SHANGHAI, May 10, 2023 /PRNewswire/ -- Shanghai Electric (SEHK: 2727, SSE:601727) has announced the release of its 2022 Environment, Social, and Governance (ESG) report, its seventh since the company began to disclose its ESG practices in 2016. The report highlights Shanghai Electric's efforts in strengthening its corporate ESG ecosystem while underscoring its commitment to carve out a path to achieve greater sustainability for the company, the communities where it operates, and society as a whole. The report also highlights the company's track record of expanding the electric power sector in regard to China's low-carbon goals, as well as the breakthroughs seen in its ESG development, reflected in its solution innovation, ecological protection practices, and community empowerment initiatives.
A pioneer driving green, low-carbon transformation
As a foregoer and technology leader in renewable solutions that endeavors to help China and countries around the world transition to new energy resources, Shanghai Electric continued to implement its three-pronged strategy focused on energy substitution, efficiency enhancement, and resource recycling to drive low-carbon development in 2022, further curbing its energy consumption and greenhouse gas emissions. In addition, the company also ramped up its efforts to reduce the environmental impact of its business activities, leveraging its technological prowess to improve its green manufacturing capability.
With multi-energy coupling at the core of its business development, Shanghai Electric established a new energy subsidiary company in 2022, making another stride forward in the upgrading of its integrated services that incorporate power generation, grid, load, and storage. The new company strengthens Shanghai Electric's ability to offer full-cycle services that cover wind, wind power, photovoltaics, energy storage, thermal energy, and hydrogen energy, and has bolstered its position as a leader in the energy sector that pushes for new energy innovation.
2022 also marked the inauguration of Shanghai Hydrogen Shidai Technology Co., Ltd., a subsidiary that supports Shanghai Electric's ambition of developing clean hydrogen power sources. The two new solutions developed by the company – alkaline electrolysis water hydrogen production equipment and PEM electrolysis water hydrogen production equipment – boast high electrolysis efficiency, long service life, low operating costs, high current density, low energy consumption, and exceptional dynamic response speed. The modular design also allows for the integrated and large-scale production of green hydrogen and represents 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 plan for environmental protection. Meanwhile, the company also put in place and implemented a set of measures and programs to safeguard the biodiversity of its project locations and joined the global fight against climate change. In May 2022, Shanghai Electric launched a biodiversity-themed campaign with the goal of engaging with and educating the employees and the public on topics such as the decontamination of industrial waste, desalination technology, reforestation, and responses to global warming.
A new energy trailblazer prioritizing social advancements
Shanghai Electric prioritizes social responsibility along with sustainability and economic growth. The company has actively pursued initiatives that promote rural revitalization and funded projects to improve the livelihoods of communities in need and boost local employment.
As part of its ESG focus to expedite rural development, Shanghai Electric leverages its technological expertise to promote clean energy sources including wind power and clean coal. In Anhui, the company's Wuhe Power Plant has processed 400,000 tons of biomass fuels, generating nearly 500 million kWh of electricity and reducing carbon dioxide emissions by 150,000 tons annually. The project also increased the income of local rural households by almost RMB 90 million and created job opportunities for more than 1,500 people.
Shanghai Electric has also engaged in efforts in the areas of cultural relic 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 comprises 1,200 cypress trees, with each one capable of reducing carbon emissions by approximately 96kg over its lifetime.
A Practitioner of Sustainable Development
In 2022, Shanghai Electric spearheaded multiple initiatives to continuously improve corporate governance, aligning its ESG practices with Guidelines for Environmental, Social, and Governance Reporting to optimize the company's ESG management system and collaborating with stakeholders to drive sustainable value creation. Shanghai Electric hit a new milestone when the company's ESG rating was upgraded from "BBB" to "A" by Morgan Stanley Capital International (MSCI) and was recognized as one of 2022 Forbes China's Top 50 Sustainable Development Industrial Enterprises.
2022 also saw the 120th anniversary of Shanghai Electric, ushering in a new chapter in which the company continues to explore and embrace new business models and promote corporate upgrades, empowering industry transformation as it develops more state-of-the-art, intelligent, and green energy solutions for global users. Guided by the principle of openness, coordination, and win-win cooperation, Shanghai Electric will continue to place innovation at the center of its business strategy, working closely with partners across different sectors to decarbonize the global economy and allow people around the world to reap the benefits of renewable energy sources.
For more information about Shanghai Electric and its 2022 ESG report, please visit https://www.shanghai-electric.com/group_en/.
About Shanghai Electric
Shanghai Electric Group Company Limited (SEHK: 2727, SSE:601727), a leading global supplier of industrial-grade eco-friendly smart system solutions with a presence around the world, is dedicated to smart energy, intelligent manufacturing, and the integration of digital intelligence. With a focus on low-carbon development and digital transformation by opening up new arenas and promoting new growth drivers, Shanghai Electric will strive to be a leader in the pursuit of achieving peak carbon dioxide emissions before 2030 and carbon neutrality before 2060, new energy equipment production, and high-end equipment localization, utilizing the boundless opportunities in an innovative industrial ecosystem along with global partners.
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