Ormat Technologies’ 2024 Sustainability Report Reinforces ESG Commitment, Climate Action, And Long-Term Clean Energy Strategy

Ormat Technologies Inc., a global leader in geothermal and renewable energy, has released its 2024 Sustainability Report, outlining the company’s progress in advancing its long-term sustainability strategy and reinforcing its environmental, social, and governance performance. The report emphasizes Ormat’s continued efforts to expand renewable energy and storage capacity, deliver low-carbon solutions, and create positive value for communities worldwide.

According to the report, Ormat helped avoid approximately 2,488,811 metric tons of CO2e emissions during the year, more than 11 times the company’s own emissions, demonstrating its significant contribution to global climate action. The company also achieved its annual emissions reduction target by lowering Scope 1 and Scope 2 emissions intensity by an average of 5 percent compared to its base year.

In addition, Ormat enhanced its climate-related disclosures through scenario analysis and alignment with the recommendations of the Task Force on Climate-Related Financial Disclosures (TCFD). The report also highlights the company’s commitment to social responsibility, with nearly $1 million contributed to community initiatives across its global operations in 2024.

Chief Executive Officer Doron Blachar noted that the company’s achievements reflect both its progress and its long-term vision. He stated that by expanding renewable energy capacity, strengthening governance around sustainability, and improving transparency through comprehensive disclosures, Ormat is creating enduring value for stakeholders while supporting the transition to clean, reliable electricity worldwide.

The 2024 Sustainability Report has been prepared in accordance with the Global Reporting Initiative (GRI) standards and is guided by the Sustainability Accounting Standards Board (SASB) requirements. It also follows the recommendations of the TCFD, reinforcing Ormat’s commitment to industry best practices in sustainability reporting.