DigitalCFO Newsroom | 27 October 2022
A project to leverage holistic ESG data and digital tools on ESGpedia for monitoring the sustainability performance of suppliers in Maxeon’s end-to-end supply chain.
Maxeon Solar Technologies (‘Maxeon’), a global leader in solar innovation and channels, today announced the commencement of supplier sustainability monitoring with Singapore-headquartered environmental, social, and governance (‘ESG’) fintech Hashstacs Pte Ltd (‘STACS’) via its ESGpedia platform, which powers the ESG Registry of the Monetary Authority of Singapore’s (‘MAS’) Project Greenprint.
Maxeon and STACS embarked on the project to leverage holistic ESG data and digital tools on ESGpedia for monitoring the sustainability performance of suppliers in Maxeon’s end-to-end supply chain. The ESGpedia platform enables Maxeon to select suppliers based on their emissions and provide greater transparency of its carbon footprint for its stakeholders.
Lindsey Wiedmann, Chief Legal Officer and ESG Executive Sponsor, said: “Companies like Maxeon have a crucial role to play in accelerating the transition to a low carbon world. Thanks to STACS’ ESGpedia platform, we are now able to monitor our carbon footprint and potentially access new funding targeted for sustainable companies. STACS’ ESGpedia platform is also expected to enable financiers and investors to make better green investment decisions, resulting in a positive ESG cycle.”
A typical company’s supply chain accounts for majority of its greenhouse gas (‘GHG’) emissions. Progressively, companies are beginning to address ESG concerns to reduce the GHG emissions of their supply chain, while also improving labour conditions, efficiency and cost savings. However, there is a profound disconnect between the ESG data that companies need for effective supplier sustainability monitoring and decision-making, and what is available to them.
Sharon Yuen, Chief Commercial Officer at STACS, said: “At STACS, we aim to support the diverse needs of corporates on their journey towards net zero via holistic ESG data and digital tools on ESGpedia. We are thrilled to have enabled Maxeon Solar Technologies to achieve better ESG credentials monitoring throughout their end-to-end global supply chain, propelling the firm forward in its strong commitment towards sustainability.”
Valda Tsang, Director, Global Indirect Sourcing, Supply Chain at Maxeon, said: “We’re looking forward to what this new project in partnership with STACS can bring for Maxeon and our customers and investors. Via STACS’ ESGpedia platform we are now able to search for our suppliers’ company profiles digitally, request key ESG and certification data points such as CDP scores and more, to ensure they are meeting their ESG targets and are aligned with our own sustainability commitments.”
As a registry with a reliable record of sustainability certifications and verified ESG data across various sectors, ESGpedia provides corporates like Maxeon, financial institutions, and regulatory authorities a common point of access for holistic ESG data. This facilitates better tracking and analysis of suppliers’ sustainability commitments, impact measurement, and quelling of greenwashing fears.
As an aggregator of the most trusted data underpinning the financial sector’s ESG analyses, this also helps improve the management of ESG financial products, enhancing trust and potentially mobilising the necessary ESG capital for sustainable companies like Maxeon.