Climate Change Data

Environmental Metrics

ESG Focus Areas

• Environmental Sustainability
• Social Sustainability
• Governance

Environmental Achievements

• Launched a carbon offset program for corporate travel, offsetting just over 1,000 tonnes of CO2 equivalents.
• Completed construction of the 252 MW Deutsche Bucht offshore wind farm, saving nearly 700,000 tonnes of CO2 emissions per year.
• Commenced construction of the 130 MW La Lucha solar project in Mexico.

Social Achievements

• Launched a Diversity and Inclusion Council.
• Invested over $610,000 in employee training and education.
• Achieved ISO 45001 certification for occupational health and safety at the Gemini offshore wind farm.
• Supported local communities through various initiatives, including a school lunch sponsorship program in Taiwan and economic opportunities at the La Lucha project.

Governance Achievements

• Set targets for female representation on the Board (30%) and Executive Management (25%).
• Adopted term limits and age limits for directors.
• Implemented a Shareholder Engagement Policy for direct communication with the Board.
• Implemented a Global Anti-Bribery/Anti-Corruption training program.

Climate Goals & Targets

Environmental Challenges

• Variability of renewable resource output due to climate change.
• Acute and chronic effects of climate change on physical assets.
• Increased costs for regulatory compliance related to climate change.
• Sediment release during construction of solar farms (resulting in a fine).

Mitigation Strategies

• Purchase of insurance and provisions in construction agreements to mitigate risks from extreme weather.
• Monitoring global regulatory developments and managing associated risks.
• Passing compliance costs through to counterparties under PPAs.
• Revegetation of sites after construction to address sediment issues.

Supply Chain Management

Climate-Related Risks & Opportunities

Physical Risks

• Extreme weather conditions
• Natural disasters

Transition Risks

• Regulatory compliance costs
• Variability of renewable resources

Opportunities

• Growth of renewable assets portfolio
• New business opportunities
• Greater access to capital
• Reputational advantage

Reporting Standards

Frameworks Used: GRI Standards

Certifications: ISO 45001 (Gemini wind farm)

Environmental Metrics

ESG Focus Areas

• Decarbonization
• Environmental Management
• Workforce Health & Safety
• Employee Engagement and Development
• Diversity & Inclusion
• Community & Indigenous Relations
• Socio-economic Impact
• Responsible Corporate Governance
• Information Security
• Board Diversity
• Human Rights
• Sustainable Finance

Environmental Achievements

• Reduced Scope 1 GHG emissions by 19% compared to 2019.
• Reduced carbon intensity (Scope 1 and 2 emissions per kWh generated) by 22%.
• Achieved full project completion of the 252 MW Deutsche Bucht offshore wind farm.
• 99% of removed water returned to its original source.

Social Achievements

• Zero life-changing incidents.
• Hired 190 new employees in 2020.
• Launched Diversity & Inclusion (D&I) initiative.
• Provided over $750,000 in donations to support communities during the COVID-19 pandemic.

Governance Achievements

• Established an ESG Steering Committee.
• Maintained at least 30% female representation on the Board and Executive Team.
• Developed and launched a Green Financing Framework.

Climate Goals & Targets

Environmental Challenges

• Increased variability of results due to climate change.
• Acute and chronic effects of climate change on physical assets.
• Increased costs for regulatory compliance.
• Cyber security and information technology risks.

Mitigation Strategies

• Diversified energy sources to account for variability in renewable resources.
• Routine inspections and regular maintenance to prepare for climate hazards.
• Continuously monitoring global regulatory developments.
• Ongoing policy revisions and increased frequency of employee cybersecurity training.

Supply Chain Management

Responsible Procurement

• Prioritizing local suppliers where possible.

Climate-Related Risks & Opportunities

Physical Risks

• Extreme temperatures, precipitation, flooding, and wind.

Transition Risks

• Increased variability of renewable resources; changes in energy demand patterns and market prices; increased costs for regulatory compliance.

Opportunities

• Reputational advantage; greater access to capital; new business opportunities.

