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Prestigious ESG ratings agency Sustainalytics has placed the company in its low-risk section (11.6), with a ‘strong’ rating in all areas analyzed, said the company in it’s release.
Solarpack has been classed as low risk (11.6) by Sustainalytics, a prestigious ESG ratings agency that measures the environmental impact and corporate governance of more than 15,000 companies worldwide. This puts Solarpack in the top five of 85 companies from the renewables sector worldwide and among the top eight from a total of 678 utility sector companies.
This rating from Sustainalytics reaffirms Solarpack’s commitment to drive ESG with concrete initiatives and solid management systems, and positions it as a Spanish and European leader after having obtained the highest ranking within the energy generation and renewables sector in Spain—and third in Europe.
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: insignificant, low, medium, high and severe.
In its evaluation, Sustainalytics classified Solarpack’s ESG risk management as ‘strong.’ This evaluation includes company ESG factors such as environmental policy, health and safety at work and the process for handling and resolving complaints.
It shows Solarpack has a strong commitment to sustainability in general and to environmental, social and good governance factors in particular. These are a strategic priority within all the company’s operations, and their management has now placed the business ahead of other prestigious energy companies.
“Integrating ESG criteria into our culture is an essential part of our strategy at Solarpack,” said Pablo Burgos, the company’s general manager. “We work to incorporate sustainability best practice into all aspects of our activity, in line with our purpose and with the Sustainable Development Goals.”
Solarpack continues to develop its Sustainability Plan to improve ESG scores across its entire value chain and thus maximize its positive impact on the local communities where it operates. At the same time, and as part of its Sustainability Plan, Solarpack has a €2.6 million Social Action Plan for 2021 through 2023 that contains, among others, the objectives of providing universal access to clean energy and supporting socioeconomic development through education in the areas where it operates.