Penguin Solutions Releases 2023 Environmental, Social, and Governance Report

Rhea-AI Summary

Penguin Solutions (Nasdaq: PENG) has released its 2023 Environmental, Social, and Governance (ESG) Report, marking its fourth annual publication. Key achievements include a 76% reduction in Scope 1 and 2 greenhouse gas emissions and reaching 78% renewable energy usage with a second site conversion to 100% renewable energy. The company conducted a global gender pay parity study and maintained membership in the Responsible Business Alliance. In 2024, Penguin Solutions completed its first formal double materiality assessment, incorporating guidelines from GRI, UN SDGs, UNGC, TCFD, and ESRS.

Positive

• 76% reduction in Scope 1 and 2 greenhouse gas emissions
• Increased renewable energy usage to 78% with second site conversion
• Expanded gender pay parity study from US-only to global coverage
• Enhanced global information security program implementation

Negative

• None.

Insights

Environmental Sustainability Expert

The significant 76% reduction in Scope 1 and 2 GHG emissions, coupled with achieving 78% renewable energy usage across operations, demonstrates substantial progress in environmental stewardship. The conversion of a second facility to 100% renewable energy shows systematic implementation of sustainability initiatives. The double materiality assessment aligned with GRI, SDGs, UNGC, TCFD and ESRS frameworks indicates a comprehensive approach to sustainability reporting and stakeholder engagement.

While these environmental achievements are noteworthy, they primarily reflect operational improvements rather than direct financial impact. The report lacks specific financial metrics or targets tied to ESG initiatives, making it difficult to quantify the business value of these sustainability investments.

Tech innovator continues progress toward meaningful long-term sustainability goals

MILPITAS, Calif.--(BUSINESS WIRE)-- Penguin Solutions, Inc. (“Penguin”) (Nasdaq: PENG) today released the 2023 Penguin Solutions Environmental, Social, and Governance Report, the fourth annual record of the company’s progress on its environmental, social, and governance (ESG) goals. The report provides a transparent account of the company’s ongoing commitment to maintaining high standards of safety and ethical conduct, cultivating a workplace culture that champions diversity, equity, and inclusion, and giving back to the global communities in which it operates.

The Penguin Solutions 2023 ESG Report, the fourth annual record of the company’s progress, shows how the company is working to fulfill its long-term aims by building on progress made in previous years. (Photo: Business Wire)

Over the past four years, Penguin Solutions has established a suite of meaningful ESG goals. The 2023 ESG Report shows how the company is working to fulfill these long-term aims by building on progress made in previous years. In 2023, Penguin Solutions:

• Reduced total Scope 1 and Scope 2 greenhouse gas (GHG) emissions by 76% and converted a second site to run on 100% renewable energy, achieving 78% of its energy from this renewable (Penguin Solutions’ first site went 100% renewable in 2021.);
• Conducted a global study of gender pay parity that expands on last year’s U.S.-only review;
• Stayed engaged with industry peers on sustainability concerns by maintaining membership in the Responsible Business Alliance; and
• Streamlined and fortified its global information security program to help stay ahead of current and emerging risks.

“During the last calendar year, we made great strides on our ESG initiatives,” said Mark Adams, president and CEO of Penguin Solutions. “I am incredibly proud of our team, our unwavering commitment to corporate responsibility across the company, and the progress we are making toward a sustainable future.”

In 2024, Penguin Solutions conducted its first formal double materiality assessment, which involved interviews with key stakeholders on a range of ESG topics. This assessment drew on best practices from the Global Reporting Initiative (GRI), the UN Sustainable Development Goals (SDGs), the UN Global Compact (UNGC), the Task Force on Climate-Related Financial Disclosures (TCFD), and the European Sustainability Reporting Standards (ESRS).

To read the full report, click here: 2023 Penguin Solutions ESG Report.

Penguin Solutions is a trademark owned within the family of companies owned by Penguin Solutions, Inc. All other trademarks are the property of their respective owners.

About Penguin Solutions

The most exciting technological advancements are also the most challenging for companies to adopt. At Penguin Solutions, we support our customers in achieving their ambitions across our computing, memory, and LED business segments. With our expert skills, experience, and partnerships, we turn our customers’ most complex challenges into compelling opportunities.

For more information, visit https://www.penguinsolutions.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20241031918061/en/

Investor Contact

Suzanne Schmidt

Investor Relations for Penguin Solutions

(510) 360-8596

ir@penguinsolutions.com

PR Contact

Maureen O’Leary

Penguin Solutions Corporate Communications

(602) 330-6846

pr@penguinsolutions.com

Source: Penguin Solutions, Inc.

FAQ

What were Penguin Solutions (PENG) key ESG achievements in 2023?

In 2023, Penguin Solutions achieved a 76% reduction in Scope 1 and 2 greenhouse gas emissions, converted a second site to 100% renewable energy reaching 78% total renewable usage, conducted a global gender pay parity study, and enhanced its information security program.

How much did Penguin Solutions (PENG) reduce its greenhouse gas emissions in 2023?

Penguin Solutions reduced its total Scope 1 and Scope 2 greenhouse gas emissions by 76% in 2023.

What percentage of Penguin Solutions' (PENG) energy came from renewable sources in 2023?

In 2023, 78% of Penguin Solutions' energy came from renewable sources, following the conversion of a second site to 100% renewable energy.