Reporting Standards

Frameworks Used: GRI Standards: Core option, SASB recommendations, TCFD (committed to alignment by 2022), UN SDGs

Certifications: ISO 45001 (Gemini offshore wind farm)

Third-party Assurance: GHD (limited assurance on Scope 1 and 2 GHG emissions and select health and safety indicators)

Environmental Metrics

ESG Focus Areas

• Community Investment & Impact
• Emergency Preparedness & Management
• Energy Management
• Green & Reliable Energy
• Labour Relations
• Sustainable Finance

Environmental Achievements

• 13% reduction in carbon intensity (tCO₂e/MWh) from generation
• 0 significant environmental incidents
• 8 projects with active biodiversity programs
• 26% reduction in Scope 1 emissions since 2019 and 7% reduction since 2020
• Renewable facilities helped avoid 2.15 million tonnes of CO₂e

Social Achievements

• 42% reduction in Total Recordable Injury Rate (TRIR) and 27% reduction in Lost Time Injury Rate (LTIR) since 2020
• Employee engagement score of 75%
• Diversity score of 78%
• New Global DIB Council and Champions programming
• > $600,000 in donations and sponsorships supporting communities across the globe
• > $1M in community contribution agreements to support economic and social and infrastructure development at sites

Governance Achievements

• >10 ESG Steering Committee meetings
• Board oversight of ESG
• Updated global policies
• New Chief People Officer
• Executive commitments on Diversity, Inclusion and Belonging (DIB)
• 2022 Code of Ethics and Conduct updated

Climate Goals & Targets

Environmental Challenges

• Changes in policy, legal and regulatory requirements which could increase the price on carbon and potentially affect our operations through incremental fuel costs, as well as our development through the costs of goods and services.
• Changes in weather patterns and increased severity and frequency of storms.
• Cybersecurity risks to information and operational systems.

Mitigation Strategies

• Continually monitoring global regulatory developments and acts to address the related financial and business risks associated with our activities.
• Careful consideration into risks of extreme weather in the design of the sites, the effective monitoring of cooling systems, equipment selections, maintenance schedule and location of assets.
• Enhanced cybersecurity capabilities in line with the National Institute of Standards and Technology’s Cyber Security Framework.

Supply Chain Management

Responsible Procurement

• Supplier and Partner Code of Conduct
• Partnership with EcoVadis

Climate-Related Risks & Opportunities

Physical Risks

• Changes in weather patterns and increased severity and frequency of storms

Transition Risks

• Changes in policy, legal and regulatory requirements

Opportunities

• Development of renewable energy projects

Reporting Standards

Frameworks Used: GRI Standards core option, SASB, TCFD, UN SDGs

Certifications: ISO 45001 (Gemini offshore wind farm)

Third-party Assurance: Ernst & Young LLP (EY)

Environmental Metrics

ESG Focus Areas

• Climate change mitigation
• Biodiversity and ecosystem management
• Human rights and sustainable supply chain
• Long-term business sustainability

Environmental Achievements

• 6% reduction in GHG emissions intensity from 2021
• 32% reduction in GHG emissions intensity since 2019
• +2.7M tonnes of avoided emissions
• 0 significant environmental incidents

Social Achievements

• 72/100 Overall employee engagement score
• $3.2M CAD in community investment globally
• 293 new employees hired in 2022
• 0.40 total recordable injury rate (TRIR)

Governance Achievements

• Updates to existing ESG-related policies
• Introduction of a public Community Investment Policy, a Commitment to Local and Indigenous Communities, and a Supplier and Partner Code of Conduct
• Commitment to adding diversity at the Board and Executive levels

Climate Goals & Targets

Environmental Challenges

• Increased fuel consumption due to higher natural gas production and global travel returning from pandemic lows
• Finding and hiring properly trained workers in the green energy sector
• Potential damage to assets from extreme weather events
• Changes in policies and regulatory requirements around carbon

Mitigation Strategies

• Purchase of Gold Standard-certified offsets for travel
• Installation of electric vehicle charging stations
• Diversification of asset types and geographic location
• Preventative measures to anticipate risks associated with greater physical changes caused by climate change
• Purchase of insurance and inclusion of provisions under applicable construction agreements

