July 20, 2023 [crocon media – msch] Ballard Power Systems (NASDAQ: BLDP) (TSX: BLDP) released its fourth annual Environmental, Social, and Governance (ESG) Report, showcasing the company’s dedication to transparency and environmental leadership within the fuel cell industry. The report emphasizes Ballard’s commitment to its purpose of Here for LifeTM and provides insights into the company’s performance across environmental, social, and governance dimensions.
One of the notable achievements highlighted in the 2022 ESG Report is the continued improvement in overall ESG research ratings, reflecting Ballard’s strong commitment to sustainability. In 2022 alone, Ballard’s fuel cell technology prevented approximately 53 million gallons of consumed diesel, leading to a reduction of approximately 540,000 tCO2e1. Furthermore, the company achieved a 20% decline in emissions intensity since 2019 across reported scope 1, scope 2, and scope 3 emissions.
The report also outlines Ballard’s ambitious carbon-neutral plan by 2030, which includes specific goals for decarbonizing corporate emissions. This commitment to sustainability extends beyond internal operations, as Ballard actively contributes to the decarbonization of the mobility and stationary power sectors through its zero-emission fuel cell products.
In addition to environmental achievements, the report highlights Ballard’s dedication to social and governance factors. The company boasts an annual employee retention rate of 88% and has increased women representation at the senior leadership level by 14% since 2019. Ballard’s commitment to education is evident through its Hydrogen Challenge Education Program, which has reached over 125,000 students, providing valuable knowledge about hydrogen fuel cell technology.
From a governance standpoint, Ballard has established a dedicated Sustainability and Governance Committee to enhance oversight of its ESG performance. This proactive approach demonstrates the company’s commitment to upholding strong governance practices.
Randy MacEwen, President & CEO of Ballard, emphasized the company’s contribution to global sustainability efforts, stating, “At Ballard, we are commercializing innovative solutions that put hydrogen-powered fuel cell products into the hands of our customers, aiding in the quest to achieve global net-zero emissions by 2050. Our business model, workforce, and governance practices enable us to create long-term value for shareholders while actively contributing to the decarbonization of various sectors.”
Jennifer Nakata, Ballard’s Director of Environmental, Social, and Governance, highlighted the company’s roadmap for achieving carbon neutrality by 2030 and its ongoing efforts to foster a diverse and inclusive work environment.
The release of the 2022 ESG Report aligns with Ballard’s commitment to reporting best practices. The disclosures in the report follow the internationally recognized ESG reporting standards of the Global Reporting Initiative (GRI) and the Sustainability Accounting Standards Board (SASB), specifically under the sector standard for ‘Fuel Cell and Industrial Batteries’.
For more information on Ballard’s sustainability commitments and to access the full 2022 ESG Report, visit www.ballard.com/about-ballard/our-sustainability.
About Ballard Power Systems
Ballard Power Systems (NASDAQ: BLDP; TSX: BLDP) aims to deliver fuel cell power for a sustainable planet. The company’s zero-emission PEM fuel cells are driving the electrification of mobility in various sectors, including buses, commercial trucks, trains, marine vessels, and stationary power.
Forward-Looking Statements
This release contains forward-looking statements regarding the anticipated performance and environmental impact of Ballard’s products. These statements are based on Ballard’s assumptions concerning its financial forecasts, product development efforts, manufacturing capacity, and market demand. However, actual results may differ materially from these forward-looking statements due to various factors, including economic and regulatory changes, reliance on third parties, successful implementation of business plans, and achievement of profitability.
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