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Canadian Solar Inc. announced the release of its 2024 Sustainability Report, which details the company’s sustainability strategy and progress toward its environmental and social goals. The report’s disclosures follow global standards, including those from the Sustainability Accounting Standards Board (SASB) and the Global Reporting Initiative (GRI), and refer to the International Financial Reporting Standards (IFRS) established by the International Sustainability Standards Board (ISSB). The full report is publicly available. Key highlights from the report include significant reductions in Canadian Solar’s environmental impact. In 2024, the company lowered greenhouse gas (GHG) emissions by 54%, energy use by 37%, water consumption by 75%, and waste intensity by 53%, all compared to 2017 levels. These improvements were achieved through better production efficiency, strong energy and water conservation initiatives, and increased power output from its solar modules. Canadian Solar also continued to adopt circular economy practices, increasing the amount of recycled and reused waste to 94% in 2024, up from 88% in 2023. Packaging materials used in production are fully recycled or reused. In terms of ethical business practices, Canadian Solar ensures compliance across its operations and supply chain by working with the Responsible Business Alliance (RBA) to perform Validated Assessment Program (VAP) audits. Following a Silver-level recognition for its Thailand module facility in 2023, the company earned another Silver-level rating in 2025 for its solar cell factory in Suqian, Jiangsu Province, China. Additionally, Canadian Solar requested two of its polysilicon suppliers in Qinghai Province, China, to begin RBA VAP audits. Ms. Hanbing Zhang, Chief Sustainability Officer of Canadian Solar, stated, “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, mentioned, “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.” The company has also improved the transparency and detail of its sustainability reporting. It now discloses all relevant Scope 3 greenhouse gas emissions categories, in line with the GHG Protocol, and has set environmental targets for its battery energy storage business for the first time. Canadian Solar’s subsidiaries, CSI Solar and Recurrent Energy, completed in-depth Double Materiality Analyses to better align sustainability efforts with stakeholder expectations. Finally, Canadian Solar’s external recognitions have strengthened. In 2025, the company’s ISS ESG rating improved to B+ from B in 2024. Its CDP climate change score also rose to B in 2024, up from C in 2023. The company maintained a Silver rating with EcoVadis and improved its score to place in the industry’s top 4% in 2025, up from the top 5% in 2024. |