Supply Chain Management

Supplier Audits: Partnership with EcoVadis

Responsible Procurement

• Supplier and Partner Code of Conduct
• EcoVadis partnership

Climate-Related Risks & Opportunities

Physical Risks

• Changes in weather patterns affecting revenue
• Extreme winds and flooding affecting tangible assets
• Impacts of climate and severe weather events on energy demand patterns and market prices

Transition Risks

• Carbon price increases impacting operational costs
• Changes in policies and regulatory requirements around carbon

Opportunities

• Increased demand for green and affordable energy
• Reputational opportunities with impact on financing
• Reputational opportunity with impact on human capital

Reporting Standards

Frameworks Used: GRI Standards, GHG Protocol, SASB, TCFD, UN SDGs, UNGC

Certifications: ISO 55001 (Gemini Offshore Wind Park, EBSA)

Third-party Assurance: Ernst & Young LLP (EY)

UN Sustainable Development Goals

• Goal 7
• Goal 8
• Goal 9
• Goal 11
• Goal 12
• Goal 13
• Goal 15

The report aligns with the UN SDGs where relevant and appropriate.

Awards & Recognition

• Corporate Knights Best 50 Corporate Citizens in Canada (12th place)

Environmental Metrics

ESG Focus Areas

• Climate change mitigation
• Biodiversity and ecosystem management
• Human rights and sustainable supply chain
• Long-term business sustainability

Environmental Achievements

• 31% reduction in GHG emissions intensity (Scope 1+2 tCO₂e/MWh) from 2019 baseline
• Relocated Toronto office to a LEED Silver certified facility
• Added sheep grazing to some Canadian solar sites and apiaries to Thorold Cogeneration Station

Social Achievements

• Launched a new leadership development program
• Improved onboarding process for new employees
• Continued delivery of Global Wellness Program and Employee Assistance Plan
• Commenced construction on Oneida Energy Storage Project in partnership with Six Nations of the Grand River Development Corporation

Governance Achievements

• Developed and began implementing Human Rights Policy and Human Rights Standard Operating Procedures
• Updated Anti-Bribery and Corruption Policy
• 40% women on the Board of Directors

Climate Goals & Targets

Environmental Challenges

• Increased demands on natural gas plants pushing emissions intensity higher
• Competition for talent in the renewables industry
• Extreme weather events affecting assets, supply chains, and infrastructure

Mitigation Strategies

• Optimization of power-generating equipment
• Use of combined-cycle generation facilities
• Procurement of certified green power and Renewable Energy Credits
• Investment in new technologies, such as battery storage
• Focus on lifecycle efficiency for natural gas

Supply Chain Management

Responsible Procurement

• Code of Business Conduct and Ethics
• Supplier and Partner Code of Conduct
• Global Anti-Bribery and Corruption Policy
• Commitment to Local and Indigenous Communities
• Human Rights Policy

Climate-Related Risks & Opportunities

Physical Risks

• Extreme weather events
• Changes in weather patterns affecting production predictability

Transition Risks

• Increased competition for talent
• Changes in weather patterns affecting costs and timelines for projects

Opportunities

• Growing demand for offshore wind power
• Opportunities for onshore renewables and storage

Reporting Standards

Frameworks Used: GRI Universal Standards, GHG Protocol, SASB Electric Utilities & Power Generators standard (version 2023-12), TCFD recommendations, CDP climate change questionnaire, UNGC

Third-party Assurance: EY (limited assurance)

Awards & Recognition

• 9th on Best 50 Corporate Citizens Corporate Knights
• Best Greater Toronto Employer 2024
• 90 Top Businesses in Canada for Executive Gender Balance
• Hai Long Offshore Wind Project awards: Best Infrastructure Deal (North Asia), Best Project Finance Deal (North Asia), Best Sustainable Finance Deal (North Asia), Renewable Energy Deal of the Year, Offshore Wind APAC
• Baltic Power Offshore Wind Project awards: Europe Deal of the Year, Renewable Energy Deal of the Year, Offshore Wind, Europe