Brookfield Renewable : 2024 Sustainability Report (bep sustainability report 2024)
BEPC
Published on 05/20/2025 at 16:30
2024 Sustainability Report Brookfield Renewable Partners L.P.
Table of contents
Welcome and progress overview
About us
Welcome and progress overview
Supporting a responsible transition
Appendices
Appendix 1: External ratings and awards 62
Accelerating the energy transition
Supporting a responsible transition
Appendices
Welcome to our 2024 Sustainability Report 2
Letter from the CEO 3
Letter from the CSO 4
About us
Who we are 6
Our business model 7
Q&A with our Chief Operating Officer 26
Supporting a responsible transition 27
Getting to net zero in our operations 28
Environment
Focusing on biodiversity and ecosystems 30
Managing water 32
Managing waste and promoting circularity 35
Appendix 2: Materiality and stakeholder 63
engagement
Appendix 3: Climate scenario analysis 65
Appendix 4: TCFD alignment 76
Appendix 5: Engagement and alignment with 77
sustainability frameworks and organizations
Appendix 6: Our support of the SDGs 78
Appendix 7: Our policies 81
Integrating sustainability considerations throughout our investment lifecycle
8 People and communities
Prioritizing health and safety 37
Appendix 8: Forward-looking statements 82
Our performance 9
Accelerating the energy transition
Respecting human rights 40
Creating clean energy jobs 42
Engaging with communities 45
Systems and governance
Q&A with our Head of Global Corporate
Development
12 Q&A with our Global Head of Procurement 48
The global context 13
Our transition strategy 14
Taking an integrated approach 15
Adding clean energy capacity 18
Investing in transition 22
Sustainability in the supply chain 49
Risk management 50
Climate resilience 52
Responsible corporate governance 56
Ethical business conduct 58
Cybersecurity 59
2024 SUSTAINABILITY REPORT BROOKFIELD RENEWABLE 1
See our ESG Data Book for more detail
Front cover: Alamosa, U.S.
WELCOME
AND PROGRESS OVERVIEW
Welcome to our 2024 Sustainability Report
FOCUSING ON WHAT MATTERS
We consider relevant standards and engage with stakeholders to identify material topics, which guide our programs and disclosures. We regularly review our material topics and undertake a double materiality assessment-considering how these affect our business and how our business could impact the natural environment and our stakeholders, including our shareholders, our people, and the communities where
we operate.
For more information see our materiality assessment and our stakeholders.
ABOUT THIS REPORT
We report annually on our programs and performance and strive to incorporate evolving disclosure good practice.
As we improve the quality and completeness of our data and methodologies, we may update or restate information in our sustainability-related publications.
Unless otherwise stated:
This report and all metrics included address our ESG performance and progress over 2024
All metrics included relate to entities financially controlled1
by Brookfield Renewable Partners L.P. (Brookfield Renewable)
Financial figures are reported in USD
This report, together with our ESG Data Book, is informed by the GRI Standards and contains disclosures consistent
with the Task Force for Climate-related Financial Disclosure's (TCFD) 11 recommendations. We also consider internationally accepted standards, such as the International Sustainability Standards Board's IFRS S1 and IFRS S2, the Sustainable Accounting Standards Board's (SASB) standards for "Asset Management & Custody Activities", "Electric Utilities & Power Generators", "Solar Technology & Project Developers", as well as "Wind Technology & Project Developers''. Our contribution to the UN Sustainable Development Goals (SDGs) is mapped to our progress towards our targets.
A summary of the these standards and frameworks can be found in Appendix 5 and full indices are in our
TCFD CONTENT SYMBOL INTRODUCTION
We have integrated the TCFD recommendations throughout this report. The relevant sections are marked with this symbol.
ESG Data Book
Letter from the CEO Letter from the CSO
About us
Accelerating the
energy transition
Supporting a responsible transition
Appendices
Our TCFD alignment index is available in Appendix 4
1. As defined by the GHG Protocol and in line with Brookfield Renewable Partners L.P. consolidated financial reporting.
2
Welcome to our 2024
Sustainability Report
This report sets out our approach
to sustainability and our environmental, social and governance (ESG) performance and progress over 2024.
2024 SUSTAINABILITY REPORT BROOKFIELD RENEWABLE
Smoky Mountain, U.S.
