Sustained Efforts Ensure GoodWe Maintains ESG Rating For 2023

In a sign of the rising role of ESG (Environment, Social and Governance) norms across corporates, Chinese solar inverter major GoodWe has released its 2023 Corporate Social Responsibility (CSR) report, aligned to supporting the United Nation’s Sustainable Development Goals (SDGs). Released on April 26, 2024, the report highlights GoodWe’s efforts in corporate governance, product responsibility, sustainable operations, industry engagement, employee development, and community contributions.

“The release of the CSR report offers us an opportunity to remain transparent.” Daniel Huang, CEO of GoodWe, stated, “Integrating sustainability into our business strategy is crucial for the long-term development of the company. We’ve focused on renewable energy transition, employee well-being, industry cooperation, and community engagement, and more, hoping to cultivate a responsible supply chain that benefits the larger community.”

Throughout 2023, GoodWe pursued its sustainability development through a series of objectives and initiatives, some of which include:

• Establishment of a dedicated team, Sustainable Development Research Institute, responsible for the organization’s ESG strategies and plans
• Investment of 0.47 billion RMB in R&D, and has maintained R&D capabilities of over 1,000 professionals
• Hosting of the Inverter Installation Experience Workshop within the company to enhance product quality and customer experience through collaborative problem-identifying and solving
• Achievement of an annual green power generation of 2.57million kWh at GoodWe’s main manufacturing base, Guangde Industrial Park in Anhui province, China
• Accumulation of certifications for 16 inverter products with carbon footprint certificates and 2 with Environmental Product Declaration (EPD) certificates, responding to the challenges of climate change
• Launch of Community Display Centers in China and Australia, engaging the general public to share the knowledge of distributed power generation and usage
• Delivery of 1604 training sessions, 40 average hours of training per employee, fostering professional development
• Implementation of 497 communication and training sessions with suppliers to enhance the supply chain’s green performance
• Donation of 1,000,000 RMB for the construction of 8 public welfare distributed power stations with around 376 kw installed capacity in total, bringing the renewable power generation income to backward areas

Dr. Kenan Zhang, Director of GoodWe Sustainable Development Research Institute, shared further plans for sustainability improvements, noting that “the report reflects our ongoing commitment to CSR excellence. Moving forward, we’ll extend our efforts to the wider ESG field, setting higher standards for ourselves and our supply chain to pursue a more sustainable future. Our dedicated team is poised to establish long-term focused subjects, initiate strategic plans, and enhance communication among our business partners and ourselves. The ultimate goal is to drive tangible business results which reflect the shareable value of sustainable development and integrated ESG performance.”

This is the third year GoodWe has released its CSR report.

GoodWe Maintains BBB MSCI ESG Rating in 2023

GoodWe’s efforts meant that it retained the ‘BBB’ rating in the latest MSCI Environmental, Social, and Governance (ESG) evaluation. According to the scorecard released by MSCI, GoodWe’s ESG performance in 2023 excelled in Opportunities in Clean Tech and Labor Management, evaluated in various aspects such as the clean tech innovation capacity, employee relations, strength of worker protections, among others.

This marks the second consecutive year that GoodWe has maintained a BBB ESG rating, reflecting its ongoing commitment to sustainable development.

The company took further steps in sustainability endeavors in 2023 by establishing the Sustainable Development Research Institute, aimed at enhancing the efficacy of the company’s ESG governance framework. The institute is responsible for formulating the company’s mid- to long-term sustainable development plan and promoting the effective implementation of sustainable development decisions within the organization.