Ormat Technologies Inc., a leading geothermal and renewable energy company, today announced the release of its annual Sustainability Report.
The report highlights Ormat’s progress in advancing its long-term sustainability strategy, expanding overall renewable energy and storage capacity, and strengthening its environmental, social, and governance (ESG) performance. The results of this report reflect the company’s ongoing commitment to delivering low-carbon solutions, while creating value for communities around the world.
Key highlights of the 2024 Sustainability Report include:
- Climate Action: Helped avoid approximately 2,488,811 metric tons of CO2e emissions – over 11 times more greenhouse gas emissions than it emitted, underscoring its positive contribution to the climate.
- Emissions Reduction: Met our annual target by reducing Scope 1 & 2 emissions intensity by an average of 5% compared to the base year.
- TCFD Disclosures: Conducted climate-related scenario analysis and enhanced its climate-related disclosures in order to align with the recommendations of the Task Force on Climate-Related Financial Disclosures (TCFD).
- Community Impact: Nearly $1 million contributed to community initiatives across Ormat’s global locations.
“Our 2024 Sustainability Report highlights both our achievements and our unwavering focus on the future,” said Doron Blachar, Chief Executive Officer. “By increasing our renewable energy capacity, strengthening our sustainability governance, and enhancing transparency through comprehensive reporting and disclosures, we are not only creating long-term value for our stakeholders, but are also contributing to a better future by developing and providing baseload, clean energy to meet the planet’s electricity needs.”
The 2024 Sustainability Report is written according to the Global Reporting Initiative (GRI) standards and guided by the Sustainability Accounting Standards Board (SASB) requirements and recommendations and is aligned with the TCFD Recommendations.
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