Letter from the CEO
WELCOME
AND PROGRESS OVERVIEW
Welcome to our 2024 Sustainability Report
As the world broke new records in the deployment of clean energy, our business also took major steps forward in 2024.
We added a record of ~7,000 megawatts of renewable energy capacity globally from organic development, with a pathway to adding 10,000 megawatts annually by the end of the decade.
We concluded several major transactions, including
material acquisitions that bolster our solar, wind and battery development portfolio, and recycled significant capital back to our investors with a number of major asset sales that generated returns well above our target.
ACCELERATING THE TRANSITION
The records continued in our pace of capital deployment with
$12.5 billion invested alongside our institutional partners ($1.8 net to Brookfield Renewable).
During the year, we were also excited to launch a new fund dedicated to accelerating transition investing in emerging markets-the Catalytic Transition Fund- in partnership with ALTERRA.
Our access to these large pools of capital has greatly accelerated our clean energy deployment, adding ~15,000 megawatts of renewable power in the past three years alone, and well on track to meet our target to add 21,000 megawatts of new capacity from development by 2030.
We are also working with our corporate partners to accelerate investment and the buildout of clean energy. The landmark framework agreement we struck with Microsoft in 2024, to build over 10,500 megawatts of renewables to power their data operations, is a great example of the growing collaboration opportunities available to large developers like us.
More broadly, we now serve over 900 corporate customers with clean energy PPAs (Power Purchase Agreements) across a range of sectors, including technology, retail and industrials. In addition, we provide hundreds of community institutions like schools and hospitals with clean energy through our distributed energy businesses, and we supply numerous industrial businesses with sustainable fuels, including renewable natural gas.
These partnerships reinforce the business opportunity to accelerate clean energy and wider sustainable solutions over the coming years.
RESPONSIBLE TRANSITION
We remain focused on not only what we do, but also how we do business.
We integrate sustainability throughout the lifecycle of our investments in a way that aims to bring long-term value to our stakeholders and protect the environment where we operate-focusing on developing projects that anticipate decarbonization benefits, and where we can avoid or mitigate material sustainability risks and impacts.
This starts with our people, who are our greatest asset: we are focused on their safety, wellbeing, and development.
Health and safety remains paramount in our operations, with a strong focus on behavioral, process, and technology programs and improvements, which are continuously shared across our businesses. This is an area where artificial intelligence-such as automated drone inspections-is already making a real difference.
As we grow, we continue to focus on building and implementing our human rights programs in our operations and supply chain.
Our work also contributes to creating jobs in the global low-carbon economy. We directly employ over 5,000 people globally and contribute to wider indirect job creation through the development, construction, and maintenance of our projects.
ACCELERATING FORWARD
Renewable energy has become the primary source of new investment in global power markets in recent years. Not only do we not expect this to change, but we also expect the investment to continue to accelerate due to three major reasons:
Cost. Renewables-onshore wind and solar in particular- represent the cheapest form of new electricity generation almost everywhere in the world. Battery storage technology to support increased renewable penetration also continues to rapidly decline in cost.
Security. Renewables are available everywhere, with substantial project pipelines in almost every major market. Furthermore, they do not rely on fuel to produce electricity.
Prosperity. Digitalization, broad-based electrification of industry, and the proposed reshoring of manufacturing facilities creates a large and growing demand for electricity generation to support domestic economies.
In addition, generating clean dispatchable energy to support renewables means an important and growing role for hydroelectricity, nuclear, and battery storage technology. The energy transition is progressing across the global economy, and we continue to see opportunities for large, disciplined players like us to generate good returns.
A NEW GEAR
This is truly an exciting time to be investing in the energy transition. Clean energy remains in demand because it is low cost, abundant, and universally available-a crucial input
to economic growth and prosperity.
Our best contribution is to continue growing our business, and to do so in a responsible way.
Sincerely,
Connor Teskey
CHIEF EXECUTIVE OFFICER, BROOKFIELD RENEWABLE
Letter from the CEO Letter from the CSO
About us
Accelerating the
energy transition
Supporting a responsible transition
Appendices
2024 SUSTAINABILITY REPORT BROOKFIELD RENEWABLE 3
Letter from the CSO
WELCOME
AND PROGRESS OVERVIEW
Welcome to our 2024 Sustainability Report
We believe that value creation and sustainable business practices are complementary goals, enabling us to capitalize on opportunities in the global energy transition.
