, Social, and Governance (ESG) goals to the carmaker’s overall culture.
• The company took an ESG leadership position, aligned with the UN Goals, prior to committing to the UN Global Compact, establishing strict social and environmental standards to create the world’s most sustainable vehicles.
• In 2022, Fisker will produce the required Communication of Progress (COP) on the company’s efforts to support the Ten Principles of the UNGC.
• Fisker has formed an ESG advisory council, with UN Development Programme Goodwill Ambassador Nikolaj Coster-Waldau as its first external member.

LOS ANGELES--(BUSINESS WIRE)-- Fisker Inc. (NYSE: FSR) (“Fisker”) – passionate creator of the world's most sustainable electric vehicles and advanced mobility solutions – has joined the United Nations Global Compact (UNGC) as a signatory and participant.

Fisker Inc. passionate creator of the world's most sustainable electric vehicles and advanced mobility solutions – has joined the United Nations Global Compact (UNGC) as a signatory and participant. Shortly after going public, Fisker established a stringent framework for Environmental, Social, and Governance (ESG), including company-wide deliverables aligned with the UN Sustainable Development Goals (UNSDGs) and using the SASB reporting structure. (Photo: Business Wire)

The UNGC, established in 2000, is the world’s largest corporate sustainability initiative, according to the organization, uniting businesses in over 160 countries to support Ten Principles in areas of human rights, labor, the environment, and anti-corruption. (Additional detail on the Ten Principles can be found below.)

Shortly after going public, Fisker established a stringent framework for Environmental, Social, and Governance (ESG), including company-wide deliverables aligned with the UN Sustainable Development Goals (UNSDGs) and using the SASB reporting structure.

Signing on to the UNGC was a logical next step for Fisker as it pursues an overarching goal of creating the world’s most sustainable all-electric vehicles, starting with the Fisker Ocean SUV, arriving in late 2022. The company aims to produce a climate-neutral vehicle by 2027.

“ESG is a core value and brand pillar at Fisker,” wrote CEO Henrik Fisker in a letter to the UN. “We take our responsibilities to the ethical and fair treatment of people, communities, and the environment very seriously.”

In a letter responding to Fisker’s stated intention to support the initiative, UNGC Executive Director Sanda Ojiambo wrote the “heart of the Global Compact is a conviction that business practices which are rooted in universal principles help the global marketplace to be more socially and economically inclusive, thus advancing collective goals of international cooperation, peace and development.”

According to Ojiambo, “Such goals are critical for the health and vibrancy of the private sector given the symbiotic relationship between business and society.”

Ten Principles of the UNGC

The UNGC has articulated Ten Principles for the Global Compact, grouped into four areas:

Human Rights

Principles 1 &2: Businesses should support and respect the protection of internationally proclaimed human rights; and make sure that they are not complicit in human rights abuses.

Labor

Principles 3-6: Businesses should uphold the freedom of association and the effective recognition of the right to collective bargaining; the elimination of all forms of forced and compulsory labor; the effective abolition of child labor; and the elimination of discrimination in respect of employment and occupation.

Environment

Principles 7-9: Businesses should support a precautionary approach to environmental challenges; undertake initiatives to promote greater environmental responsibility; and encourage the development and diffusion of environmentally friendly technologies.

Anti-Corruption

Principle 10: Businesses should work against corruption in all its forms, including extortion and bribery.

Fisker Inc Was Built on ESG

Founded in 2016, Fisker Inc has committed to ESG since the company’s inception and has established a comprehensive ESG framework that informs all aspects of the business. Fisker’s approach to ESG consists of industry leadership, transparency, partnerships, and real-world scientific measurement.

Thanks to this framework, Fisker intends to meet the UN’s requirement to produce a Communication of Progress (COP) on the company’s efforts to support the Ten Principles of the UNGC. The COP will be generated in 2022, documenting Fisker’s specific actions.

