First Solar Commits to Science-Based Emissions Targets, Net Zero Emissions by 2050
August 12 2021 - 8:15AM
First Solar, Inc. (Nasdaq: FSLR) today announced a commitment to
reduce its absolute Scope 1 and Scope 2 greenhouse gas (GHG)
emissions by 20 percent by 2028, relative to its emissions in 2020.
It has also committed to achieving net zero emissions by 2050 at
the latest.
The science-based targets further the company’s
previous 2021 GHG intensity reduction target, which was achieved
three years in advance of its commitment. These new targets are in
line with international efforts to limit the global temperature
rise to below two degrees Celsius and pursuing efforts to limit it
to 1.5 degrees Celsius above pre-industrial levels. Scope 1
accounts for direct GHG emissions from company-owned and controlled
resources, while Scope 2 accounts for indirect GHG emissions from
the generation of purchased electricity consumed by the
company.
Every year, First Solar products deployed
globally are displacing more than ten times the amount of
greenhouse gas emissions the company emits through its global
operations and supply chain, assuming average worldwide irradiance
and grid electricity emissions. The company’s advanced photovoltaic
(PV) modules feature the industry’s smallest carbon and water
footprints, and fastest energy payback time.
“As this week’s report from the
Intergovernmental Panel on Climate Change showed, we need to treat
the threat of climate change with a sense of urgency and do more
than simply our part to accelerate the transition to a net-zero
economy,” said Mark Widmar, chief executive officer, First Solar.
“The solar industry is on the forefront of the fight against
climate change and has a responsibility to lead by example. While
First Solar’s technology addresses the need to decarbonize the
global energy portfolio with ultra-low carbon solar, today, we’re
stepping up and pledging to reduce our already-low emissions to
zero by 2050.”
This commitment is a continuation of First
Solar’s progress. Since 2008, company-wide GHG emissions intensity
decreased by approximately 77% as a result of increased module
efficiency, manufacturing throughput, and capacity utilization,
decreased emissions intensity of purchased grid electricity, along
with energy conservation and low carbon initiatives. In 2020, the
company’s GHG emissions intensity decreased by 31% compared to 2019
primarily due to the greater throughput and enhanced energy
efficiency of its Series 6 module manufacturing process.
First Solar aims to achieve its science-based
targets through increased energy efficiency, going 100% renewable
across its US operations by 2026 and globally by 2028, working on
enabling the offsite solar market in Malaysia and Vietnam, and
purchasing bundled RECs and offsets as a last resort, as outlined
in its recently published 2021 Sustainability Report. The report
was developed in accordance with the Global Reporting Initiative’s
(GRI) Core Sustainability Reporting Standards and incorporates
metrics from the Sustainability Accounting Standards Board (SASB)
solar, as referenced in the sustainability leadership standard for
PV modules and inverters (NSF/ANSI 457 – 2019).
About First Solar, Inc.First Solar is a leading
American solar technology company and global provider of
responsibly produced eco-efficient solar modules advancing the
fight against climate change. Developed at R&D labs in
California and Ohio, the company’s advanced thin film photovoltaic
(PV) modules represent the next generation of solar technologies,
providing a competitive, high-performance, lower-carbon alternative
to conventional crystalline silicon PV panels. From raw material
sourcing and manufacturing through end-of-life module recycling,
First Solar’s approach to technology embodies sustainability and a
responsibility towards people and the planet. For more information,
please visit www.firstsolar.com.
For First Solar InvestorsThis
release contains forward-looking statements which are made pursuant
to safe harbor provisions of the Private Securities Litigation
Reform Act of 1995. These forward-looking statements include, but
are not limited to, statements concerning First Solar’s commitment
to reduce its absolute Scope 1 and Scope 2 greenhouse gas (GHG)
emissions by 20 percent by 2028, relative to its emissions in 2020,
and to achieving net zero emissions by 2050 at the latest. These
forward-looking statements are often characterized by the use of
words such as “estimate,” “expect,” “anticipate,” “project,”
“plan,” “intend,” “seek,” “believe,” “forecast,” “foresee,”
“likely,” “may,” “should,” “goal,” “target,” “might,” “will,”
“could,” “predict,” “continue” and the negative or plural of these
words and other comparable terminology. Forward-looking statements
are only predictions based on our current expectations and our
projections about future events and therefore speak only as of the
date of this release. You should not place undue reliance on these
forward-looking statements. We undertake no obligation to update
any of these forward-looking statements for any reason, whether as
a result of new information, future developments or otherwise.
These forward-looking statements involve known and unknown risks,
uncertainties, and other factors that may cause our actual results,
levels of activity, performance, or achievements to differ
materially from those expressed or implied by these statements.
These factors include, but are not limited to, the matters
discussed under the captions “Risk Factors” and “Management’s
Discussion and Analysis of Financial Condition and Results of
Operations” of our most recent Annual Report on Form 10-K and our
subsequently filed Quarterly Reports on Form 10-Q, as supplemented
by our other filings with the Securities and Exchange Commission.
MediaReuven ProençaFirst Solar
Mediareuven.proenca@firstsolar.com |
InvestorsMitchell EnnisFirst
Solar Investor Relationsmitchell.ennis@firstsolar.com |
A photo accompanying this announcement is
available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/a664bbc1-6a89-4f33-b69b-bf27ece2816e.
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