As a responsible investor, developer, owner, and operator, we are committed to being a trusted partner to our stakeholders. I am incredibly proud of the work we do, which aims to create long-term shared value through executing on our strategy and sustainability programs. These are focused on the most material issues for our business, and those with the potential to affect our stakeholders and the environment.
OUR 2024 PROGRESS
We continue to support the rising demand for energy by providing clean, reliable energy. In 2024, we surpassed 46,000 megawatts of clean energy capacity and continued to invest in sustainable solutions, including sustainable fuels, to further support customers in meeting their goals.
In addition to supporting the global energy transition, we are also focused on reducing GHG emissions in our own business. While the carbon intensity of our operations remains 150 times less than the global power and utility average,1we continue to work with our businesses to advance their decarbonization plans. This includes advancing efforts to support our target to reach net-zero emissions for Scope 1 and 2 by 2030 across our existing clean energy businesses and partnering with carbon-intensive companies to finance and implement economic emission-reducing technologies and solutions.
We have also made progress in managing biodiversity, ensuring all sites in biodiversity-sensitive areas are covered by biodiversity management plans.
Furthermore, we remain focused on circularity, collaborating with our supply chain and businesses to develop and implement lifecycle-management plans for major components to support our goal of diverting major components
from landfill.
FOCUSING ON THE SAFETY OF OUR WORKFORCE AND ENGAGING WITH COMMUNITIES
HSS&E remains at the heart of our operations. In 2024, we further strengthened our program by providing nearly 217,000 hours of training to employees. As we continue to
grow, so does our focus on integrating new business into our HSS&E Management System.
We believe that consulting, and engaging transparently with, local communities is essential to creating the shared value we aim for. This extends to working together on community investment initiatives and contributing to local economic growth by creating jobs, providing revenue to landowners, and increasing local content spending.
UPHOLDING STRONG GOVERNANCE PRACTICES
We uphold strong ethical and governance practices across our value chain. We proactively manage risks, and collaborate closely with our businesses, suppliers, and customers on shared goals, and to understand their evolving needs and initiatives.
We remain focused on addressing human-rights risks within our supply chain and operations, ensuring we consider these risks throughout the decision-making processes and throughout the lifecycle of our investments.
MOVING FORWARD
We have made progress in executing our strategy focused on accelerating the energy transition. We recognize there is more to be done, and I am inspired by our culture and the dedication of our global teams to build our business-one that plans to add 10,000 megawatts of clean energy annually by the end of the decade. That's equivalent to powering ~4 million additional homes every year.2
Thank you to our teams, partners, suppliers, investors, and the communities where we work, for your continued support.
Sincerely,
Kelly Goddard
CHIEF SUSTAINABILITY OFFICER, BROOKFIELD RENEWABLE
Please see Getting to net zero in our operations for details on this analysis
U.S. EPA: Greenhouse Gas Equivalency Calculator
Letter from the CEO Letter from the CSO
About us
Accelerating the
energy transition
Supporting a responsible transition
Appendices
2024 SUSTAINABILITY REPORT BROOKFIELD RENEWABLE 4
Welcome and
progress overview
ABOUT US
About us
As one of the largest global clean energy companies, we are well positioned to deploy
key technologies needed for the energy transition.
In this section
Who we are
Our business model
Integrating sustainability considerations throughout our investment lifecycle
Our performance
Who we are
Our business model
Integrating
sustainability throughout our investment lifecycle
Our performance
Accelerating the energy transition
Supporting a responsible transition
Appendices
2024 SUSTAINABILITY REPORT BROOKFIELD RENEWABLE Jaguas, Colombia 5
Who we are
Welcome and
progress overview
ABOUT US
ABOUT US
At Brookfield Renewable,1we work towards creating value by supporting the development of lower-carbon solutions.
We are one of the world's largest investors, developers, owners, and operators of renewable power and sustainable solutions2assets, with ~46,200,3,4megawatts of
generating capacity.
BROOKFIELD ASSET MANAGEMENT'S FLAGSHIP RENEWABLE POWER COMPANY
We are the flagship renewable power and transition business of Brookfield Asset Management (Brookfield),5 a leading global alternative asset manager with more than $1 trillion
in assets under management.
OUR GLOBAL SCALE
We leverage our differentiated operating and development capabilities to grow and add value to our portfolio of clean energy6and sustainable solution assets around the world.
Global reach
Our global presence and long-term relationships allow us to draw from a wealth of actionable market intelligence, generating proprietary investment opportunities.
