Ormat Technologies Inc., a leading renewable energy company, announced the release of its annual Sustainability Report, providing an overview of the Company’s environmental, social, and governance (ESG) performance in 2023.
Key achievements highlighted in the 2023 report include:
Avoided Emissions: The Company’s operating portfolio avoided a net of 2,212,508 metric tons of CO2e compared to local electricity grids.
ESG Board Committee: Established a committee dedicated to overseeing and guiding the Board on ESG-related matters.
GHG Emissions Reduction: Met our target of a 5% annual reduction in Scope 1 and 2 GHG emissions intensity and achieved a 28% intensity reduction compared to the 2019 baseline, as well as a 17% absolute reduction.
Scope 3 Emissions Mapping: Undertook a comprehensive mapping process of Scope 3 emissions across our value chain.
Community Support: Donated $1.3 million to support sustainable community development projects around the world.
Doran Blachar, Chief Executive Officer of Ormat Technologies, stated, “Our 2023 Sustainability Report underscores Ormat’s commitment to the global effort to combat climate change by providing clean, reliable, and sustainable renewable energy. We are dedicated to fostering a positive impact on our employees and communities and embracing sustainability as a core business philosophy. Throughout 2023 we built on our previous advancements to enhance our sustainability efforts, which we believe will strengthen our decision-making, improve risk management, and deepen our engagement with global stakeholders. As we move forward, we remain committed to delivering sustainable, power-generating solutions that support the global transition to a more sustainable future.”
Ormat’s 2023 Sustainability Report is available on the new Sustainability section of the Company’s website at https://www.ormat.com. An executive summary of the report is also available on the website.
The 2023 Sustainability Report has been updated and structured to enhance the clarity of Ormat’s ESG-related activities. The report includes detailed chapters on each of our environmental, social, and governance measures, initiatives, and activities, and it is written according to GRI (Global Reporting Initiative) standards and guided by SASB’s (Sustainability Accounting Standards Board) requirements and recommendations.
