Shanghai Electric releases 2022 ESG report, highlighting achievements in innovation, environmental protection and community engagement

2023-05-10 18:46:26

Shanghai (ots/PRNewswire) – Shanghai Electric (SEHK: 2727, SSE:601727) announced the release of its 2022 Environmental, Social and Governance (ESG) Report, the seventh report since the company began disclosing its ESG practices in 2016 The report highlights Shanghai Electric’s efforts to strengthen the company’s ESG ecosystem while underscoring the company’s commitment to creating a more sustainable journey for the company, the communities in which it operates and society as a whole find. The report also highlights the company’s track record of expanding the electricity sector in support of China’s low-carbon goals, as well as breakthroughs in its ESG development, reflected in its solution innovations, eco-preservation practices and community empowerment initiatives.

A pioneer of the green transformation to low-carbon operations

As a pioneer and technology leader in the field of renewable energy, aiming to help China and countries around the world transition to new energy resources, Shanghai Electric has continued to implement its three-pronged strategy focusing on energy substitution, efficiency improvement and resource recycling to achieve CO2 reduction in the world 2022 and further reduce energy consumption and greenhouse gas emissions. In addition, the company increased its efforts to reduce the environmental impact of its operations and used its technological capabilities to improve its green manufacturing capabilities.

With multi-energy coupling as the core of business development, Shanghai Electric established a new energy subsidiary in 2022, taking another step forward in enhancing its integrated services that include power production, grid, load and storage. The new company strengthens Shanghai Electric’s ability to provide comprehensive services in wind, wind energy, photovoltaic, energy storage, thermal energy and hydrogen and has strengthened its position as a leader in the energy sector, driving innovation in new energy.

The year 2022 also marks the inauguration of Shanghai Hydrogen Shidai Technology Co., Ltd, a subsidiary supporting Shanghai Electric’s goal of developing clean hydrogen sources. The company’s two new solutions – plants for producing hydrogen from alkaline electrolysis water and plants for producing hydrogen from PEM electrolysis water – are characterized by high electrolysis efficiency, long service life, low operating costs, high current density, low power consumption and exceptional dynamic response speed. The modular design also enables the integrated and large-scale production of green hydrogen, representing a leading innovation in China’s hydrogen market.

During the reporting period, Shanghai Electric actively optimized its risk management strategy and completed its three-year environmental protection plan. Meanwhile, the company has also introduced and implemented a series of measures and programs to protect biodiversity at its project sites and joined the global fight against climate change. In May 2022, Shanghai Electric launched a biodiversity-themed campaign to educate employees and the public on issues such as industrial waste decontamination, desalination technology, reforestation, and responses to global warming.

A new energy carrier that prioritizes social advances

Shanghai Electric prioritizes social responsibility along with sustainability and economic growth. The company actively pursues rural revitalization initiatives and funds projects to improve the livelihoods of vulnerable communities and promote local employment.

As part of its ESG focus on accelerating rural development, Shanghai Electric is using its technical expertise to promote clean energy sources, including wind power and clean coal. In Anhui, the company’s Wuhe Power Plant has already processed 400,000 tons of biomass fuels, generated nearly 500 million kWh of electricity and reduced carbon dioxide emissions by 150,000 tons per year. The project also increased the income of local rural households by nearly RMB 90 million and created jobs for more than 1,500 people.

Shanghai Electric has also participated in efforts in cultural relics protection, community care, green campaigns and overseas donations. In 2022, Shanghai Electric partnered with the Green Carbon Foundation to plant trees in the company’s first low-carbon forest in Yan’an, Shaanxi Province. The forest consists of 1,200 cypress trees, each of which can reduce CO2 emissions by around 96 kg over its lifetime.

A practitioner for sustainable development

In 2022, Shanghai Electric implemented several continuous improvement initiatives in corporate governance by aligning its ESG practices with the Environmental, Social and Governance Reporting Guidelines to streamline the company’s ESG management system and with stakeholders to work together to achieve sustainable value creation. Shanghai Electric achieved a new milestone when the company’s ESG rating was upgraded from “BBB” to “A” by Morgan Stanley Capital International (MSCI) and the company was recognized by Forbes China as one of the “Top 50 Sustainable Development Industrial Enterprises” (50th year). Best Industrial Companies in Sustainable Development) of the year 2022.

In 2022, Shanghai Electric celebrated its 120th anniversary, ushering in a new chapter as the company continues to explore and implement new business models, drive corporate modernization, and support industry transformation by delivering cutting-edge, intelligent, and green Energy solutions developed for global users. Guided by the principle of openness, coordination and win-win cooperation, Shanghai Electric will continue to put innovation at the heart of its business strategy and work closely with partners from various sectors to reduce the carbon emissions of the global economy and serve people around the world enable the benefits of renewable energy sources.

For more information about Shanghai Electric and the 2022 ESG Report, visit https://www.shanghai-electric.com/group_en/.

About Shanghai Electric

Shanghai Electric Group Company Limited (SEHK: 2727, SSE:601727), a global leader in green intelligent industrial system solutions, is engaged in intelligent energy, intelligent manufacturing and digital intelligence integration. With a focus on low-carbon development and digital transformation by opening up new areas and fostering new growth drivers, Shanghai Electric will strive to become a leader in rapidly surmounting peak carbon emissions ahead of 2030 and achieving carbon neutrality ahead of time to the year 2060, the production of devices powered by new energies and the localization of the highest quality equipments, pursuing and realizing the limitless possibilities in an innovative industrial ecosystem together with worldwide partners.

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