GlobalData offers a comprehensive analysis of TPI Composites, providing key insights into its Environmental, Social, and Governance(ESG) factors. By closely monitoring and aggregating mentions of Net Zero and associated ESG keywords, GlobalData delivers valuable information on TPI Composites‘s ESG performance. GlobalData’s company profile on TPI Composites offers a 360-degree view of the company, SWOT analysis, key financials, and business strategy including insights on ESG implementation among other information. Buy the report here.
TPI Composites, a manufacturer of wind blades, has set a target to achieve carbon neutrality by 2030 and net zero emissions by 2050, with 100% of its energy coming from renewable sources. The company has disclosed its greenhouse gas emissions for 2022, which include 9,210 metric tonnes of CO2e for scope 1 emissions, 71,187 metric tonnes of CO2e for scope 2 emissions (location-based), 78,383 metric tonnes of CO2e for scope 2 emissions (market-based), and and Scope 3 emissions amounted to 1,503,000 tonnes of carbon dioxide equivalent. TPI Composites has taken steps to reduce its emissions, including investing in renewable energy and optimizing materials efficiency in wind blade design. The company has also reported on its employee health and safety, diversity, and inclusion efforts. TPI Composites’ latest filings mentioned the keywords ‘Emissions’ and ‘Renewable’ most number of times in relation to ‘Net Zero’.
The company achieved an overall reduction of 410 million metric tonnes of CO2 equivalent while procuring the blades in 2022. Also, TPI Composites achieved its goal of waste rate reduction by 5% in 2022.
TPI Composites has invested in renewable energy, including wind and solar, to reduce its emissions. The company has optimized materials efficiency in wind blade design to reduce waste and improve sustainability. The company's wind energy is expected to make up over 30% of electricity generation in 2050 with close to 8,000 gigawatts (GW) installed compared to approximately 830 GW in 2021. Further, One of TPI Composite’s top priorities is to improve the ESG opportunities throughout their supply chain. To achieve these ESG goals, the company has established a supply chain sustainability program to motivate their suppliers to engage around sustainability priorities while enhancing transparency. In 2022, the company reported more than 50% of TPI Composites' suppliers have officially committed to align with the company's ESG goals.
In conclusion, TPI Compopsites continues to further integrate ESG criteria into their sourcing and supplier management processes. The company has aligned its sustainability goals with the UNSDGs that provide specific targets intended for the company to track their progress and address issues related to affordable and clean energy, and climate action.