Large scale capital
Our access to scale capital allows us to execute large-scale transactions.
Deep operational expertise
Over the past several decades, we have honed deep operational expertise and developed strong practices, which we implement across our portfolio.
A strong and diverse development pipeline
In addition to our operating capacity, we have a strong development pipeline which includes a range of renewable power and sustainable solution technologies.
~200,000 megawatts of clean energy
~14,000 TMTPA of carbon capture and storage (CCS)
~7 million MMBtu of biofuel production
~1.5 million tons of waste recycled per annum
~1,800 megawatts per year of manufactured solar panels
~3,000 BPD production capacity of eFuels
KEY STATISTICS
~25 ~5,2707
Countries Employees
~121,2008 ~46,2003, 6
LTA energy generation (GWh) Clean energy capacity (MW)
~200,0006
Pipeline development (MW)
Who we are
Our business model
Integrating
sustainability throughout our investment lifecycle
Our performance
Accelerating the energy transition
Supporting a responsible transition
Appendices
Unless the context indicates or requires otherwise, the terms "Brookfield Renewable", "we", "us", "our company", and "our business" mean Brookfield Renewable Partners L.P. and its controlled entities.
Sustainable solutions include solutions and services that support decarbonization, including carbon capture and biofuels.
Capacity figures represent 100% of capacity of operating facilities regardless of proportionate ownership.
Our total generating capacity includes business transformation and cogeneration assets.
"Brookfield" means Brookfield Corporation and its subsidiaries, or any one or more of them, as the context requires, other than entities within Brookfield Renewable and unless the context otherwise requires, includes Brookfield Asset Management Ltd (also referred to as "Brookfield Asset Management").
Clean energy includes hydroelectricity, wind, utility-scale solar, distributed energy, and storage.
Full-time employees as at December 31st and does not include data from acquisitions made in Q4 such as Neoen.
Long-term average (LTA) is calculated based on our portfolio as at December 31, 2024, reflecting all facilities on a consolidated and annualized basis from the beginning of the year, regardless of the acquisition, disposition or commercial operation date. It does not include pumped storage and certain other facilities.
.
2024 SUSTAINABILITY REPORT BROOKFIELD RENEWABLE 6
Our business model
Welcome and
progress overview
ABOUT US
We take a strategic approach to long-term success: investing, developing, owning and operating, divesting assets and reinvesting.
OUR CULTURE
At our core, we are investors who are focused on creating value for our stakeholders through our investments in renewable power and sustainable solution assets.
Aligning interests with investors
As our largest shareholder, Brookfield deploys significant balance sheet capital, alongside our investors, to support the global energy transition. This shared commitment is reinforced through our employee compensation programs, which link employee reward to successful renewable power and sustainable solutions investment and operational outcomes.
Long-term ownership
For decades, we have successfully applied our operating capabilities and investment activities to create long-term value for our stakeholders and to enhance sustainability.
Collaboration
We aim to bring together diverse knowledge, skills, and experience, and foster collaboration across our business by sharing expertise and good practices, and by building relationships and capabilities-including through employee secondments and transfers across different businesses.
OUR APPROACH TO SUSTAINABILITY
Our aim is to generate long-term value as a leading and responsible investor, developer, owner, and operator of renewable power and sustainable solutions assets.
Our approach is informed by our materiality
process, stakeholder engagement, and external standards and frameworks.
Our goals and targets are set in priority areas and underpinned by metrics that drive and demonstrate progress.
Our focus is on where we can make an impact across our material areas and throughout the lifecycle of our investments.
OUR SUSTAINABILITY PRINCIPLES
Mitigating and managing the impact of our operations on the environment
Ensuring the wellbeing and safety of our workforce Upholding strong governance practices
Being good corporate citizens
Learn more about our Sustainability Principles and
Who we are
Our business model
Integrating
sustainability throughout our investment lifecycle
Our performance
Accelerating the energy transition
Supporting a responsible transition
Appendices
We also seek opportunities to collaborate with external stakeholders, including universities, local communities, industry trade associations, and non-governmental organizations.
INVESTING
We acquire high-quality assets for value and finance them on a longterm investment-grade basis, with sustainability due diligence embedded into our investment decision process.
DEVELOPING, OWNING, AND OPERATING
We enhance value by leveraging our operational skills and capabilities, while managing sustainability opportunities and risks, and driving decarbonization throughout the assets and businesses we invest in.
