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Canadian Solar Unveils its 2024 Sustainability Report

On May 29, 2025, Canadian Solar Inc., a leading name in the renewable energy sector, proudly announced the release of its 2024 Sustainability Report. This report serves as a testament to the company’s ongoing efforts to integrate sustainability into its operational framework and reflects its dedication to achieving ambitious environmental goals.

Framework and Standards of the Report

The 2024 Sustainability Report is structured in accordance with globally recognized frameworks, including the Sustainability Accounting Standards Board (SASB) and the Global Reporting Initiative (GRI). Additionally, it references the International Financial Reporting Standards (IFRS) as outlined by the ISSB (International Sustainability Standards Board). This alignment not only enhances the transparency of the report but also provides stakeholders with a comprehensive view of the company's sustainability performance.

Environmental Impact and Achievements

One of the standout aspects of this year's report is the notable progress Canadian Solar has made in minimizing its environmental footprint. The company has achieved remarkable reductions in greenhouse gas emissions, energy, water, and waste intensities, with reductions of 54%, 37%, 75%, and 53% respectively compared to 2017 levels. Such milestones have been facilitated by improvements in manufacturing efficiency and the implementation of effective energy and water conservation strategies.

In addition, Canadian Solar has taken significant strides toward embracing circular economy principles, reporting a recycling and reuse rate of 94% in 2024, an increase from 88% in 2023. Importantly, the company also maintains a commitment to 100% recycling and reuse of packaging materials used in the manufacturing process, reaffirming its pledge to sustainable practices.

Ethical Practices in Operations

Canadian Solar acknowledges the importance of ethical business conduct across its operations and supply chain. To this end, it has partnered with the Responsible Business Alliance (RBA) for regular Validated Assessment Program (VAP) audits. After a successful audit of its Thailand facility in 2023, achieving Silver-level recognition, the company earned another Silver-level rating for its solar cell factory located in Suqian, Jiangsu Province, China, in 2025. Furthermore, Canadian Solar has encouraged its polysilicon suppliers in Qinghai Province, China, to undertake RBA VAP audits, reinforcing its commitment to ethical practices.

Transparency and Stakeholder Engagement

The company has worked diligently to enhance the depth and transparency of its greenhouse gas emissions reporting. In this report, Canadian Solar has disclosed all relevant scope 3 categories in alignment with the GHG Protocol. For the first time, environmental targets for its battery energy storage business have been introduced. Furthermore, Canadian Solar's subsidiaries, CSI Solar and Recurrent Energy, have each conducted a Double Materiality Analysis to ensure their sustainability strategies align with stakeholder expectations.

External Recognition and Ratings

In addition to internal successes, Canadian Solar has seen improvements in external ratings from esteemed third-party agencies. The company's ISS ESG rating has increased to B+, up from B in the previous year, reflecting its commitment to sustainability. Additionally, its CDP climate change score advanced to B in 2024, a commendable improvement over the previous year's score of C. Canadian Solar has also maintained its Silver rating with EcoVadis, achieving a top 4% position in the industry this year.

Leadership Perspectives

Commenting on the report, Ms. Hanbing Zhang, Chief Sustainability Officer, expressed her excitement about the achievements outlined in the report. She emphasized that these accomplishments not only underline the company's commitment to sustainability but also illustrate how such efforts can drive significant business value.

Dr. Shawn Qu, Chairman and CEO of Canadian Solar, highlighted the strategic importance of sustainable business practices, revealing that they are central to the company’s success. He reiterated that Canadian Solar is dedicated to pushing forward in its mission to supply the world with renewable solar energy while simultaneously ensuring a cleaner planet for future generations.

About Canadian Solar Inc.

Founded in 2001 and headquartered in Kitchener, Ontario, Canadian Solar is a global leader in solar technology and renewable energy. The company specializes in manufacturing solar photovoltaic modules, providing solar energy solutions, and developing utility-scale solar power projects. Over nearly 25 years, Canadian Solar has delivered around 157 GW of top-quality solar modules worldwide. Its continuous innovations and extensive project development pipeline, comprising over 27 GW of solar capacity and 76 GWh of battery energy storage capacity, solidify its position as a reliable entity in the renewable energy market.

For more detailed insights, stakeholders and interested parties are encouraged to explore the full 2024 Sustainability Report available on the Canadian Solar website.