This is Shanghai Electric's 13th CSR report as the Company continues to advance its pledge to improve its transparency around its ESG practices and strengthen its commitment to expediting the global energy transformation with its green strategy. The report features Shanghai Electric's technological innovations that drive the development of its three key business sectors - energy equipment, industrial equipment, and integrated services - as well as outlines its significant progress in implementing its low-carbon strategy to address global climate-related issues. The report also includes a host of initiatives launched by Shanghai Electric to upskill employees and college graduates as part of its efforts to unlock their career potential and build a future-ready workforce for the energy sector.
"Global businesses continue to grapple with the negative impact imposed by the ongoing pandemic which has stalled progress in rejuvenating the world economy, hindered international cooperation, and blunted efforts to tackle climate change. In the face of a confluence of global challenges, Shanghai Electric has set its priorities on low-carbon technologies and digital transformation as we strive to become a leader and innovator in the new energy sector," Shanghai Electric wrote in the report.
Empowering the Future with Technological Breakthroughs
To deliver innovative and reliable technology and climate change solutions across the energy ecosystem, Shanghai Electric has ramped up investment in its offshore wind business while strengthening its R&D capability to drive innovation for energy storage. With digitalization, automation, and sustainability serving as the growth engines for its business, Shanghai Electric has also built on its state-of-the-art technologies for industrial equipment to develop automation and systematic solutions for smart energy, intelligent manufacturing, and smart infrastructure. In terms of integrated services, the Company is accelerating its efforts to transform its business model to push the servitization of its products.
Incorporating ESG as a Core Section of Its Business Operation
To enhance its continued endeavor to optimize its ESG oversight and management, Shanghai Electric has formed a dedicated ESG committee tasked with setting up the Company's general strategy with respect to ESG issues, assessing the risks of its business operation to the environment, as well as evaluating its ESG performance and progress.
Against the backdrop of China's carbon neutrality and peak carbon goals, Shanghai Electric is responding to the transition to renewable energy with innovative business solutions and outfitting its products with energy-saving technology to help drive down carbon emissions. Shanghai Electric is also working with its partners to establish a green supply chain, holding the highest standards to ensure every stage of a product - from designing and manufacturing to operation and maintenance - is responsibly implemented.
The report also offers detailed information on Shanghai Electric's measures to combat environmental issues, as well as data about its reduction in energy consumption, greenhouse gas emissions, water consumption, pollutants and waste emissions, in line with its ambition to become a holistically sustainable company in the coming decades.
Speeding Up Green Transformation to Enable a Sustainable Tomorrow
Shanghai Electric is accelerating the development and application of low-carbon technologies including hydrogen energy, energy storage, and carbon capture while leveraging its business advantages to promote the development and construction of new energy projects. Meanwhile, the Company is constantly improving the blueprint and roadmap for its renewable solutions and services to boost consumption capacity for new energy.
Shanghai Electric has bolstered the United Arab Emirates in its effort to help the country achieve green energy transition by building the Dubai Photovoltaic Energy Storage Station. Equipped with a 400KW photovoltaic system and a 1MWh-class battery energy storage system, the project replaces diesel generators used in Shanghai Electric's offices in Dubai with renewable energy sources.
Empowering the Next Generation of Electrical Engineers with Upskilling Programs
Equity is an integral part of Shanghai Electric's corporate culture, and the Company actively promotes diversity, equity, and inclusion by creating a working environment that is open and appreciative to all. Shanghai Electric creates a workspace where all employees can self-determine their own career pathways and offers channels and platforms for them to showcase and develop their professional skills. In 2021, Shanghai Electric was named one of "China's Best Employers" by Forbes, ranking 15th on the list.
To enable employees to enjoy equal opportunities and fulfill their potential, Shanghai Electric has set up vocational education and training programs for workers. In a format tailored to the needs of employees across multiple business sectors, the in-house training program aims to satisfy people's different interests and special requirements, facilitating their career growth. Shanghai Electric is also committed to youth development by partnering with universities and educational institutions to offer a series of offline training programs designed to foster the employability of university students.
Leading the Development of China's Energy Sector
To create spaces with an aim to bring together industry leaders to exchange ideas, strengthen business partnerships and discuss opportunities and challenges facing China's energy industry, Shanghai Electric hosted a series of forums, lectures and symposiums in 2021 that invited 72 industry experts and attracted over 700 domestic researchers. Those nationwide events saw companies debut 103 projects and ink 22 agreements. In addition, Shanghai Electric spent 3.4% of its total revenue on research and development in 2021, with expenditure on R&D for key technologies and equipment increasing year by year.