Shanghai Electric Releases ESG Report, Highlighting Sustainable Development Achievements in 2023

• Consumption of standard coal is cut by 3,234 tons, with CO2 emissions reduced by 8,409 tons. Water usage decreased by 40%.
• The Company's investment in environmental protection increased to 70 million RMB.
• Shanghai Electric continues to lead in green technology, achieving multiple breakthroughs in low-carbon technological innovation, with investment in R&B hitting a five-year record high.

SHANGHAI, April 28, 2024 /PRNewswire/ -- Shanghai Electric (SEHK:2727, SSE:601727) announced that the Company has published the 2023 edition of its Environment, Social, and Governance report, which highlights its latest efforts in driving toward sustainability across its corporate operations throughout the year. The newest report, the eighth since its first one that was released in 2016, offers an overview of Shanghai Electric's technological milestones in its three major business areas – energy equipment, industrial equipment, and integrated services – through which the Company helps facilitate green, low-carbon transformation in countries such as China, Pakistan, and the United Arab Emirates.

"At Shanghai Electric, we prioritize innovation in green technology, accelerating low-carbon development while zeroing in on eco-investing as part of our effort to strengthen our role in tackling global climate issues. Last year has seen us expand cooperation for green projects spanning transportation, energy, and infrastructure, helping spur economic growth with minimal environmental impact. In 2023, Shanghai Electric continued to take actions to support the United Nations' 2030 Agenda for Sustainable Development, fostering international exchange on the climate crisis by supporting COP28 and making an effective contribution to decarbonization," said Wu Lei, Chairman of Shanghai Electric.

Significant Headway Towards Sustainability Driven by Tech Innovation

Over the past year, Shanghai Electric has ramped up investment to develop new technology and products for driving decarbonization and global climate protection. In 2023, the Company's spending on research and development (R&D) hit 5.381 billion RMB, the highest in the past five years. Shanghai Electric's latest venture in heterojunction (HJT) technology and N-type bifacial modules has bolstered its solar product portfolio, with the percentage of R&B investment increasing to 33.5%. The launch of a range of new products in 2023, which includes the 16MW offshore wind turbine powered by the Poseidon platform, the 500kW containerized vanadium liquid flow energy storage system, and the 2000Nm3/H Alkaline electrolyzer, has further boosted Shanghai Electric's technological prowess. The R&B endeavors enabled the Company to acquire 2,931 patents.

"2023 marked a year of innovation for Shanghai Electric. We believe that technology is the primary productive force that drives our business forward, so we are strengthening our position in the green energy industry, focusing on the development of energy equipment, industrial equipment, and integrated services to promote industrial transformation and upgrading," said Liu Ping, President of Shanghai Electric.

In 2023, Shanghai Electric leveraged its strategic advantages and industry expertise to provide green solutions for more energy and industrial companies, contributing to low-carbon green transformation and development. Shanghai Electric participated in the construction of the world's first fourth-generation nuclear power station and an ultra-supercritical double reheat coal-fired generator unit that refreshes the world's record for its low coal consumption. In addition, Shanghai Electric's landmark project, the world's first floating wind-fishery integration project, was completed in the year, with its solutions empowering green transformation for China, the United Arab Emirates, Pakistan, Serbia, Malaysia, the United Kingdom, Uzbekistan, and more.

Diverse Professional Pathways Empower Employee Career Development

Shanghai Electric continuously enhances learning and career advancement opportunities for its workers, providing upskilling and reskilling programs to benefit its employees. The Company fosters a culture of inclusivity, ensuring the continuous growth and adaptability of its workforce in a rapidly changing global landscape. In 2023, the Company organized seminars and training programs for middle-aged and young managerial and technical workers, issued a white paper on occupational health management, took measures to strengthen awareness of workplace safety, and hosted an array of activities designed to enrich employee experiences and improve their employability.

Supporting Community Development and Improving Local Livelihoods

In 2023, Shanghai Electric invested 30.433 billion RMB in supporting rural construction in China with donations made by the Company and its subsidiaries to enhance local infrastructure and livelihoods, reaching 5.088 million RMB. In Dubai, Shanghai Electric worked with local communities to develop an HSE (Health, Safety, and Environment) management system with the aim of improving the ecological environment and biodiversity in areas near the Mohammed bin Rashid Al Maktoum Solar Park.

For communities near the Thar integrated coal mine and power project in Pakistan that were affected by natural disasters, Shanghai Electric provided air conditioners, and computers, and built a 10,000-square-meter hospital, which is dubbed a "mobile hospital" by local residents. During Eid al-Fitr 2024, Shanghai Electric also donated foods and vegetables to neighboring villages as part of its initiative to connect local communities and promote multiculturalism.

Please visit https://www.shanghai-electric.com/listed_en/upload/resources/file/2024/04/28//101437.pdf to read more of the report.

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