Environmental, Social and Governance (ESG)
Working in a socially responsible manner is part of Boralex’s culture. Our corporate social responsibility (CSR) and environmental, social and governance (ESG) strategy underscores our mandate for sustainable development and our approach to the relationships we have with all of our stakeholders. Through ten priority issues sorted under three clear and distinct areas of commitment, CSR is now part and parcel of Boralex’s business model.
Boralex unveiled its first CSR report in February 2021, under the theme “Beyond Renewable Energy”. It details our value-adding and more structured approach, with careful consideration of risk and opportunity management.
Through a selection of 18 issues relevant to Boralex’s activities, the Corporation surveyed a representative panel of its stakeholders (21 qualitative interviews were conducted) on their perceptions and expectations of its non-financial performance. These stakeholders include investors, communities (municipalities, non-governmental organizations) and employees. This exercise, carried out in 2020, led to the development of a materiality matrix highlighting the most significant sustainability issues for the Corporation’s stakeholders.
Combined with the mapping of non-financial risks inherent to Boralex’s activities, these matrices identified ten priority issues, sorted into three areas of commitment, on which the Corporation is committed to intensifying its efforts until 2025. The execution of this plan is integrated to the achievement of Boralex’s strategic plan and financial objectives, reflecting Boralex’s management’s commitment to CSR.
These ten issues are aligned with the United Nations Sustainable Development Goals (SDGs). Boralex assessed its contribution to the SDGs based on the direct and indirect impact that impact the Corporation. Reporting is done in accordance with the recommendations of the Global Reporting Initiative (GRI).
Boralex’s priority issues in 2021
Three priority issues will be addressed in 2021.
Diversity and Equal Opportunities
Pillar of commitment 1 – Leading through example
Boralex recognizes how important diversity and inclusion are in creating a fulfilling workplace. Boralex honours the differences that make each person unique by promoting and valuing the diversity of its employees, partners and communities.
Boralex intends to intensify its efforts regarding disability awareness, anti-discrimination and First Nations consideration. Training is to begin in 2021 in line with actions undertaken in 2020.
Greenhouse Gaz (GHG) Emissions
Pillar of commitment 2 – Making renewable energy in a sustainable and resilient manner
Boralex plans to follow the path of the 2015 Paris Agreement to limit global warming to 1.5°C. As a first step in 2021, Boralex will achieve a carbon footprint (scopes 1 and 2) and will enable the corporation to identify the vectors for reducing its direct CO2 emissions (not just the emissions avoided by its renewable energy production) in the years to come.
By committing to the issue of GHG emissions, Boralex is following the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD) and identifying the opportunities and risks associated with this issue. Boralex’s mission is to produce renewable energy, which represents an opportunity in the fight against climate change.
Health and Safety
Pillar of commitment 3 – Respect our people, our planet and our community
Preventing accidents for its employees and subcontractors has always been at the heart of Boralex’s concerns. From now on, Boralex also aspires to become a corporation where both physical and mental health are a priority. In addition to preventing physical risks, the corporation intends to promote and improve its employees’ support tools to prevent mental health risks, thereby ensuring the overall health for all.
Until now, occupational health and safety has been the responsibility of the operations and asset management departments, both in France and North America. Since February 2021, this function is now grouped under the Vice President of Human Resources, thus demonstrating the evolution of our OHS practices to promote the importance of the overall health of Boralex’s employees.