DIVESTING AND REINVESTING
We aim to enhance the productivity, reliability, and longevity of every asset we own. At the right point in their lifecycle, we divest selected assets and reinvest capital into our renewable power and sustainable solutions assets.
Materiality Assessment
2024 SUSTAINABILITY REPORT BROOKFIELD RENEWABLE 7
Integrating sustainability considerations throughout our investment lifecycle
Welcome and
progress overview
ABOUT US
We integrate sustainability throughout our investment lifecycle, from due diligence, through ongoing management, to the exit of an investment.
Our investment and operational teams are responsible for integrating sustainability aspects into their activities, supported by our global sustainability and technical teams.
DUE DILIGENCE
We integrate sustainability considerations into the due diligence process for each potential transaction, leveraging our investment and operating expertise, along with our Sustainability Due Diligence Protocol, which is informed by guidance from SASB.
We assess each potential investment based on how:
it aligns with our global policies,
it supports our renewable power and transition business objectives,
the relevant sustainability opportunities are understood, and
the sustainability risks can be avoided or mitigated.
We assess physical and transition climate-related opportunities and risks in line with the TCFD recommendation. Additionally, we screen investments across relevant sustainability areas, including biodiversity, water use, waste generation, health and safety performance, human rights, anti-bribery and anti-corruption, and community impacts.
ONGOING MANAGEMENT
As part of each acquisition, investment teams develop tailored integration plans that address material sustainability-related matters. Management teams in each operating business
are accountable for integrating new investments into our operating approach, with a strong focus on sustainability, including decarbonization and risk management. We regularly review integration plans through our formal governance process and monitor sustainability performance throughout our ownership.
Read more on Supporting a responsible transition
EXIT
We review value creation from various factors including sustainability considerations. Qualitative and quantitative data summarizes the performance of each investment and
provides us with a detailed understanding of how we managed the investment during the holding period.
Who we are
Our business model
Integrating
sustainability throughout our investment lifecycle
Our performance
Accelerating the energy transition
Supporting a responsible transition
Appendices
2024 SUSTAINABILITY REPORT BROOKFIELD RENEWABLE 8
Our performance
Welcome and
progress overview
ABOUT US
SUSTAINABILITY PILLAR
MATERIAL TOPIC
SDG
TARGET1
TARGET YEAR
PROGRESS
PERFORMANCE
Accelerating the energy
Decarbonization
Achieve net-zero Scope 1 & 2 (market-based)
2030
On track
We continue to advance our decarbonization plans, implementing several emission reduction initiatives. As
transition
Greenhouse Gas (GHG) emissions in renewable
we grow our portfolio, we expect to see small increases in absolute emissions in the short term and year-
operations by 2030.2
over-year variances as our portfolio changes. In 2024, our total Scope 1 and 2 (market-based) GHG
emissions were 221,620 tCO2e, a marginal increase of 2% from the previous year. However, these GHG
emissions remain 150 times lower on a per megawatt hour basis than the power and utility sector average.
For more details, see Getting to net zero in our operations
Develop an additional 21,000 megawatts of new clean
2030
On track
Across our portfolio we commissioned ~7,000 megawatts of new clean energy capacity in 2024, bringing the
energy capacity by 2030.3
total to ~15,000 megawatts since setting our target.4For more details, see Adding clean energy capacity
Set GHG emissions reduction targets to align with the
Annual
Met
100% of carbon-intensive investments have targets aligned with the goals of the Paris Agreement. For more
goals of the Paris Agreement for 100% of carbon-
details, see Investing in transition
intensive investments.5
Supporting a responsible transition: Environment
Biodiversity and ecosystems
Develop biodiversity management plans for 100% of our identified sites, prioritizing sites in biodiversity-
sensitive areas.
2024
Met
We have developed biodiversity management plans for 100% of our identified sites with potentially meaningful impacts on priority biodiversity.6For more details, see Focusing on biodiversity and ecosystems
Water management
Develop water management plans for 100% of our operations in areas of high water stress.7
Annual
Met
We developed water management plans for 100% of our operating businesses' assets in areas of high water stress. For more details, see Managing water
Waste management and circularity
Divert 100% of major components from landfill.8
Annual
On track
In 2024, we diverted all our major components from landfills. For more details, see Managing waste and promoting circularity
Increase circularity and reduce the volume of waste we send to landfill by 20%.9
2025
On track
In 2024, we increased circularity, recycling 42% of total waste, and reduced the volume of waste our businesses sent to landfill by 77% from a 2022 base year. For more details, see Managing waste and promoting circularity
Tracking the progress of our sustainability targets across our material topics.
