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Our 2023 Corporate Social Responsibility Report

In March 2024, we published our third Corporate Social Responsibility report, which brings together all our actions and progress in environmental, societal and governance issues.

At Boralex, ESG issues are part of our growth strategy

On June 17, 2021, on the occasion of our 2021 Investor Day, we presented our new 2025 strategic plan. Built around the four strategic directions that have guided our work since 2019, the plan introduces new targets and has our CSR strategy embedded at every level.

One of our targets for 2025, ranking as high as our financial goals, is to become the leading CSR reference for our partners by going beyond renewable energy.

The integration of CSR into our strategic plan means that at every stage of its execution, we consider not only why we produce renewable energy but also how, taking into account the extra-financial impacts of our operations and our entire value chain. This leads us to proactively manage the risks and impacts of our operations and properly equip ourselves to identify opportunities to improve our practises and access new markets

Our CSR approach is embedded in our corporate strategy to support the sustainable growth of our organisation. It also helps ensure that we can deliver superior longterm financial returns for our shareholders while working collaboratively with our host communities and regions.

Boralex’s progress in ESG in 2023

Disclosure and Rankings

  • Board Games: We ranked 102nd out of 219 S&P/TSX Composite Index companies and trusts, with a score of 76/100. In 2022, we ranked 114th with a score of 76.
  • CDP: We scored a C, the same as in 2022.
  • Corporate Knights Magazine: We ranked 21st on a list of Canada’s 50 best corporate citizens. A total of 286 companies were evaluated.
  • EcoVadis: We received a gold medal for the second year in a row, as well as an overall score of 74/100 (five points higher than in 2022).
  • Institutional Shareholder Services ESG Corporate Rating (ISS ESG): We were assigned a B- rating and “Prime” status.
  • S&P Global Corporate Sustainability Assessment (CSA): Our overall score was 54/100, an increase from 51/100 in 2022.

Materiality analysis: a critical step in defining our csr priorities

Our CSR approach is largely based on the results of a materiality analysis, which allowed us to identify the most important environmental, social and governance (ESG) risks for our principal stakeholders and to prioritize these risks in accordance with stakeholder expectations and objectives. 

We conducted 21 interviews with a broad range of stakeholders — investors, municipalities, non-governmental organizations, associations and staff — to discuss the potential impact of 18 ESG issues on Boralex’s performance, based on the most significant impact that our activities on society and the environment, and factors that could have a positive or negative impact on Boralex’s value. Using the findings from these discussions, we developed a materiality matrix inspired by the double materiality approach, in which we studied the most significant challenges with regard to sustainable development for both our stakeholders and our organization.

Our materiality matrix, combined with an assessment of the extra-financial risks inherent to our business, led us to identify 10 ESG priorities to guide our CSR efforts.

Fostering ongoing dialogue with our stakeholders

To keep a 360-degree view of our CSR approach and how it is evolving, we involve our various stakeholders, including all those who participate, directly or indirectly, in delivering on Boralex’s mission. Our stakeholders contribute to our prosperity, which is why we have a duty to maintain a constructive dialogue with each of them and to create value together.

Our contributions to the United Nations Sustainable Development Goals

By the very nature of our business, our mission and our CSR approach, Boralex is contributing to 13 of the 17 United Nations Sustainable Development Goals (SDGs). Throughout our CSR reports, we indicate which SDGs are directly related to our various achievements and commitments.