POWERING POSITIVE CHANGE
Sustainability Report
2021
CONTENTS
Sustainability Report 2021
INTRODUCTION
- Letters from Leadership
- About this Report
- Key Highlights of 2021
08 About Maxeon Solar Technologies
11 Sustainability Approach and Governance
-
Project Overview:
Taking a Staged Approach to Our Sustainability Journey - Targets and Performance
ENVIRONMENTAL
20 Spotlight: Powering Sustainable Luxury Hotels with Renewable Energy
- Our Environmental Responsibility: An Overview
- Energy and Emissions
- Water Management
- Waste
- Circular Economy
- Performance Metrics
SOCIAL
38 Spotlight: Leadership Training Programme
40 Social Stewardship: An Overview
43 Occupational Health and Safety
51 Fair Labour and Human Rights
55 Employee Engagement
- Learning and Development
- Diversity and Inclusion
- Community Investment
- Performance Metrics
GOVERNANCE
72 Spotlight: Partnerships for Positive Change
- Governance Approach: An Overview
- Business Integrity and Ethics
80 Product Quality, Reliability and Safety
84 Sustainable Innovation
90 Customer Engagement and Satisfaction
INTRODUCTION
Letter from Jeff Waters, Chief Executive Officer, and Donald Colvin, Chairman of the Board of Directors
2021 was a challenging year as the pandemic continued to disrupt the global supply chain and the way business is conducted. Despite the backdrop of social and economic uncertainties in 2021, a silver-lining has been that the world is taking meaningful steps to address climate change. At the UN Climate Change Conference (COP26), countries were urged to align to the Paris Agreement target and shift from fossil fuels to a net-zero future. New targets set by governments around the world will increase the global pace of decarbonisation and renewable energy adoption.
As the global demand for renewable energy increases along with renewed climate commitments by government leaders worldwide, Maxeon is encouraged that our differentiated products are powering the fight against climate change in more than 100 countries. At Maxeon, we pride ourselves in being the global leader in solar innovation. This year, we launched the solar industry's longest
and most comprehensive warranty of 40 years. Maxeon's latest contribution to growing a global circular economy.
Today, a growing number of corporations have begun to align Environmental, Social and Governance (ESG) to the core of their business and investment decisions, and governments around the world continue to align policies and procurement decisions to sustainability. Maxeon has been a Signatory of the United Nations Global Compact, the world's largest voluntary corporate sustainability initiative, since December 2020. By broadening our sustainability strategy to a global ESG platform, we can make an
even greater impact on the communities we serve. We are confident in our abilities and remain committed to leading the sustainability wave with our innovative solutions.
Environmental
Climate change is profoundly impacting the world around us, and world leaders have called for urgent collective action to address the global climate crisis. Singapore continues to remain steadfast in its commitment to global climate action and signed on to several partnership coalitions during COP26, including the Global Coal to Clean Power Transition Statement. To accelerate Singapore's efforts against climate change, Ms Grace Fu, Minister for Sustainability and the Environment of Singapore, announced the launch of the Singapore Green Plan 2030, a nationwide movement to advance Singapore's agenda on sustainable development, charting ambitious targets to align with the UN's 2030 Sustainable Development Agenda and the Paris Agreement's net-zero aspiration. As a solar company, we are heartened with the progress of COP26 and Singapore's commitment to the Green Plan 2030. As a global company with its headquarters in Singapore, we are pleased to have released our first set of 2030 ESG long-term targets in 2021 in support of the global transition to clean energy and net-zero emissions. Maxeon is Powering Positive ChangeTM.
As ESG continues to affect companies in key business and investment decisions, in 2021 the Singapore Exchange (SGX) unveiled its roadmap for mandatory climate disclosures for listed companies
INTRODUCTION
Letter from Jeff Waters, Chief Executive Officer, and Donald Colvin, Chairman of the Board of Directors
in Singapore. Amidst the urgent call for climate disclosures, we have reviewed Maxeon's ESG plans and will consider adopting the climate risk reporting framework recommended by the Task Force on Climate-Related Financial Disclosures (TCFD).
This year, we are honoured to have won the Silver Award in Asia's Best Sustainability Report (Human Rights) category by Asia Sustainability Reporting Awards (ASRA) 2021, and we are resolved to always do better.
