REC Group publishes comprehensive ESG Report highlighting significant Sustainability Milestones

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Aug 13, 2024, 10:00 ET

Reporting notable reductions in resource consumption by up to 50% within just three years, along with maintaining zero deviations in HSE and CSR standards at direct suppliers, thanks to a robust Due Diligence Framework.

MUNICH, Aug. 13, 2024 /PRNewswire/ -- REC Group, an international pioneering solar energy company, proudly announces the release of its latest Environmental, Social, and Governance (ESG) Report. The report highlights the company's significant improvements for the period between 2020 and 2023, demonstrating REC's commitment to sustainability and responsible business practices.

Environmental achievements take center stage in REC's ESG Report, with notable reductions in

REC Group, an EcoVadis-silver rated solar panel manufacturer in Singapore, reports notable reductions in resource consumption by up to 50% within just three years in its ESG Report 2024.

process water consumption intensity (-50%),
energy consumption intensity (-30%), and
waste generation intensity (-40%).

However, REC's commitment to sustainability extends beyond environmental considerations. The report also emphasizes the company's social achievements, particularly its robust Due Diligence Framework for Suppliers. Built on three pillars, this framework fosters that REC's direct suppliers adhere to stringent Health, Safety, and Environmental (HSE) as well as Corporate Social Responsibility (CSR) criteria. As a result, REC proudly reports zero deviations in these areas for 2023, marking the fifth consecutive year of achieving this milestone.

The success of REC's ESG initiatives is attributed to the passionate ESG Steering Committee, which comprises representatives from multiple departments. Their collective efforts have enabled REC to navigate the growing pressure from consumers and regulations, making transparent disclosure of ESG policies, measures and achievements an integral part of the company's business strategy.

Spearheading a greener future: Trends driving more sustainable solar industry

The global solar PV market is growing rapidly due to rising demand for renewable energy and technological advancements. In 2023, global annual solar PV installations exceeded 430 GW, a 74% increase from the previous year. Many companies are setting ambitious sustainability targets, boosting the demand for clean energy, driven by stricter ESG regulations like the EU's CSRD and US SEC climate disclosures.^[1] To limit global temperature increases to 1.5°C, over 1 billion panels are needed annually.^[2] However, the solar industry must become more sustainable, as panel manufacturing is resource intensive. Homeowners and businesses must consider environmental and social impacts, not just power and price, when adopting solar solutions.

REC, an EcoVadis silver-rated manufacturer, has been at the forefront of the clean energy industry for nearly three decades, ensuring that its operations are as environmentally friendly as the energy it helps to generate. Since its establishment in Norway, REC has consistently prioritized the combination of performance and sustainability, driven by its overarching purpose. The release of REC's latest ESG Report underscores the company's unwavering commitment to environmental stewardship and socially responsible business practices, setting a benchmark for the solar industry's sustainability efforts.

For more information on REC Group's ESG initiatives and to access the full report, visit www.recgroup.com/sustainability.

For media inquiries please contact:
Agnieszka Schulze
Head of Global PR, REC Group
Tel.: +49 89 4 42 38 59 39
E-mail: [email protected]

REC Solar EMEA GmbH
Balanstr. 71a
81541 Munich, Germany
Managing Director: Cemil Seber
Court of Registration: Munich HRB 180306
VAT ID-No: DE266243545

About REC Group:
REC Group is an international pioneering solar energy company dedicated to empowering consumers with clean, affordable solar power through high-quality solar panels with a leading power density. As Solar's Most Trusted, REC is known for its patented innovations and multiple award-winning products with reliable long-term performance. The cornerstone for REC's strong reliability is advanced and highly efficient manufacturing using Industry 4.0 practices. Founded in 1996 in Norway, REC has always been committed to a low carbon footprint in its solar materials and panels. REC is headquartered in Norway with operational headquarters in Singapore and regional hubs in North America, Europe, and Asia-Pacific. As of December 2021, REC is part of Reliance Industries Limited, India's largest private sector company with revenues of USD 118.6 billion.

Find out more at recgroup.com and on LinkedIn, X, YouTube, Facebook, Instagram

SOURCE REC Group