Canadian Solar Releases 2022 Corporate Sustainability Report
The sustainability disclosure in this report are aligned with global standards set by the TCFD (
Highlights of the report include:
- Recognition by external ESG rating agencies.
Canadian Solarreceived 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 Solaralso received an Excellent ESG rating from Achilles, a reputable UKagency evaluating environmental, social and governance factors across supply chains.
- Significantly expanded the Company's participation in international ESG initiatives.
Canadian Solarrecently 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 Solarhas 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 Solarreduced 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 Allianceto conduct a Validated Assessment Program, covering areas of labor practices, health and safety, environment, ethics, and management systems.
- Promoting diversity, inclusion, and equity.
Canadian Solaris 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 Solarconnects 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 Solarprepares biological protection plans, takes measures, and obtains all required approval in terms of biodiversity protection for projects it develops and provides O&M services.
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.