KITCHENER, ON, May 29, 2025 /PRNewswire/ -- Canadian Solar Inc. (the "Company" or "Canadian Solar") (NASDAQ:CSIQ) today announced the release of its 2024 Sustainability Report. This report highlights the Company's sustainability strategy and performance, including progress towards achieving its sustainability goals.
The sustainability disclosures in this report are aligned with global standards set by the SASB (the Sustainability Accounting Standards Board) and Global Reporting Initiative (GRI), with reference to the IFRS (the International Financial Reporting Standards) set by the ISSB (International Sustainability Standards Board). The full report is available here.
Highlights of the report include the following:
- Notable progress in reducing the Company's environmental footprint: In 2024, Canadian Solar lowered GHG emissions, energy, water, and waste intensities by 54%, 37%, 75%, and 53%, respectively, compared to 2017 levels. These achievements were driven by the enhanced production efficiency, implementation of robust energy and water conservation programs, as well as the increases in the power output of its solar modules. The Company also continues to align its operations with circular economy principles, increasing total recycled and reused waste to 94% in 2024 from 88% in 2023, while maintaining 100% recycling or reuse of packaging materials used during its production processes.
- Ethical business conduct across the Company's own operations and supply chain: To ensure alignment with global standards on labor practices, environmental, health and safety, and business ethics, Canadian Solar engages with the Responsible Business Alliance (RBA) to conduct Validated Assessment Program (VAP) audits at its facilities. Building on the success of the 2023 audit of Canadian Solar's Thailand module facility, where it achieved a Silver-level recognition, the Company earned another Silver-level recognition under the RBA VAP in 2025 for its solar cell factory in Suqian, Jiangsu Province, China. Beyond its own facilities, two of Canadian Solar's polysilicon suppliers in Qinghai Province, China, initiated RBA VAP audits at the Company's request.
- Enhanced transparency and depth of disclosures: Canadian Solar has further enhanced the transparency and comprehensiveness of its greenhouse gas (GHG) emissions reporting by disclosing all relevant scope 3 categories in alignment with the GHG Protocol. The Company has set the environmental targets for its battery energy storage business for the first time. To align the Company's sustainability strategy with stakeholder expectations, Canadian Solar's subsidiaries CSI Solar and Recurrent Energy have each conducted an in-depth Double Materiality Analysis.
- Further strengthened external recognitions: Canadian Solar has achieved elevated ratings from international third-party agencies. In 2025, the Company's ISS ESG rating increased to B+, up from B in 2024. Additionally, its CDP climate change score advanced to B for the 2024 questionnaire, compared to C in 2023. Canadian Solar maintained its Silver rating with EcoVadis, while further enhancing its score to industry top 4% in 2025, up from top 5% in 2024.
Ms. Hanbing Zhang, Chief Sustainability Officer of Canadian Solar, commented, "We are delighted to announce the release of our 2024 Sustainability Report, which underscores our commitment to embedding sustainability across our operations and value chain. This year's achievements, from reducing our environmental footprint to fostering a creative, engaged workforce and maintaining a responsible supply chain, demonstrate how sustainability is driving meaningful value for our business. As we look ahead, we remain unwavering in our pursuit of transparency, while working closely with our stakeholders for continuous improvement."
Dr. Shawn Qu, Chairman and CEO of Canadian Solar, added, "At Canadian Solar, we recognize that sustainable business practices are not merely a responsibility, but a strategic imperative for enduring success. I am proud of our team's achievements as we advance toward our sustainability goals. Our mission is to power the world with solar energy and create a better and cleaner Earth for future generations. To realize this, we will continue to drive meaningful progress by embedding technological innovation, environmental stewardship, social responsibility, and ethical governance across our businesses and value chain."
About Canadian Solar Inc.
Canadian Solar is one of the world's largest solar technology and renewable energy companies. Founded in 2001 and headquartered in Kitchener, Ontario, the Company is a leading manufacturer of solar photovoltaic modules; provider of solar energy and battery energy storage solutions; and developer, owner, and operator of utility-scale solar power and battery energy storage projects. Over the past 24 years, Canadian Solar has successfully delivered nearly 157 GW of premium-quality, solar photovoltaic modules to customers across the world. Through its subsidiary e-STORAGE, Canadian Solar has shipped over 11 GWh of battery energy storage solutions to global markets as of March 31, 2025, boasting a $3.2 billion contracted backlog as of March 31, 2025. Since entering the project development business in 2010, Canadian Solar has developed, built, and connected approximately 11.6 GWp of solar power projects and 4.5 GWh of battery energy storage projects globally. Its geographically diversified project development pipeline includes 27 GWp of solar and 76 GWh of battery energy storage capacity in various stages of development. 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 those regarding the Company's expected future shipment volumes, revenues, gross margins, and project sales 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 "may", "will", "expect", "anticipate", "future", "ongoing", "continue", "intend", "plan", "potential", "prospect", "guidance", "believe", "estimate", "is/are likely to" or similar expressions, the negative of these terms, or other comparable terminology. These forward-looking statements include, among other things, our expectations regarding global electricity demand and the adoption of solar and battery energy storage technologies; our growth strategies, future business performance, and financial condition; our transition to a long-term owner and operator of clean energy assets and expansion of project pipelines; our ability to monetize project portfolios, manage supply chain fluctuations, and respond to economic factors such as inflation and interest rates; our outlook on government incentives, trade measures, regulatory developments, and geopolitical risks; our expectations for project timelines, costs, and returns; competitive dynamics in solar and storage markets; our ability to execute supply chain, manufacturing, and operational initiatives; access to capital, debt obligations, and covenant compliance; relationships with key suppliers and customers; technological advancement and product quality; and risks related to intellectual property, litigation, and compliance with environmental and sustainability regulations. Other risks were described in the Company's filings with the Securities and Exchange Commission, including its annual report on Form 20-F filed on April 30, 2025. 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.
CANADIAN SOLAR INC. INVESTOR RELATIONS CONTACT
Wina Huang
Investor Relations
Canadian Solar Inc.
[email protected]
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SOURCE Canadian Solar Inc.