Within a few months of going public, Fisker established a publicly reported Responsible Supplier Policy and recently published its Labor and Human Rights Policy, among other important Governance material. The company has formed an ESG Advisory Council that will regularly engage in important Environmental and Social challenges and recommend actions consistent with the company’s values and the Ten Principles of the UNGC.

Renowned actor and United Nations Development Programme (UNDP) Goodwill Ambassador Nikolaj Coster-Waldau has joined the Fisker Advisory Council as its first external member. The “Game of Thrones” actor has been involved with the UNDP since 2016; he will advise Fisker on matters related to the UNGC and the UN’s global goals for sustainable development.

“We intend to lead our industry on sustainability and are ready to fulfill our commitments to the UNGC, advancing our ESG goals as we expand our company in the coming years,” Henrik Fisker added.

About Fisker Inc.

California-based Fisker Inc. is revolutionizing the automotive industry by developing the most emotionally desirable and eco-friendly electric vehicles on Earth. Passionately driven by a vision of a clean future for all, the company is on a mission to become the No. 1 e-mobility service provider with the world's most sustainable vehicles. To learn more, www.fiskerinc.com – and enjoy exclusive content across Fisker's social media channels: Facebook, Instagram, Twitter, YouTube and LinkedIn. Download the revolutionary new Fisker mobile app from the App Store or Google Play store.

Forward-Looking Statements

This press release includes forward-looking statements, which are subject to the “safe harbor” provisions of the US Private Securities Litigation Reform Act of 1995. These statements may be identified by words such as “feel,” “believes,” expects,” “estimates,” “projects,” “intends,” “should,” “is to be,” or the negative of such terms, or other comparable terminology and include, among other things, the quotation of our Chief Executive Officer, and statements regarding the Company’s strategy and other future events that involve risks and uncertainties. Such forward-looking statements are not guarantees of future performance and are subject to risks and uncertainties, which could cause actual results to differ materially from the forward-looking statements contained herein due to many factors, including, but not limited to: Fisker’s limited operating history; Fisker’s ability to enter into additional manufacturing and other contracts with Magna, or other OEMs or tier-one suppliers in order to execute on its business plan; the risk that OEM and supply partners do not meet agreed upon timelines or experience capacity constraints; Fisker may experience significant delays in the design, manufacture, regulatory approval, launch and financing of its vehicles; Fisker’s ability to execute its business model, including market acceptance of its planned products and services; Fisker’s inability to retain key personnel and to hire additional personnel; competition in the electric vehicle market; Fisker’s inability to develop a sales distribution network; and the ability to protect its intellectual property rights; and those factors discussed in Fisker’s Annual Report on Form 10-K, as amended, under the heading “Risk Factors,” filed with the Securities and Exchange Commission (the “SEC”), as supplemented by Quarterly Reports on Form 10-Q, and other reports and documents Fisker files from time to time with the SEC. Any forward-looking statements speak only as of the date on which they are made, and Fisker undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date of this press release

View source version on businesswire.com: https://www.businesswire.com/news/home/20211215005169/en/

Fisker Inc.

Tel: +1.310.374.6177

Simon Sproule, SVP, Communications

ssproule@fiskerinc.com

Rebecca Lindland, Director, Communications

rlindland@fiskerinc.com

Dan Galves, VP, Investor Relations

dgalves@fiskerinc.com

Source: Fisker Inc.

FAQ

What is Fisker Inc.'s commitment in joining the UN Global Compact?

Fisker Inc. has committed to supporting sustainable development goals and implementing practices aligned with the UN Global Compact's principles.

When will Fisker publish its Communication of Progress?

Fisker plans to publish its Communication of Progress in 2022, detailing efforts to support the UN Global Compact's Ten Principles.

Who is the first external member of Fisker's ESG advisory council?

Nikolaj Coster-Waldau, UN Development Programme Goodwill Ambassador, is the first external member of Fisker's ESG advisory council.

What is Fisker's goal for vehicle production by 2027?

Fisker aims to produce a climate-neutral vehicle by 2027, reflecting its commitment to sustainability.