Social
Maxeon has always been dedicated to being a responsible corporate citizen with a focus on the social wellbeing, human rights and safety of our people and communities. Our Occupational Health and Safety (OHS) commitment is deeply engrained in our culture as expressed through our policies, procedures and trainings. Safety
is of paramount importance at Maxeon and will continue to be embedded in all our operations.
We strongly support our Global Human Rights Policy which aligns with the Universal Declaration of Human Rights, the Conventions of the International Labour Organization (ILO), the UN Guiding Principles on Business and Human Rights, the UN Global Compact (UNGC), and the Organisation for Economic Co-operationand Development (OECD) Guidelinesfor Multinational Enterprises.
Governance
At Maxeon, we understand the importance of trust in achieving our goals as a company, and therefore we place a high priority on complete transparency and integrity across our operations and governing policies. Being vigilant on corporate behaviour and conducting business in an ethical manner with integrity will ensure that we build a strong foundation for our business.
On behalf of the Board of Directors and Executive Leadership Team of Maxeon Solar Technologies, we thank our Staff, Partners and Stakeholders for the strong support, and we look forward to our continuing partnership.
|
Jeff Waters |
Donald Colvin |
|
Chief Executive Officer |
Chairman of the Board |
|
of Directors |
INTRODUCTION
Letter from Lindsey Wiedmann, Chief Legal Officer, Global ESG Executive Leader
We are delighted with the progress Maxeon has made in the past year and look forward to Powering Positive Change in a sustainable and innovative way. As a solar company, we have a responsibility to fight climate change and must continue to innovate to create an even greater impact on communities around the world. To further our mission, Maxeon has collaborated with the National University of Singapore's Solar Energy Research Institute of Singapore (SERIS) on two research projects in 2021 and the research is currently ongoing. We also celebrate the launch of the solar industry's most comprehensive warranty of 40 years, evidence that we stand behind the longevity of solar energy production that our panels so reliably provide. And we are quite pleased to now provide our stakeholders with our panels' energy payback time, which is the period of operating time required for an installed Maxeon panel to generate the same amount of energy used to get it to production. Data supporting what we all know, that Maxeon makes the best and most sustainable panels.
In the wake of unprecedented market momentum behind ESG in 2021, investors, corporations and government leaders have raised expectations for progress on climate pledges, alongside other social issues such as diversity, inclusion and employees' wellbeing. To demonstrate Maxeon's commitment as a United Nations Global Compact Signatory, in 2021 we established our 2030 ESG long-term targets in alignment with the UN Sustainable Development Goals (SDGs) and providing a visible roadmap of our journey towards decarbonisation and a sustainable future. In 2021, Maxeon also signed on as one of the twelve inaugural organisational members
of the Singapore Low Carbon Network, launched as part of PwC Singapore's Asia Pacific Centre for Sustainability Excellence. The network aims to support the Singapore Green Plan 2030 and brings together corporations across Singapore with ambitions to decarbonise. We are committed to helping our Singapore community achieve their decarbonisation goals and excited to work with
other industry leaders and contribute our insights in solar energy technology as a means for transformation to a low-carbon economy.
Maxeon strives to maintain its sustainability leadership position in the solar industry by continuing our development of more efficient, sustainable and longer-lasting panels. As more countries and corporations pledge to achieve net-zero emissions, renewable energy will play a pivotal role in enabling this transition. Maxeon is delighted to be a key player in the race to achieving net-zero by supporting the growing demand for solar energy coupled with social and governance best practices.
As we journey towards our 2030 ESG long-term targets, we will continuously assess our yearly performance and progressively improve on our sustainability efforts. With the rising demands for accountability and climate-related disclosures, Maxeon will also consider reporting climate-related risks disclosures and aligning with the Task Force on Climate-Related Financial Disclosures (TCFD) framework in our next sustainability report.
We thank our internal and external stakeholders for their support in our sustainability journey and look forward to continued collaboration in our future endeavours.
Lindsey Wiedmann
Chief Legal Officer,
Global ESG Executive Leader
Attachments
Disclaimer
Maxeon Solar Technologies Ltd. published this content on 01 July 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 01 July 2022 14:09:27 UTC.