Sustainalytics rates Solarpack in the position of “strong” in the company's ESG risk management
Solarpack has been rated as the most sustainable utility in the world. The company ranks first in the Sustainalytics ESG Risk Rating index, prepared by the prestigious ESG rating agency. Solarpack is ranked number one out of a total of 693 utilities worldwide - an improvement on last year's ranking of 5th - and number 65 out of a total of 15,288 companies.
Sustainalytics measures the environmental, social and corporate governance performance of companies, and rates sustainability risks on a scale of 0 to 100, with the lowest number being the best rated. In this new edition, Solarpack has managed to improve its rating from 11.6 to 7.7 points, being the only company in the utilities sector in the "negligible" section (the lowest).
The Sustainalytics rating measures a company’s exposure to sector-specific material ESG risks, and the degree of management of those risks. This way of measuring risk combines management and exposure concepts to arrive at an evaluation of ESG risk—that is, a score for total unmanaged risk that can be compared across all sectors. The Sustainalytics rating covers five levels of risk: negligible, low, medium, high, and severe.
For this classification, the rating method has evaluated both the low exposure risk and the good management of existing ESG risks of Solarpack, which is rated as "strong". In addition, the rating has been developed with its "comprehensive" methodology, which is the most extensive of Sustainalytics, based on 70 management indicators.
In this way, Solarpack once again demonstrates its strong commitment to sustainability in general and to environmental, social and governance factors, which are a strategic priority within all of the company's activities. Its sustainability management now places the company ahead of other prestigious energy players.
"We are very proud to receive this rating, which demonstrates Solarpack's commitment to integrating ESG criteria into all of the company's activities. We want to continue creating sustainable value and we seek to generate positive social impact in the environment of our projects, in line with our purpose and the Sustainable Development Goals (SDGs)," says Pablo Burgos, the company's CEO.
Solarpack continues to develop its Sustainability Plan to improve ESG aspects throughout its value chain to maximise its positive impact on the local communities where it operates. To this end, Solarpack has recently designed a Green Financing Framework to integrate its sustainability strategy into the company's financing policy. It has already qualified as green positions amounting to €520 million and aims to increase this qualification to €1 billion by 2023.
Furthermore, and integrated in its Sustainability Plan, Solarpack has a Social Action Plan, which includes, among others, the objectives of universalising access to clean energy and promoting socio-economic development in the areas where it operates and which is built on three pillars: Energy, Education and Employment, the 3Es of Solarpack's Social Action.