Canadian Solar Releases 2022 Corporate Sustainability Report

PVTIME – Canadian Solar Inc. (the “Company”, or “Canadian Solar”) (NASDAQ: CSIQ) today announces the release of its 2022 Sustainability Report, which highlights the Company’s progress toward advancing its sustainability strategy from an environmental, social, and governance (ESG) perspective.

The sustainability disclosure in this report are aligned with global standards set by the TCFD (Task Force on Climate-Related Disclosures), SASB (the Sustainability Accounting Standards Board) and GRI (Global Reporting Initiative). The full report is available here.

Highlights of the report include:

• Recognition by external ESG rating agencies. Canadian Solar received 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 Solar also received an Excellent ESG rating from Achilles, a reputable UK agency evaluating environmental, social and governance factors across supply chains.
• Significantly expanded the Company’s participation in international ESG initiatives. Canadian Solar recently 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 Solar has 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 Solar reduced 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 Alliance to conduct a Validated Assessment Program, covering areas of labor practices, health and safety, environment, ethics, and management systems.
• Promoting diversity, inclusion, and equity. Canadian Solar is 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 Solar connects 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 Solar prepares biological protection plans, takes measures, and obtains all required approval in terms of biodiversity protection for projects it develops and provides O&M services.

Ms. Hanbing Zhang, Chief Sustainability Officer, said, “We are pleased to publish our 2022 ESG report which underscores the progress we have made toward our sustainability goals. In addition to helping our customers and other partners reduce their carbon emissions and environmental impact, we also continue to reduce the environmental impact from our own operations. At Canadian Solar, we advocate diversity, inclusion, and equity and we are committed to maintaining a responsible supply chain. ESG efforts are a long-term exercise and we look forward to engaging with our stakeholders further.”

Dr Shawn Qu, Chairman and CEO of Canadian Solar commented, “This is the third year that we are executing on our revamped sustainability strategy and I am proud of the achievements made by our team. As a clean energy company, Canadian Solar contributes to global decarbonization goals by providing affordable and clean energy. Our participation in United Nations Global Compact and SBTi is a testament of our commitment to ethical labor practice, business ethics and climate change mitigation and adaptation. We will continue our sustainable practices and create long-term value for our stakeholders.”