Siemens Gamesa’s receives top S&P Global Ratings ESG Evaluation

Source: press release, 26 July 2022

The RecyclableBlade, the world’s first wind turbine blade that can be recycled at the end of its lifecycle, being produced at Siemens Gamesa’s blade manufacturing plant in Aalborg, Denmark
The RecyclableBlade, the world’s first wind turbine blade that can be recycled at the end of its lifecycle, being produced at Siemens Gamesa’s blade manufacturing plant in Aalborg, Denmark (photo: SGRE)

Siemens Gamesa Renewable Energy (SGRE) has achieved a score of 83 out of 100 in the S&P ESG Evaluation, placing it #2 in Spain and #12 in the world among public ESG evaluations. Siemens Gamesa, which was already evaluated last year by S&P, is the only wind turbine manufacturer to receive this evaluation.

These results showcase Siemens Gamesa’s commitment to the green energy transition, which is outlined by S&P in its ESG Evaluation: “The ESG Evaluation of 83 reflects our view of Siemens Gamesa as a key player is supporting the systematic decarbonisation of the energy system and providing products to industry-wide challenges such as the recycling of blades, which it was the first to achieve through the manufacture of the world’s first recyclable rotor blade for commercial use offshore.”

S&P also indicates in its ESG evaluation that “Siemens Gamesa is well prepared to benefit from growing demand in the renewable energies sector” and that it “benefits from its unique position that enables the company’s robust research and development capacity, which will support its investment in cutting-edge technological solutions.” The evaluation refers to the launch of the Mistral program that “we expect it will allow the company to remain in its leadership position and deliver sustainable and profitable growth through innovation, productivity and quality standards”.

S&P’s ESG evaluation analyses a company’s performance in terms of environmental, social and governance risks and opportunities. These three areas are analysed in S&P’s report about Siemens Gamesa and the company scores high in all three.

Regarding environment, S&P outlines Siemens Gamesa’s ambitious targets, which are in some cases more advanced than those of its competitors, such as the recyclability of the company’s products. In the social profile, S&P ESG Evaluation indicates that “Siemens Gamesa’s workforce strategy centers on empowering employees to innovate and improving gender diversity, which is stronger than the wind turbine manufacturers average.” In the governance area, the report highlights that “Siemens Gamesa’s values framework is robust and meets global standards” and also that the company’s “financial and non-financial disclosures are in line with international best practices”.

“We are very happy to be evaluated for the second time by S&P Global’s ESG Evaluation and again receive a high score, of 83/100, positioning the company as #2 in Spain and #12 in the world, which shows our strong and continuous commitment to environmental, social and governance topics. Corporate ESG evaluations are contributing to a greater sustainable finance product offering and allowing companies with good ESG performance to obtain lower financing costs and also access ESG-focused investors,” says Beatriz Puente, CFO at Siemens Gamesa.

Siemens Gamesa’s ESG performance is recognised by the leading ESG rating agencies. The company obtained a #1 ranking in the industry from FTSE Russell and ISS ESG, and a #2 ranking from Moody`s ESG Solution (former Vigeo Eiris) and S&P Global’s Corporate Sustainability Assessment. Also, it forms part of Sustainalytics Top Rated list, achieving 97th percentile within its industry.

Siemens Gamesa maintains its presence in sustainability indexes such as Dow Jones Sustainability (World and Europe), FTSE4Good, STOXX Europe Sustainability, STOXX ESG Leaders, Euronext Vigeo (World, Europe and Eurozone), and Solactive Europe Corporate Social Responsibility indexes.