SunPower Corporation - ESG Overview Report, 2021

Environment, Social and Governance (ESG) at SunPower Corporation

The policies that impact environment, social, governance, which are made by the companies, involving the consumers and the governments, are shaping the current trend in investments in an unprecedented manner.

Being a key leader in the energy industry, SunPower Corporation, empowered customers with environmentally friendly and energy efficient energy supply and methods of operations and has focused on diversity, equity, and inclusion in the workforce. In regard to this, SunPower Corporation had made policies that define its core ethical values of governance, striving to make a positive impact across all three areas of ESG by also being closely aligned with the United Nations’ Sustainable Development Goals (UN SDGs).

The negative impact on the environment due to the sourcing of electricity from conventional sources and the increase in demand for green energy amongst consumers has impacted the SunPower Corporation in terms of ESG.

ESG Trends

The SunPower Corporation is striving to create a positive impact in the environment, social and governance spheres by making effective policies and strategies. Being one of the key companies of the energy industry, it has created an impact in terms of ESG, by promoting renewable energy sources products, and services.

Since 2005, the company has produced 133 tetra-watt hours of energy by enabling the installation of solar panels. Through this, the company has offset 94 million metric tons of CO₂ emissions from conventional sources of energy. Induction of cradle-to-cradle methods of manufacturing to evade the waste from the solar panel products.

The company has made strategies and introduced refining technologies to reduce scope 1, 2, and 3 emissions from its operations.  This has helped the company achieve the United Nations Sustainable Development Goal of climate action (SDG13).

Further, the company has partnered with Dependable Highway Express and Kuehne Negel for powering the logistics with electric vehicles fleet, aiming to reduce the emissions from the logistics and value chain, reducing the carbon footprint.

SunPower Corporation has also focused on Diversity, Equity, and Inclusion, to create a positive outcome in the social sphere of ESG. In 2021, SunPower Corporation has reported that around 52% of whites are included in the workforce along with 15% of Hispanic-origin people, 12% of unidentified races, 8% of Asians, and 13% of black African-American and Native American people into the workforce. At the executive level at least, 25% of the members are females and around 33% of the female workforce is inducted, promoting the UNSDG goals of gender equality (SDG5).

In terms of governance, the company has adopted Corporate Governance Principles that aim at fairness and transparency amongst the members and the Business Ethics Code, which is inclusive of human rights, mandating the members of the company at all levels to undertake it annually. Further, the company has made whistleblower policies, withstanding the non-retaliation policy and data privacy and risk management policies as to promote the integrity of the company, thereby promoting the UNSDG goals of institutions for peace and justice (SDG16).

Future of ESG at SunPower Corporation

In 2021, SunPower Corporation had a revenue of USD 1.24 billion.  Being one of the key leaders in the energy industry, SunPower has made initiatives and policies that create a positive impact on the environment and society in parallel, and these policies reflect the core values of the SunPower Corporation.