Arcadia releases Corporate Responsibility Report: Progress toward a clean energy future

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Aug 09, 2023, 09:30 ET

Report provides roadmap for private companies seeking transparency and accountability in environmental and corporate responsibility areas

WASHINGTON, Aug. 9, 2023 /PRNewswire/ -- Arcadia, a technology company connecting the clean energy future, announced the release of its inaugural Corporate Responsibility Report. The report's goal is to demonstrate Arcadia's commitment to transparency and accountability.

"As a climate tech company, we're defined by our work as a champion for the environment," said Kiran Bhatraju, co-founder and CEO, Arcadia. "That's why we're excited to launch this annual report — we've been living by these values for nearly a decade, so it's about time for us to share this part of our story."

The report provides visibility into both Arcadia's accomplishments and areas for improvement across all practice areas, enabling the company to acknowledge successes and gain deeper insights into areas that require attention. And by fostering transparency among Arcadia's employees, investors, and customers, Arcadia is demonstrating its commitment to accountability.

"We're pleased to see the work that Arcadia has done on its first Corporate Responsibility Report," said Tanya Barnes, Managing Partner of Sustainable Growth Equity at JPMorgan. "This report effectively highlights the company's climate and social impact and we encourage companies across the spectrum, both public and private, to engage in this level of transparent sustainability reporting."

Key highlights from the report
*All stats as of end of 2022, unless otherwise noted

Arcadia's Arc platform

Our platform spans 300+ enterprise customers with coverage of over 95 percent of US utility data

Community solar

In 2022, Arcadia's community solar product helped provide ~260 million kWh of solar energy to Arcadia's subscribers and prevented ~179k tons of CO2 from being emitted.

Public policy

Arcadia's public policy team played a pivotal role in creating community solar programs in Virginia, California, New Mexico, and Delaware.
The company also improved verification for low-to-moderate income ("LMI") subscribers and subscribers in historically disadvantaged communities in virtually every active market, with ~14% of Arcadia's subscribers coming from LMI households, amounting to over 24k LMI subscribers.

Diversity, equity, belonging, and inclusion

Demographically, 38 percent of Arcadia employees identify as female, and ~30 percent identify as Black, Hispanic, Indigenous, and Asian.

Board composition

Arcadia's Board has eleven members, including five independent members, four women, and three members from underrepresented groups.

GHG Emissions

In 2022, Arcadia's emissions totaled 43 tCO2e for scope 1, 322 tCO2e for scope 2, and 8,462 tCO2e for scope 3.

"We firmly believe in the necessity of this transparency, particularly within our industry," said Bhatraju, "and recognize the significant strides that private companies can make on this transformative path toward enabling a zero-carbon economy."

Arcadia will continue publishing this report annually, enabling seamless tracking of its progress and growth. "We know that we are not perfect as a company," Bhatraju added, "but with this level of transparency we are hoping to track our year over year improvements within the values we have committed ourselves to."

About Arcadia

Arcadia unlocks access to global utility data. Our technology powers the next generation of climate solutions, giving anyone the tools to electrify and decarbonize. Learn more

Media Contact
Chris Phillbrook
[email protected]
202.744.5788

SOURCE Arcadia