Clearway is leading the way toward a world powered by ESG sustainability by providing customers and communities around the country with affordable, reliable, and renewable energy. We participate in every stage of ESG reporting, from sustainable development through sustainable business and sustainable finance to long-term ownership, management, and operations, as a full-service development and operations platform. We try to build a lasting foundation of sustainability goals for our customers, counterparties, partners, and stakeholders in everything we do.
What is ESG
ESG is short for the Environmental, Social and Governance principles that are used to evaluate corporate performance. These principles are used to assess how a company interacts with ESG investing, the environment and the community. ESG considerations can be useful for investors who want to know about a company’s social impact as well as its financial health.
Corporate governance is also an important aspect of ESG, as it refers to the system that ensures companies are operating in a transparent and ethical manner. Investors may be interested in corporate governance because they want to know how effectively company leaders are managing their operations and finances.
Our Sustainability Goals
Our emissions goals for 2021 is to create 90 percent carbon-free electricity by 2035. Our goal for 2022 is to reach net-zero Scope 1 and 2 greenhouse gas (GHG) emissions by 2050, and by 2035, 95 percent of the power we generate will be carbon-free. Clearway’s goal is to own and operate 10 GW of renewable biodiversity by 2030.
Our corporate sustainability plan is to have formed all of our planned employee inclusion groups and implemented board-approved measures to make progress on our three key pillars of people, products, and customers, as well as purchasing. By 2023, asset management for all Clearway employees will have received DEI training, and we will have enhanced business practices for diverse representation inside the company.
We will have established a supply chain diversity strategy that will apply to all of our renewable projects and corporate operations. Direct a minimum of 5% of our expenditures in 2022 to local, environmentally conscious, diverse, and small companies throughout our corporate functions, facility operations and maintenance, and balance of project contracts related with the development and construction of each of Clearway’s ESG performance.
By 2025, all of our renewable energy projects with a capacity of less than 50 MW will have community engagement plans in place and will participate in our Adopta-School initiative. Status: 62% of our locations have community engagement strategies in place, and 50% participate in Adopt-a-School programs.
Employee Voices at Clearway In 2021, we maintained excellent employee engagement and achieved high grades on key themes in our annual employee survey
In 2022, our goal of directing a minimum of 5% of our expenditures to local, environmentally conscious, diverse, and small businesses across our corporate functions, facility operations and maintenance, and balance of project contracts associated with the development and construction of Clearway projects. Furthermore, we are dedicated to assisting our clients and partners in reaching their long-term ESG factors.
Renewable Energy Growth
Clearway Energy Group is also exploring the potential ESG strategy of renewable energy technologies in its development pipeline as we work to further decarbonize our nation’s electricity production, including green hydrogen, offshore wind, long duration storage.
Financial performance of a Clean Energy Future with Green Bonds Like regular bonds, green bonds are a financial instrument used to raise funds – but green bonds offer investors an opportunity to direct their capital toward activities that have a positive environmental impact investing, such as sustainable investing. Greenhouse gas emissions from power generation have declined significantly in recent years as natural gas and renewable energy have replaced coal-fired power plants.
Why Sustainability Reporting is Important
Sustainability reporting is important for a number of reasons. First, it allows investors and other stakeholders to see how a company is performing in terms of its environmental, social, and governance (ESG) commitments. Second, it helps companies to track their progress against their own sustainability goals. And third, it provides valuable data that can be used to improve a company’s sustainability performance.
There are a number of different ways to measure and report sustainability performance, but one of the most common is the Global Reporting Initiative (GRI) framework. The GRI framework is a set of standards that companies can use to report their progress on a range of environmental, social, and governance indicators. Clearway Community Solar is dedicated to creating a positive environmental impact and we are proud to be one of the first companies to report our progress using the GRI framework.