Sungrow secures major energy storage orders in Saudi Arabia and Australia, driving renewable growth globally
Sungrow has been recognized for its sustainability efforts, achieving an 'AA' rating in Morgan Stanley Capital International's (MSCI) latest ESG assessment.
This rating reflects the company's commitment to sustainability as it plays a key role in advancing renewable energy.
Notable projects include securing a 7.8GWh grid-side energy storage order in Saudi Arabia and a 3GWh independent energy storage order in Australia. Sungrow’s focus on technological innovation has helped position it in the renewable energy sector.
The MSCI ESG assessment evaluates over 8,500 publicly listed companies worldwide, providing a thorough analysis of their environmental, social, and governance practices.
Sungrow’s sustainability efforts have also been recognized by organizations such as S&P Global and Boston Consulting Group (BCG).
The company has aligned itself with four of the United Nations Sustainable Development Goals (SDGs): affordable and clean energy, industry innovation and infrastructure, responsible consumption and production, and climate action.
According to MSCI’s analysis, Sungrow’s Implied Temperature Rise is projected between 1.5 and 2.0°C, indicating alignment with the Paris Agreement’s long-term goal of limiting the global temperature increase to below 2°C compared to pre-industrial levels.
Sungrow's 2023 sustainability report highlighted an increase in renewable energy usage, reaching 55 percent, and a 6.75 percent reduction in energy consumption per unit of product production compared to 2020.
By implementing energy-saving strategies, the company saved over 1,300MWh of electricity in 2023. Sungrow ranked first among the top ten companies in the MSCI China A Onshore IMI Efficient Energy Index as of September 30.
Sungrow’s sustainable development blueprint is built around five strategic objectives:
- Excellent Governance
- Towards Net Zero
- Eco-friendly Development
- Mutually Beneficial Collaboration
- Diversity and Inclusion
Since 2019, Sungrow has benchmarked its efforts against 17 SDGs and refined its focus to 10, aligning its business and resource capabilities with these goals.
In 2023, Sungrow set new ESG objectives, aiming for operational carbon neutrality by 2028 and supply chain carbon neutrality by 2038, with the goal of achieving net-zero status across its entire supply chain by 2048. By 2023, 96.79 percent of Sungrow's suppliers had signed the Supplier Code of Conduct.
Recent natural disasters, such as hurricanes in the United States and flooding in Europe, have highlighted the need for urgent global climate action.
Sungrow and other companies focused on renewable energy are working to contribute to this energy transition. The upcoming COP29 in November, with the theme ‘In Solidarity for a Green World,’ will further address these issues.
