Canadian Solar Publishes Its 2020 Sustainability Report

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Jul 29, 2021, 07:00 ET

GUELPH, ON, July 29, 2021 /PRNewswire/ -- Canadian Solar Inc. ("Canadian Solar" or "the Company") (NASDAQ: CSIQ) today announced the release of its 2020 Sustainability Report, which presents the Company's commitments, progress and achievements towards contributing to a better and more sustainable future from an environmental, social and governance (ESG) perspective.

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

Highlights

Environmental

In 2020, the Company achieved reductions in greenhouse gas (GHG) emissions, manufacturing energy intensity, manufacturing water intensity and manufacturing waste intensity of 20%, 19%, 18% and 44%, respectively, from the 2017 baselines.
The Company set ambitious 2025 targets to reduce GHG emissions, energy intensity, water intensity and waste intensity by 37%, 36%, 45% and 49%, respectively, from the 2020 levels.
Likewise, the Company pledges to powering 100% of its global operations with renewable energy before the end of the decade.

Social

The Company has also set 5-year diversity goals. By 2025, Canadian Solar aims to increase the share of its global female workforce to 40% (from 35% in 2020) and its female share in management positions to 30% (from 22% in 2020).
The Company has implemented and improved on its safety policies and procedures, including an active response to COVID-19 and maintaining a safe working environment for employees.
Over the past two years, the Company established the Canadian Solar University aiming to help employees gain a broader understanding of the business and industry, drive innovation and more effective collaboration.
Committing to a responsible supply chain, the Company has concurrently published its Supplier Code of Conduct and requires its suppliers to adhere to the Code. This policy sets forth the Company's standards on human rights, environmental protection, health, safety and business ethics.

Governance

The Company has appointed Ms. Hanbing Zhang as Chief Sustainability Officer (CSO) to lead the Company's ESG efforts. Her biography is available at the bottom of this page. The CSO leads the ESG working group who works closely with the Company's management and operations teams to integrate its ESG considerations into the Company's strategic decision-making process.
At the board level, the Company has also established a Sustainability Committee to oversee the Company's ESG practices, including but not limited to overseeing climate-related risks and opportunities, while monitoring progress and advising on strategic measures related to the long-term sustainability of the Company.

Dr. Shawn Qu, Chairman and CEO, said "We are very pleased to announce the publication of our 2020 Sustainability Report, which was prepared in line with our revamped sustainability strategy. The saying goes that 'what doesn't get measured doesn't get managed', so now we are rigorously monitoring a range of sustainability factors, set ambitious targets, and incorporate ESG in every major business decision we make. We will continue to deliver clean, affordable and reliable energy to our customers; lead the global effort to decarbonize our economies; and Make the Difference to all our stakeholders."

Ms. Hanbing Zhang, Chief Sustainability Officer, added, "For Canadian Solar, sustainability is more than just environmental sustainability. We are strongly committed to building a safe, diverse and inclusive culture, and to contributing to a responsible supply chain. We will continue to polish both our practices and disclosures over the coming years and look forward to engaging with our stakeholders on the ways in which we can improve further."

Ms. Hanbing Zhang is Corporate Vice President of Global Marketing at CSI Solar Co., Ltd., Canadian Solar's majority-owned subsidiary. She was previously the Global Head of Marketing at Canadian Solar from 2005 to 2020. Ms. Zhang founded Women in Solar Energy (WISE) in 2019, an industry association to promote the participation and career development of women in the solar industry, and is the president of WISE. Ms. Zhang holds a Master of Economics degree from the University of Manitoba in Canada.

About Canadian Solar Inc.
Canadian Solar was founded in 2001 in Canada and is one of the world's largest solar technology and renewable energy companies. It is a leading manufacturer of solar photovoltaic modules, provider of solar energy and battery storage solutions, and developer of utility-scale solar power and battery storage projects with a geographically diversified pipeline in various stages of development. Over the past 20 years, Canadian Solar has successfully delivered over 55 GW of premium-quality, solar photovoltaic modules to customers across the world. Likewise, since entering the solar project development business in 2010, Canadian Solar has developed, built and connected over 5.7 GWp in over 20 countries across the world. Currently, the Company has around 500 MWp of projects in operation, nearly 6 GWp of projects under construction or in backlog (late-stage), and an additional 15 GWp of projects in pipeline (mid- to early- stage). Additionally, Canadian Solar has 1.2 GWh of battery storage projects under construction, and nearly 17 GWh of battery storage projects in backlog or pipeline. Canadian Solar is one of the most bankable companies in the solar and renewable energy industry, having been publicly listed on the NASDAQ since 2006. For additional information about the Company, follow Canadian Solar on LinkedIn or visit www.canadiansolar.com.

Safe Harbor/Forward-Looking Statements
Certain statements in this press release, including but not limited to the use of proceeds, 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 and economic conditions and the state of the solar industry; volatility, uncertainty, delays and disruptions related to the COVID-19 pandemic; 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., India, China and Brazil; changes in customer order patterns; changes in product mix; capacity utilization; level of competition; pricing pressure and declines in 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; delays in the process of qualifying to list the CSI Solar subsidiary in the PRC; continued success in technological innovations and delivery of products with the features customers demand; shortage in supply of materials or capacity requirements; availability of financing; exchange rate fluctuations; litigation and other risks as described in the Company's SEC filings, including its annual report on Form 20-F filed on April 19, 2021. 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.

SOURCE Canadian Solar Inc.