Sustainability Report Unveils Positive Impact

SoliTek is a company dedicated to making a positive impact on society and the environment through sustainable practices. SoliTek today has reached an important milestone measuring the significant growth of the company – the first voluntary Sustainability Report was issued for the year 2022.

The world is facing complex challenges like climate change, social inequality, and environmental degradation. Businesses play a crucial role in addressing these challenges. Consumers, investors, employees now expect businesses to be more socially and environmentally responsible. Sustainability reports showcase efforts in contributing to positive change and allow businesses to be transparent about their environmental, social, and governance practices and to communicate their efforts in meeting the expectations of all the shareholders.

At SoliTek, sustainability continues to be a priority for the company leadership: “Our commitment to sustainability goes hand in hand with our core values and business operations. We understand the importance balancing between economic growth, social responsibility, and environmental stewardship. By prioritizing sustainability in our decision-making processes, we strive to create long-term value for our stakeholders while contributing to a more sustainable future” - said Julius Sakalauskas, CEO of SoliTek.

Social impact is one of the biggest pillars of the Sustainability report of SoliTek. It encompasses relationship management with employees, suppliers, customers, and communities affected by the company's operations. SoliTek believes in fostering an inclusive and diverse work environment and is committed to providing equal opportunities for all, regardless of gender, age, or disability.

While the PV industry in the EU faces a shortage of skilled workers, SoliTek has brought on board new talents from the underrepresented groups of the society, creating an inclusive environment that welcomes people from diverse backgrounds.

Believing that employees with disabilities should have equal work opportunities across various fields, SoliTek provides inclusive working conditions in its manufacturing line, aiming to integrate employees of all abilities into company activities. As a result, 20 % of employees are individuals with a disability, all successfully integrated into the workforce.

When Ukraine was attacked by Russia a year and a half ago, SoliTek was one of the first to support Ukrainian war refugees by offering them employment opportunities and helping them integrate into the company and the local community.

SoliTek provides flexible working conditions that provide employees the freedom to work from home, work from different locations, or have non-traditional working hours outside of the standard 40-hour workweek. This enables employees to balance work and personal life better, leading to increased productivity and a more relaxed work environment.

SoliTek is committed to providing equal opportunities based on gender, age, and other factors. Solitek has 1,6 times better male/female ratio than the industry average. Company employs people ranging from university students to market experts with accumulated extensive experience of 30 years. The combination of youth and experience provides the company with versatility, expertise, and drive.

Operating on a net-zero basis, minimized environmental impact is a major focus for SoliTek. In general, the PV industry's extensive use of materials, including environmentally unfriendly ones, poses a significant risk of environmental pollution. Additionally, the lack of clarity surrounding PV recycling creates concerns about the accumulation of PV waste that is difficult to manage.

SoliTek recognizes the urgent need to address the challenges posed by the PV industry, and therefore has taken significant steps to develop PV modules that are environmentally sustainable and safe. Company is committed to investing heavily in exploring circular solutions to address the challenges of PV waste management.

SoliTek is the only PV manufacturer in the world to receive the esteemed highest-level A rating through material health assessments, conducted by SundaHus. In 2022, SoliTek was one of only two PV companies in the world that had obtained Cradle to Cradle (C2C) Silver certification. Although it is outside the Report timeframe, it is worth mentioning that SoliTek has already achieved C2C Gold certification in 2023, once again demonstrating their long-term commitment to circular economy principles and responsible material usage.

Environmental, Social, and Governance goals are strategic objectives that businesses set to effectively manage their impact on society and the environment. Looking ahead, SoliTek has set ambitious sustainability goals for the year 2023: to further reduce their CO2 emissions by testing recycled polysilicon, to obtain a Gold certificate from Ecovadis, to exclusively utilize renewable energy generated from their own sites, to develop a comprehensive code of conduct, and to kick off 3 brand new EU Horizon projects. These goals encompass various aspects of operations, including social impact, environmental performance, and supply chain sustainability. SoliTek is determined to continue their journey towards a more sustainable future, guided by these goals and driven by the commitment to making a positive difference.

Sustainability reporting has become standard practice for many companies, with steady growth over the past decade. According to the KPMG Survey of Sustainability Reporting 2022, the N100 companies have continued to steadily increase their reporting rates. Ten years ago, 64 percent of the N100 companies reported. In 2022, 79 percent of these companies report. The Asia Pacific region leads in sustainability reporting among the N100, with 89 percent of its companies undertaking sustainability reporting. This is followed by Europe (82 percent), the Americas (74 percent) and the Middle East & Africa (56 percent). Today, nearly all G250 companies report on sustainability. In 2022, the rate of reporting among the G250 remains at 96 percent, the same as 2020. The only companies in the G250 that do not report on sustainability are in China. As stated in the KPMG report, climate risk reporting leads, followed by social and governance risks.