Canadian Solar

Canadian Solar, a company in the Furniture and other manufactured goods n.e.c. industry, reported total carbon emissions for 2024 of approximately 28.9 billion kg CO2e. This figure includes:

• Scope 1 emissions: Approximately 16.9 million kg CO2e.
• Scope 2 emissions (market-based): Approximately 1.58 billion kg CO2e.
• Scope 3 emissions: Approximately 27.3 billion kg CO2e, including significant contributions from purchased goods and services (approximately 25.2 billion kg CO2e), upstream transportation and distribution (approximately 1.08 billion kg CO2e), and end-of-life treatment of sold products (approximately 575.5 million kg CO2e).

Looking back, Canadian Solar's 2023 emissions were approximately 23.8 billion kg CO2e, with Scope 1 at approximately 55.0 million kg CO2e, Scope 2 (market-based) at approximately 1.80 billion kg CO2e, and Scope 3 at approximately 22.0 billion kg CO2e. This indicates a notable decrease in Scope 1 emissions between 2023 and 2024.

Climate Commitments and Targets:

Canadian Solar has set a number of ambitious climate targets:

• Net-Zero Target: The company commits to achieving net-zero greenhouse gas emissions across its entire value chain by 2050, validated by the Science Based Targets initiative (SBTi).
• Near-Term Absolute Reduction Targets (SBTi): Canadian Solar Inc. commits to reducing absolute Scope 1 and Scope 2 GHG emissions by 64.9% by 2035 from a 2023 base year.
• Near-Term Intensity Reduction Target (SBTi): The company also commits to reducing Scope 3 GHG emissions from purchased goods and services by 66.3% per MW of solar-related product produced, within the same 2023-2035 timeframe.
• Long-Term Absolute Reduction Targets (SBTi): By 2050, Canadian Solar Inc. aims for a 90.0% absolute reduction in Scope 1 and Scope 2 GHG emissions from a 2023 base year.
• Long-Term Intensity Reduction Target (SBTi): Concurrently, the company targets a 97.0% reduction in Scope 3 GHG emissions per MW of solar-related product produced by 2050 from a 2023 base year.
• Historical and Future Intensity Targets: Canadian Solar aims to achieve a 37% reduction in its GHG emission intensity from 2020 levels to 92 tonnes CO2e/MW. They plan to achieve this by procuring more renewable energy, with a goal of 100% renewable energy before 2030. Between 2017 and 2020, the company reported a 20% reduction in its GHG emission intensity from 182 tonnes CO2e/MW to 145 tonnes CO2e/MW.
• e-STORAGE Manufacturing Operations: For its e-STORAGE manufacturing, Canadian Solar anticipates significant reductions in GHG intensity for battery cell production between 2025 and 2029 (a 23% overall reduction) in both Scope 1 and Scope 2 emissions, driven by increased output and energy-saving measures.

Recent Achievements:

In 2024, Canadian Solar significantly reduced its total Scope 1 emissions by 38,123 tonnes CO2e, representing a 69% decrease compared to 2023. Total Scope 2 emissions (market-based) also declined by 211,917 tonnes CO2e, a 12% reduction, primarily due to increased adoption of green certificates and green electricity.