Sungrow Achieves ‘AA’ ESG Rating, Boosting Global Renewable Energy Initiatives

Sungrow has been recognized for its commitment to sustainability, earning an ‘AA’ rating in the latest ESG assessment by Morgan Stanley Capital International (MSCI). This high rating underscores the company’s dedication to advancing renewable energy on a global scale.

Among Sungrow’s notable achievements are securing a 7.8 GWh grid-side energy storage project in Saudi Arabia and a 3 GWh independent energy storage project in Australia. The company’s focus on technological innovation has strengthened its position in the renewable energy industry.

MSCI’s ESG assessment evaluates over 8,500 publicly listed companies, providing in-depth analysis of their environmental, social, and governance practices. Sungrow’s sustainability efforts have also been recognized by S&P Global and Boston Consulting Group (BCG).

Sungrow has aligned its initiatives with four United Nations Sustainable Development Goals (SDGs): affordable and clean energy, industry innovation and infrastructure, responsible consumption and production, and climate action. According to MSCI, Sungrow’s Implied Temperature Rise is projected between 1.5 and 2.0°C, indicating alignment with the Paris Agreement’s target of limiting global warming to below 2°C compared to pre-industrial levels.

In its 2023 sustainability report, Sungrow reported that renewable energy now accounts for 55 percent of its total energy use, along with a 6.75 percent reduction in energy consumption per unit of production compared to 2020. Through energy-saving strategies, the company saved over 1,300 MWh of electricity in 2023. As of September 30, Sungrow ranked first among the top ten companies in the MSCI China A Onshore IMI Efficient Energy Index.

Sungrow’s sustainable development framework is built on five strategic pillars:

– Excellent Governance

– Toward Net Zero

– Eco-Friendly Development

– Mutually Beneficial Collaboration

– Diversity and Inclusion

Since 2019, Sungrow has benchmarked its initiatives against the 17 SDGs, refining its focus to 10 goals that align with its core business and resources. In 2023, the company set new ESG targets, aiming for operational carbon neutrality by 2028 and supply chain carbon neutrality by 2038, with a goal of achieving net-zero status across its entire supply chain by 2048. By the end of 2023, 96.79 percent of Sungrow’s suppliers had committed to the Supplier Code of Conduct.

Recent climate events, such as hurricanes in the United States and floods in Europe, have underscored the urgency of global climate action. Sungrow, along with other renewable energy companies, is committed to supporting the energy transition. The upcoming COP29 conference in November, themed “In Solidarity for a Green World,” will further address these critical issues.