REC Group, an international solar energy company, has released its latest Environmental, Social, and Governance (ESG) Report, detailing significant sustainability improvements from 2020 to 2023. The report underscores REC’s responsible business practices and environmental stewardship.

The report highlights notable reductions in resource consumption across various metrics. The intensity of process water consumption decreased by 50 per cent, energy consumption intensity fell by 30 per cent, and waste generation intensity was reduced by 40 per cent. These achievements reflect REC’s ongoing efforts to enhance its environmental performance.

Also, the report emphasises REC’s social responsibility efforts. The company’s Framework for Suppliers is a cornerstone of its social initiatives, ensuring that all direct suppliers adhere to stringent Health, Safety, and Environmental (HSE) and Corporate Social Responsibility (CSR) standards. For 2023, REC reported zero deviations from these standards, marking the fifth consecutive year of achieving this milestone.

REC’s ESG initiatives are largely attributed to the work of the ESG Steering Committee, which includes representatives from various departments. Their collective efforts have enabled REC to address growing consumer and regulatory pressures, integrating transparent ESG disclosures into the company’s business strategy.

The global solar photovoltaic (PV) market is expanding rapidly, driven by rising demand for renewable energy and technological advancements. In 2023, global solar PV installations exceeded 430 GW, a 74 per cent increase from the previous year. This growth is fueled by stricter ESG regulations, such as the EU’s Corporate Sustainability Reporting Directive (CSRD) and the US SEC’s climate disclosure rules. To limit global temperature increases to 1.5°C, over 1 billion solar panels are needed annually. Despite this progress, the solar industry faces challenges related to the resource-intensive nature of panel manufacturing, underscoring the need for more sustainable practices.