Boralex's Significant Leap Towards Sustainability
In recent developments, Boralex Inc. (TSX: BLX), a leader in the renewable energy sector, proudly announced that its ambitious greenhouse gas (GHG) emissions reduction targets received validation from the Science Based Targets initiative (SBTi). This prestigious recognition signifies Boralex's commitment to achieving net-zero GHG emissions by 2050 for its entire value chain, aligning its strategies with the objectives of the Paris Agreement to limit global temperature increases to below 1.5°C.
The Importance of SBTi Validation
Patrick Decostre, President and CEO of Boralex, expressed great pride in this validation, stating that it aligns with the company’s strategic goal of leading in corporate social responsibility (CSR). The announcement underscores Boralex’s role in the renewable energy sector and highlights a commitment to producing clean energy sustainably and responsibly. This move aligns with the company's core mission to benefit future generations through environmental stewardship.
Employee Contribution and Achievements
Decostre praised the considerable efforts made by Boralex employees, acknowledging that their dedication has put the company among the first in the industry to receive SBTi validation. Mihaela Stefanov, Senior Vice President, added that this achievement represents actionable, ambitious, and realistic strategies in combating climate change, showcasing Boralex's foresight into industry trends and upcoming CSR regulatory demands.
Concrete Emissions Reduction Targets
Boralex's pathway to reaching net-zero emissions involves setting both near- and long-term targets that encompass 100% of its emissions across the entire value chain, categorized as Scope 1, 2, and 3 emissions. The company is targeting:
Near-term Commitments
By 2030, Boralex aims to reduce its absolute Scope 1 and 2 emissions by an impressive 42% from a base year of 2022. Additionally, by 2028, the goal is for 90% of its major component suppliers to have established science-based reduction targets.
Long-term Aspirations
Looking further into the future, the company is ambitious in its goal to reduce absolute Scope 1 and 2 emissions by 90% by 2050. Moreover, it is set to achieve a remarkable 97% reduction in Scope 3 emissions per kilowatt-hour (kWh) produced and sold, again using 2022 as the base year.
Implementing Sustainable Practices
Boralex is dedicated to ensuring that every kWh produced is low in carbon. To achieve this, the company is gradually electrifying its vehicle fleet and utilizing electricity sourced from renewable resources at its facilities. Boralex is also forming partnerships with strategic low-carbon suppliers to bolster its sustainability efforts.
Central Role of SBTi in CSR and Risk Management
The SBTi validation represents a cornerstone of Boralex's CSR and risk management approach. This recognition is not just about setting goals but also establishing a concrete and realistic action plan, underpinned by recognized global authority, to realize these objectives effectively.
About Boralex
With over 30 years in the field, Boralex has consistently delivered affordable renewable energy to diverse customers. The company stands as a dominant player in the Canadian market and is recognized as France’s largest independent producer of onshore wind power. Boralex also operates facilities in the United States and has development projects underway in other regions. The company has more than doubled its installed capacity to over 3 GW in the last five years and is developing a diverse portfolio of over 6.8 GW in wind, solar, and storage projects, all guided by its commitment to sustainable practices.
Contact Information
If you're looking for more information, Boralex's media and investor relations contacts are as follows:
Media Inquiries:
Camille Laventure
Senior Advisor, Public Affairs and External Communications
Phone: 438-883-8580
Email: camille.laventure@boralex.com
Investor Relations:
Stéphane Milot
Vice President, Investor Relations
Phone: 514-213-1045
Email: stephane.milot@boralex.com
Frequently Asked Questions
What recent milestone has Boralex achieved regarding emissions reduction?
Boralex's greenhouse gas emissions reduction targets were validated by the Science Based Targets initiative, underscoring their commitment to net-zero emissions by 2050.
What are the proposed near-term targets for Boralex?
By 2030, Boralex aims to reduce its absolute Scope 1 and 2 emissions by 42% compared to a base year of 2022.
How does Boralex plan to achieve its emissions reduction goals?
Through plans including vehicle fleet electrification and partnerships with low-carbon suppliers, Boralex aims to generate low-carbon electricity.
What long-term emission reduction goals has Boralex set?
By 2050, Boralex is committed to reducing its Scope 1 and 2 emissions by 90% and Scope 3 emissions per kWh produced and sold by 97% from 2022 levels.
How long has Boralex been a player in the renewable energy sector?
Boralex has been providing renewable energy solutions for over 30 years, establishing itself as a leader in the market.
