Suntech Power Holdings Co., Ltd. (NYSE: STP) has been awarded the 2011 Gigaton Prize for its part in reducing carbon emissions around the world.
The Gigaton Prize, awarded by the Carbon War Room, The Gigaton Throwdown and the World Climate Summit, is given to a company each year to recognise their leading effort in reducing emissions emissions by the largest absolute amount on an annual basis.
“Suntech has done more than any other company in the renewables space and are therefore helping to reduce the impact of carbon emissions on the environment,” said Jigar Shah, CEO, Carbon War Room. “This award recognizes Suntech’s pioneering spirit and commitment to a new energy future.”
Suntech’s founder and CEO, Dr. Zhengrong Shi said the company was honoured to receive the recognition.
“The award reaffirms our commitment to the environment, and serves as an inspiration to other companies around the world to join us in our effort to build a sustainable future.”
Over 5 gigawatts of Suntech solar panels have been installed around the planet, a portion of which are providing an estimated 1 million people in mostly off-grid areas with basic access to electricity. The company aims to build that number to 20 million by 2020.
According to the company’s 2010 Sustainability Report (PDF), Suntech solar panels installed to date will generate 5 million megawatt hours of clean energy each year, offsetting 2.5 million tons of carbon dioxide annually – the equivalent of planting 30 million trees or taking 1 million cars off the road.
In terms of reducing its own environmental impact and carbon emissions in manufacturing solar panels, Suntech reduced energy consumption for cell and module production by 90% between 2002 and 2010 and achieved an 87% reduction in water consumption during the same period..
The company has also joined the European PV CYCLE association, which is establishing a voluntary takeback and recycling program for solar panels once they reach the end of their serviceable life.
“None of our products are close to end-of-life, but involvement in this organization has helped Suntech EHS leaders sharpen our own policy for the years ahead,” states the company.
