PR86639

SHANGHAI, Nov. 16, 2020 /PRNewswire=KYODO JBN/ --

Shanghai Electric (the "Company") (SEHK: 02727, SSE: 601727), the world's

leading manufacturer and supplier of electric power generation equipment,

industrial equipment and integration services, has been granted an upgrade to

BB for its MSCI ESG Rating, as the Company has been putting efforts in

advancing its new energy solutions and labor management.

https://mma.prnewswire.com/media/1159638/LOGO_Logo.jpg 

Shanghai Electric is focusing on developing its strategy of ESG, which refers

to the environmental, social and corporate governance factors in measuring a

company's sustainability and societal impact on investment. Last year, the

Company established an ESG management committee, prioritizing ESG measures

among its overall strategy and including the committee in its corporate

governance structure.

The MSCI's move to upgrade Shanghai Electric's ESG rating to BB reflects the

Company's long-standing value of environmental protection and its engagement in

the field of renewable clean technology. Given its involvement in renewable

energy as well as energy storage and smart grids, the Company is "well poised

to benefit from China's move to boost clean and lower-carbon energy as part of

its efforts to cap carbon emissions by 2030," as mentioned in MSCI's rating report.

Shanghai Electric's interim results underscored its efforts in ESG

developments. In the first half of the year, it gained a 40.75% year-on-year

increase(https://en.prnasia.com/releases/apac/shanghai-electric-half-year-report-shows-huge-growth-in-demand-for-renewable-energy-291126.shtml ) in new orders

for energy equipment, integration services and industrial equipment combined.

Within new energy equipment, its orders for wind power equipment increased by

505.9% year-on-year.

MSCI has given a positive assessment toward Shanghai Electric's business in

clean technology. MSCI stated in the report that the Company attained

opportunities to participate in clean tech markets mainly due to its

involvement in advanced nuclear power generation technology; coal-fired

supercritical thermal; gasturbine IGCC power generators; wind and solar power

generation equipment; and smart grids, as well as wastewater treatment.

To ensure stable and quality production as well as the physical and mental

health of its employees, Shanghai Electric has built a sound labor management

system. Accommodations for overseas staff, which offer them safe places to work

efficiently and have proper rests amid the COVID-19 pandemic, were set up.

Shanghai Electric also values the safety of its employees. Since January this

year, the Company has worked with local partners to establish a specialist

virus prevention(https://en.prnasia.com/releases/apac/shanghai-electric-resumes-major-international-projects-empowered-by-desert-roses--274973.shtml ) and control

team to protect staff while working on-site such as locally-hired personnel in

Dubai and Bangladesh to receive fact sheets and advisory handbooks with on-site

safety training in both English and Arabic.

MSCI pointed out in the report that Shanghai Electric is "less likely to

experience workflow disruptions due to labor unrest or reduced productivity due

to poor job satisfaction."

Meanwhile, Shanghai Electric is making efforts to prioritize its digitalization

reform. "We are actively shaping and carrying out internal reforms to go

digital and smart as we strive to meet the standards set by our international

peers," said Cheng Yan, Executive Director and General Manager of Shanghai

Electric Digital Technology Co., Ltd.

The Company's latest achievements in digitalization include its upgraded

SEunicloud platform (https://en.prnasia.com/releases/global/shanghai-electric-accelerates-industrial-digitalization-with-upgrades-to-seunicloud-281397.shtml ), which won

the world's first industrial intelligence award at the 2020 World Artificial

Intelligence Conference Summit (https://en.prnasia.com/releases/apac/shanghai-electric-s-seunicloud-platform-wins-world-s-first-industrial-intelligence-award-at-waic-2020-285743.shtml )

earlier this year. Equipped with smart supply chain solutions designed to

directly match factory production with power plant demands, the one-stop

platform is established to empower smart wind power operation, remote thermal

power operation, machine tool maintenance, energy storage and distribution.

Building upon all its sustainability efforts, Shanghai Electric will further

integrate ESG measures into its business operation to comprehensively improve

its environmental, social and governance-related practices for the coming years.

SOURCE:  Shanghai Electric