24 May 2023
Cubico Sustainable Investments (Cubico) has published its latest Environmental, Social and Governance (ESG) Report.
The new and improved report, which focuses on Cubico’s performance in 2022, gives an overview of the business and outlines its approach to ESG factors, including case studies from its global operations.
The report also includes – for the first time – analysis on how Cubico’s business impacts society and the environment (and vice versa), and the broad areas of risk it monitors.
The document reaffirms the company’s commitment to achieving and maintaining the highest ESG standards as it works towards driving an increasingly urgent energy transition.
“To mitigate the impacts of climate change – indeed, to meet them head on – we must accelerate our efforts to build out renewable energy capacity and create a sustainable energy supply,” said Cubico’s CEO David Swindin during the report’s opening address.
By the end of 2022, Cubico’s total capacity across all lifecycle stages had reached more than 5.3 GW across 12 countries, with half of that in construction and its development pipeline.
The company’s energy generation increased for the seventh consecutive year to 7,042 GWh, equivalent to the annual energy use of over 2.4 million UK homes. This resulted in the avoidance of more than 1.6 million tonnes of carbon dioxide equivalent.
And while Cubico’s new strategy – launched in 2022 – places a strong focus on faster growth, David laments the need “to do so sustainably and to ensure that we will positively impact our stakeholders beyond decarbonisation.”
In line with this, health and safety and employee wellbeing remain top priorities for the company, in addition to investment in local communities, which totalled $2.1 million (USD) last year.
Ultimately, Cubico’s push towards a green energy future where all stakeholders benefit is underpinned by a strong governance agenda, led by its Board and senior leadership team to ensure that sustainability is integrated throughout the company.
Cubico’s performance last year was validated by GRESB, the leading global ESG benchmarking tool for the infrastructure sector, which gave it a third successive five-star rating.
The 2022 ESG report was informed by the recommendations of the Task Force on Climate-Related Financial Disclosures (TCFD) as well as the Global Reporting Initiative (GRI).