Shanghai Electric has announced the release of its annual Corporate Social 
Responsibility (CSR) Report 2022, highlighting the Company's performance and 
achievements in Environmental, Social, and Governance (ESG) in the fiscal year 
2021.

This is Shanghai Electric's 13th CSR report as the Company continues to advance 
its pledge to improve its transparency around its ESG practices and strengthen 
its commitment to expediting the global energy transformation with its green 
strategy. The report features Shanghai Electric's technological innovations 
that drive the development of its three key business sectors – energy 
equipment, industrial equipment, and integrated services – as well as outlines 
its significant progress in implementing its low-carbon strategy to address 
global climate-related issues. The report also includes a host of initiatives 
launched by Shanghai Electric to upskill employees and college graduates as 
part of its efforts to unlock their career potential and build a future-ready 
workforce for the energy sector.

"Global businesses continue to grapple with the negative impact imposed by the 
ongoing pandemic which has stalled progress in rejuvenating the world economy, 
hindered international cooperation, and blunted efforts to tackle climate 
change. In the face of a confluence of global challenges, Shanghai Electric has 
set its priorities on low-carbon technologies and digital transformation as we 
strive to become a leader and innovator in the new energy sector," Shanghai 
Electric wrote in the report.

Empowering the Future with Technological Breakthroughs

To deliver innovative and reliable technology and climate change solutions 
across the energy ecosystem, Shanghai Electric has ramped up investment in its 
offshore wind business while strengthening its R&D capability to drive 
innovation for energy storage. With digitalization, automation, and 
sustainability serving as the growth engines for its business, Shanghai 
Electric has also built on its state-of-the-art technologies for industrial 
equipment to develop automation and systematic solutions for smart energy, 
intelligent manufacturing, and smart infrastructure. In terms of integrated 
services, the Company is accelerating its efforts to transform its business 
model to push the servitization of its products.

Incorporating ESG as a Core Section of Its Business Operation

To enhance its continued endeavor to optimize its ESG oversight and management, 
Shanghai Electric has formed a dedicated ESG committee tasked with setting up 
the Company's general strategy with respect to ESG issues, assessing the risks 
of its business operation to the environment, as well as evaluating its ESG 
performance and progress.  

Against the backdrop of China's carbon neutrality and peak carbon goals, 
Shanghai Electric is responding to the transition to renewable energy with 
innovative business solutions and outfitting its products with energy-saving 
technology to help drive down carbon emissions. Shanghai Electric is also 
working with its partners to establish a green supply chain, holding the 
highest standards to ensure every stage of a product – from designing and 
manufacturing to operation and maintenance – is responsibly implemented.

The report also offers detailed information on Shanghai Electric's measures to 
combat environmental issues, as well as data about its reduction in energy 
consumption, greenhouse gas emissions, water consumption, pollutants and waste 
emissions, in line with its ambition to become a holistically sustainable 
company in the coming decades.

Speeding Up Green Transformation to Enable a Sustainable Tomorrow

Shanghai Electric is accelerating the development and application of low-carbon 
technologies including hydrogen energy, energy storage, and carbon capture 
while leveraging its business advantages to promote the development and 
construction of new energy projects. Meanwhile, the Company is constantly 
improving the blueprint and roadmap for its renewable solutions and services to 
boost consumption capacity for new energy.

Shanghai Electric has bolstered the United Arab Emirates in its effort to help 
the country achieve green energy transition by building the Dubai Photovoltaic 
Energy Storage Station. Equipped with a 400KW photovoltaic system and a 
1MWh-class battery energy storage system, the project replaces diesel 
generators used in Shanghai Electric's offices in Dubai with renewable energy 
sources.

Empowering the Next Generation of Electrical Engineers with Upskilling Programs

Equity is an integral part of Shanghai Electric's corporate culture, and the 
Company actively promotes diversity, equity, and inclusion by creating a 
working environment that is open and appreciative to all. Shanghai Electric 
creates a workspace where all employees can self-determine their own career 
pathways and offers channels and platforms for them to showcase and develop 
their professional skills. In 2021, Shanghai Electric was named one of "China's 
Best Employers" by Forbes, ranking 15th on the list.

To enable employees to enjoy equal opportunities and fulfill their potential, 
Shanghai Electric has set up vocational education and training programs for 
workers. In a format tailored to the needs of employees across multiple 
business sectors, the in-house training program aims to satisfy people's 
different interests and special requirements, facilitating their career growth. 
Shanghai Electric is also committed to youth development by partnering with 
universities and educational institutions to offer a series of offline training 
programs designed to foster the employability of university students.

Leading the Development of China's Energy Sector

To create spaces with an aim to bring together industry leaders to exchange 
ideas, strengthen business partnerships and discuss opportunities and 
challenges facing China's energy industry, Shanghai Electric hosted a series of 
forums, lectures and symposiums in 2021 that invited 72 industry experts and 
attracted over 700 domestic researchers. Those nationwide events saw companies 
debut 103 projects and ink 22 agreements. In addition, Shanghai Electric spent 
3.4% of its total revenue on research and development in 2021, with expenditure 
on R&D for key technologies and equipment increasing year by year. 

SOURCE: Shanghai Electric