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NextEnergy Solar Fund Ltd on Monday said it was in an excellent position to increase its positive environmental impact, following the publication of its first stand-alone sustainability report.
NextEnergy Solar is a Guernsey-based investor and asset manager in the solar sector.
The report, which is part of NextEnergy's environment, social and governance strategy, outlined an approach to sustainability built on three pillars: climate change, biodiversity, and human rights.
As at March 31, the company reported 328,700 tonnes of carbon dioxide emissions avoided per annum, and total fossil fuels of 769.1 tonnes of oil equivalent avoided since 2015.
NextEnergy plans to amend its code of conduct for suppliers to further account for Scope 3 supply chain emissions by ensuring mandatory submission of required data, and using third parties to provide estimates of the product's lifecycle emissions using standardised industry factors until actual assured data is available.
Since 2020, the company has also planted an additional 13.84 hectares of wildflowers across its Exemplar, UBMP and Buglife portfolio, which it said went beyond planning requirements.
Data gathered at these sites shows pollinator levels have increased relative to areas without wildflowers.
Looking ahead, NextEnergy said it will be developing a new environmental strategy and framework, detailing its approach to gathering baseline data and quantifying its biodiversity net gain across existing assets.
NextEnergy shares were trading 1.8% higher at 105.27 pence each in London on Monday morning.
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