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The ESG Report: Bombardier, IMCO, Canadian Solar

Business jet manufacturer Bombardier, Ontario asset manager IMCO and photovoltaic solar panel man...


Canadian jet manufacturer Bombardier showed its sustainability achievements in its ESG report for 2021. (Courtesy Bombardier)

Business jet manufacturer Bombardier, Ontario asset manager IMCO and photovoltaic solar panel manufacturer Canadian Solar announced their latest ESG commitments and progress made in 2021.


Bombardier is a Montreal-based business jet manufacturer, having sold off its stakes in commercial jets, rail and public transport. In 2021, the company made $6.1 billion in revenue.

Report highlights: Made a nine per cent decrease in greenhouse gas (GHG) emissions in 2021, lowering its pollution to 93.5 tonnes of carbon dioxide equivalent (tCO2e) compared to a 2019 baseline of 102.5 tCO2e. Also made a 32 per cent decrease in hazardous waste and 8 per cent decrease in energy consumption from a 2019 baseline.

Emissions goal: Seeks to achieve a 25 per cent reduction in greenhouse gas emissions by 2025 relative to 2019.

Scope 1 and 2: N/A

Scope 3: N/A

Certifications: ISO 14001 environmental management system certifications. Applies its own “Diamond certification” for suppliers who meet its ESG requirements.

Third-party verifiers: The information provided for Bombardier’s environmental indicators is partially verified by an external party, the company says. Three Bombardier sites in Montreal receive external verification for GHG emissions and energy consumption under the Quebec cap-and-trade system for GHG emission allowances.

DEI plans: Seeks to have 30 per cent of management staffed by women by 2025. Looks to increase the representation of underrepresented groups across the organization and educate its leaders to identify unconscious biases in making decisions on development, opportunities, and promotions. Will measure diversity progress across the functions and hierarchical levels.

ESG strategy: Made mention of its GHG emissions and energy consumption decline resulting from its equipment retrofits, replacements, footprint rationalization, and the increase of its renewable energy use. Plans to increase the energy efficiency of production processes and site operations, increase the use of renewable energy, and optimize carbon offsets, trading opportunities and manufacturing to reduce waste.

On the vehicle side, Bombardier said it will promote use of electric vehicles, build greener aircraft based on sustainable materials and high efficiency, and maximize the use of sustainable aviation fuel in Bombardier flight operations.

Read the full report here.


Standing for the Investment Management Corporation of Ontario, IMCO is an asset manager for public sector clients in Ontario. It manages approximately $79 billion worth of assets, with $26.3 billion in public equities.

Report highlights: Has committed to net-zero emissions by 2050. Joined various climate-related organizations like the Paris Aligned Investment Initiative (PAII) as a net-zero signatory, Climate Engagement Canada (CEC), Ceres Investor Network, and the CCGG Environmental and Social Committee. Made its first submission to Principles for Responsible Investment (PRI) Reporting & Assessment Framework.

Emissions goal: IMCO has committed to achieving a net-zero emissions portfolio by 2050, and will set interim emission reduction targets later in 2022.

Scope 1 and 2: Emitted 263 tCO2e in 2021. Marked a decline from 431 tCO2e in 2019 and 396 tCO2e in 2020.

Scope 3: Emitted 10 tCO2e in 2021. A sharp fall from 284 tCO2e in 2019 and 172 tCO2e in 2020. IMCO attributes the decline to COVID-19 travel restrictions.

Certifications: Earned LEED platinum for the new IMCO office at 16 York St. in Toronto. Four-fifths (80.5 per cent) of its Canadian direct real estate portfolio are LEED or BOMA BEST certified, based on gross asset value. Almost all of its retail portfolio (94.2 per cent) is certified either BOMA BEST Gold or BOMA BEST Platinum, based on gross asset value.

Third-party verifiers: IMCO is analyzing its ESG investments through Sustainable Accounting Standards Board standards, ESG data from MSCI, ISS and Bloomberg, and United Nations Sustainable Development Goals.

The results of its ESG analysis are reviewed by the Management Investment Committee or Investment Department Committee alongside other financial considerations.

DEI plans: IMCO expects a minimum of 30 per cent of the board to be represented by women.

ESG strategy: Pursuing climate-positive and transition investment opportunities through emphasizing lower-emission investments and supporting assets in preparing for the net-zero transition. Engaging with portfolio companies and external managers on key issues related to climate, while collaborating with like-minded investors and policymakers to drive collective climate action. Integrating climate-related risks and opportunities into its investment decision-making processes, and monitoring climate risk across its portfolio. Mitigating climate risk in its portfolio through climate “guardrails”, aimed at limiting IMCO’s exposure to investments that are incompatible with a net-zero future.

Read the full report here.

Canadian Solar

A photovoltaic solar panel manufacturer in Guelph, Ont., Canadian Solar is a public company which claims to have delivered over 71 GW of solar modules to customers around the world for 20 years, equivalent to displacing approximately 188 million tons of carbon dioxide emissions or powering over 18 million households.

Report highlights: Achieving a 17 per cent decrease in its GHG emissions intensity from 2017 to 2021, and an 18 per cent decrease in energy intensity, a 36 per cent decrease in waste intensity and 53 per cent decrease in water intensity during the same period.

Emissions goal: “Committed to and on track” to powering its global operations with 100 per cent renewable electricity before 2030. Currently, 23 per cent of its energy consumption is renewable, with the aim of achieving 69 per cent renewable energy by 2026.

Scope 1 and 2: Emitted 1,032,958 tCO2e in 2021, compared to 751,645 tCO2e in 2020.

Canadian Solar attributes the 37 per cent hike in GHG emissions to the establishment of new production sites and increased production output in its existing factories. Around 94 per cent of its combined Scope 1 and 2 emissions derive from Scope 2.

Scope 3: N/A

Certifications: ISO14001 environmental and ISO45001 occupational health and safety management systems. Its solar modules and system solutions comply with the European Union’s REACH (Registration, Evaluation, Authorization, and Restriction of Chemicals) regulation for chemicals (EC) No. 1907/2006, as well as its implementation guidelines issued by the European Chemical Agency (ECHA).

Third-party verifiers: Canadian Solar said it did not seek third-party verification for its emissions. It based its calculation of greenhouse gas emissions Scope 1 and 2 on the methodology advised by SGS.

In May 2022, its board passed a resolution “mandating a third-party assessment, at a reasonable cost,” examining how Canadian Solar’s procedures protect against forced labor in its operations, supply chains and business relationships. The assessment will draw upon international standards such as the UN Guiding Principles on Business and Human Rights, ILO Declaration on Fundamental Principles and Rights at Work, and ILO Forced Labor Convention, 1930 (No. 29).

DEI plans: In 2021, 36 per cent of its total workforce was female, which Canadian Solar says exceeded the renewable energy industries’ average of 32 per cent. It aims to track its hiring practices to, “monitor their effectiveness in being inclusive of women, people of underrepresented racial groups or ethnic minorities, and people with disabilities.”

Its next goal for female representation in its global workforce is 40 per cent and middle management by 30 per cent by 2026. Canadian Solar also seeks to reach the share of employees with special needs to one to two per cent in 2026 from 0.8 per cent in 2021, and is partnering with networking organizations like BlackOak that support underrepresented groups in the solar industry.

ESG strategy: Lowering energy intensity by leveraging its knowledge in product technologies, manufacturing process know-how and energy while decarbonizing its electricity by installing solar panels on the roofs of its factories, signing renewable power purchase agreements and purchasing green electricity from the spot market.

Read the full report here.

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