Sunnova Aligns with TCFD and Expands GHG Accounting in Second ESG Report
HOUSTON–(BUSINESS WIRE)–Sunnova Energy International Inc. (“Sunnova”) (NYSE: NOVA), a leading U.S. residential energy service provider, today announced the release of its second annual Environmental, Social and Governance (ESG) report, which highlights the critical steps the company took in 2021 to advance its ESG management through rigorous and transparent reporting of sustainability performance.
The report contains several key highlights of Sunnova’s ESG progress, including:
- Inaugural ESG Goals
- Materiality Assessment Results
- Alignment with the Taskforce on Climate-Related Financial Disclosures (TCFD)
- Value Chain (Scope 3) Greenhouse Gas Emissions Accounting
“The last year has been pivotal for the evolution of sustainability with a growing awareness of and interest in ESG issues,” said Kelsey Hultberg, Executive Vice President, Chief of Staff and ESG Steering Committee Chair at Sunnova. “Our focus in 2021 was on strengthening the foundation we built in our first year of reporting while continuing to strategically integrate ESG into our business with a look towards the future.”
“This year we tackled three main goals: we conducted our inaugural materiality assessment to align on a multitude of ESG topics with our employees, vendors, investors, community partners and other stakeholders; we developed multi-year ESG goals to commit ourselves to continuous improvement in areas of strategic importance; and we conducted our first climate risk assessment in alignment with the Taskforce on Climate Related Financial Disclosure (TCFD) recommendations and integrated it with our annual Enterprise Risk Management (ERM) process.”
Inaugural ESG Goals:
In 2021, Sunnova formalized its ESG goals, which seek to drive progress on the ESG priority areas for the company, as determined by its first ESG materiality assessment.
Sunnova plans to:
- Build a customer base by year-end 2023 whose systems will offset 52 million MTCO2e over their useful life.
- Quantify and disclose a complete Scope 3 inventory for all material categories of Scope 3 activities and set a climate target that includes all scope emissions by year-end 2023.
- Work to reduce year-over-year voluntary turnover to 15% by 2025.
- Work to improve estimated year-end 2021 racial/ethnic minority representation for mid-level leadership by 20% by 2025.
- Institute a supplier engagement system to quantify ESG impacts for all Tier 1 suppliers by 2023.
- Work to contribute 2,500 total employee volunteer hours to organizations whose causes align with our mission and ESG goals by year-end 2025.
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements generally relate to future events or Sunnova’s future financial or operating performance. In some cases, you can identify forward looking statements because they contain words such as “may,” “will,” “should,” “expects,” “plans,” “anticipates,” “going to,” “could,” “intends,” “target,” “projects,” “contemplates,” “believes,” “estimates,” “predicts,” “potential” or “continue” or the negative of these words or other similar terms or expressions that concern Sunnova’s expectations, strategy, priorities, plans or intentions. Forward-looking statements in this release include, but are not limited to, statements regarding our ESG goals, and other statements regarding the future. Sunnova’s expectations and beliefs regarding these matters may not materialize, and actual results in future periods are subject to risks and uncertainties that could cause actual results to differ materially from those projected, including risks regarding our ability to forecast our business due to our limited operating history, the effects of the coronavirus pandemic on our business and operations, supply chain uncertainties, results of operations and financial position, our competition, changes in regulations applicable to our business, fluctuations in the solar and home-building markets, availability of capital, our ability to attract and retain dealers and customers and manage our dealer and strategic partner relationships, the ability to successfully integrate the SunStreet acquisition, the ability of Sunnova to implement its plans, forecasts and other expectations with respect to SunStreet’s business and realize the expected benefits of the acquisition. The forward-looking statements contained in this release are also subject to other risks and uncertainties, including those more fully described in Sunnova’s filings with the Securities and Exchange Commission, including Sunnova’s annual report on Form 10-K for the year ended December 31, 2021. The forward-looking statements in this release are based on information available to Sunnova as of the date hereof, and Sunnova disclaims any obligation to update any forward-looking statements, except as required by law.
Sunnova Energy International Inc. (NYSE: NOVA) is a leading energy service provider with customers across the U.S. and its territories. Sunnova’s goal is to be the source of clean, affordable and reliable energy with a simple mission: to power energy independence so that homeowners have the freedom to live life uninterrupted®.
For more information, please visit sunnova.com.
Environmental, Social and Governance
Investor & Analyst Contact
Vice President, Investor Relations