Plug Power releases its 2020 ESG Report
In 2020, we celebrated many accomplishments on the road to reducing the carbon footprint of the world we not only do business in, but in the world we continually strive to improve on a daily basis. We are managing our company for the long-term and understand the importance of having a sound strategy to address climate change and support sustainable development. We are happy to release the i2020 Plug Power ESG report.
Our Stance: Plug Power will only support activity that promotes the green hydrogen economy. Our focus is to do more, be more and help more than simply supplying the hydrogen ecosystem. We are being proactive to grow a company as good citizens at a global scale—addressing everything from product end of life to employee diversity to maintaining responsibility for our own environmental impact.
In 2020, we contracted a third party to help us determine which environmental, social and governance (ESG) topics are most critical for our company. This process allowed us to identify priority areas which will help guide our focus in the coming years as we continue to build out our approach to managing ESG issues, and guide our ESG work moving forward, encompassing our responsibilities to our staff and our communities, as well as expectations of our suppliers, partners and our board committees. And while any approach to ESG should include activities like corporate social responsibility initiatives and philanthropy, our emphasis is on the sustainability impact of our core business.
The ESG impact of clean energy
Plug Power is building the green hydrogen economy as the leading provider of comprehensive hydrogen and fuel cell turnkey solutions, and sound environmental practices are a key priority and a business differentiator. Here we have identified issues that reduce the environmental footprint of our operations and products at the margin, like product end-of-life management as key action areas, building on our pilot project to develop a streamlined recycling solution for Plug Power’s production by-products and end-of-life products.
Ultimately, though, the long-term vision for Plug Power is to develop low and no-carbon solutions that enable the transition to an electrified future—and this is where we excel. Hydrogen and fuel cell products already play a critical role in the sustainable energy revolution and will continue to expand through scale in current markets and introduction into new markets. Plug Power is committed to leading the way with our comprehensive green hydrogen solutions.
Through this lens, the Plug Power approach to ESG and our long-term business strategy are one and the same. By meeting our business aims, such as producing 1,000 tons per day of green hydrogen by 2028, we are also advancing our environmental leadership. Already, Plug Power products have helped our customers avoid emitting over 320 million pounds of CO2 in 2020 alone. As we grow our capacity to scale and commercialize technologies like PEM electrolyzers, our contribution to the sustainability mission of our partners and customers will grow exponentially.
Putting sustainability at the heart of our company
ESG is a practice, however, not a destination. Maintaining momentum and regularly assessing results are critical to success. This is why we plan to improve Plug Power ESG data collection processes; improving our ability to collect the required insights to manage our ESG risks, capitalize on opportunities and enhance our external reporting. Fortunately, Plug Power has a strongly data-driven culture, owing to our real-time product efficiency monitoring systems. We will use the same engineering mindset as we gather and share a more comprehensive picture of our ESG performance.
The 2020 Plug Power ESG report formalizes our renewed commitment to sustainability, already deeply rooted in our people, mission, core values, and products. With the data in hand, we are now gearing up to make our global ESG vision a reality. We will continue to lead the $10 trillion green hydrogen economy, grow our balance sheet and invest in our capabilities. But it’s also about embedding our people-first culture into everything we do, upholding values like diversity, open communication and ethical conduct. With this ESG Report, we have a roadmap to a brighter, greener and more inclusive future.