Rio’s 6-Month ESG Review – Norsk Solar Boosts Performance to 83% Amid Team Expansion and Market Expansion Efforts

Published May 25, 2023

In the 6-months ESG review from RIO on behalf of one of our investors, Norsk Solar has increased from 80% to 83% in their performance. The improvement was done despite having expanded their team and established new markets. We are committed to holding the highest ethical standards and level of transparency possible and are continuously evaluating our activities impact on nature, climate, society and the communities in which we operate.

The key impact figures on energy produced and CO2 emission saved each year as a result of our projects are disclosed publicly on our website.

The increase in the ESG performance is based on the work that has been done in improving the ESMS (Environmental & Social Management System) and the ESAP (Environmental & Social Action Plan) detailing how we are integrating climate–related risk and opportunity into business processes in addition to the E&S (Environmental & Social) and OHS (Occupational Health and Safety) policies.

Environment Performance:

The score has improved from 60-67%. We have ambition to set science based targets and the ESG information that we present provides details about the energy generation breakdown. Next we will report more around our operational emissions and Scope 1, 2 & 3.

Social Performance:

The overall score is 94%. The Grievance Mechanism, in addition to the OHS and E&S policies, demonstrate our commitments to socially responsible conduct. To increase the score we will disclose the ESMS to enable access on how risks and opportunities to communities are assessed.

Governance Performance:

The score has increased from 83 – 94% improving how the metric relating to how the business integrates climate-related risk and opportunity into business processes and planning. Publicly disclosure demonstrate sustainability integrated into the group strategy, particularly having focus on climate -related risk and opportunities.

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