Priority SDGs
Who we are
Our business model
Integrating
sustainability throughout our investment lifecycle
Our performance
Accelerating the energy transition
Supporting a responsible transition
Appendices
2024 SUSTAINABILITY REPORT BROOKFIELD RENEWABLE 9
OUR PERFORMANCE CONTINUED
SUSTAINABILITY PILLAR
MATERIAL TOPIC
SDG
TARGET1
TARGET YEAR
PROGRESS
PERFORMANCE
Supporting a responsible Health, Safety, transition: People and Security and the communities Environment
(HSS&E)
management
Provide onboarding health, safety, security Annual Met and environment (HSS&E) training to 100% of new
employees and contractors working in our facilities.
We provided HSS&E training to 100% of new employees working in our facilities and progressed on centralizing a system to track contractor training performance. For more details,
see Prioritizing health and safety
Maintain a cumulative High-risk Incident Frequency Annual Met
Rate of less than 1.5 per one million hours worked. Achieve 95% of planned Safe Work Observations Annual Met across our businesses with mature HSS&E programs.
Our cumulative High-risk Incident Frequency Rate remained at 1.2. For more details, see Prioritizing health and safety
We achieved more than 95% of the planned Safe Work Observations set across all our businesses with mature HSS&E programs. For more details, see Prioritizing health and safety
Supporting a responsible transition: Systems and governance
Sustainability in Target 50% of vendor spend with vendors with an 2025 Met
the supply chain overarching sustainability policy in place.10
Vendors representing about more than 50 % of our spend had a sustainability or equivalent policy in place. For more details, see Sustainability in the supply chain
Cybersecurity Train 100% of employees on cybersecurity annually. Annual Met
All employees were trained on cybersecurity. For more details, see Cybersecurity
Responsible Provide quarterly updates to the Board on Annual Met
corporate our sustainability approach, performance, and key
governance topics, such as physical and transition opportunities and risks, net zero and emerging standards and regulation.
We provided quarterly updates to the Board throughout 2024. For more details, see Responsible corporate governance
See individual sections for detailed information related to each target.
On a gross basis, our target is to reduce 95% of our Scope 1 and Scope 2 (market-based) emissions by 90% on an absolute value basis as compared to our base year of 2020 in line with the Science-Based Target initiative's cross sector pathway. This target includes renewable and clean energy acquisitions made prior to December 31, 2025. For renewable and clean energy acquisitions made post-2025, we will set additional targets aligned with science-based pathways.
The base year for our additional clean energy capacity target is 2021.
Additional capacity includes all of the capacity added within the year at 100% and regardless of proportionate ownership. This number also includes non-controlled investments.
For investments within Brookfield's Global Transition Funds. Targets include Scope 1, 2 and material Scope 3 GHG emissions.
Reflects our financially controlled portfolio of our utility-scale businesses as of Q3 2024.
Target excludes operating businesses that we acquired in the current reporting year and assets where water is used exclusively for sanitation purposes. Water stress is defined according to areas with high, extremely high and arid regions according to WRI's Aqueduct tool v. 4.0.
In this context, major components includes our solar panels, wind turbine blades, and battery packs.
The base year for our waste target is 2022.
Includes relevant or equivalent programs and policies that effectively manage sustainability performance and key topics including environmental management, HSS&E, D&I, labor and human rights, community investment, good governance and climate.
Welcome and
progress overview
ABOUT US
Who we are
Our business model
Integrating
sustainability throughout our investment lifecycle
Our performance
Accelerating the energy transition
Supporting a responsible transition
Appendices
2024 SUSTAINABILITY REPORT BROOKFIELD RENEWABLE 10
Welcome and
progress overview
About us
Accelerating the energy transition
By helping deliver renewable power and sustainable solutions we aim to support the acceleration of the global energy transition and generate sustainable value.
In this section
Q&A with Head of Global Corporate Development The global context
Our transition strategy
Taking an integrated approach Adding clean energy capacity Investing in transition
ACCELERATING THE
ENERGY TRANSITION
Q&A with Head of Global Corporate Development
The global context Our transition strategy
Taking an integrated approach
Adding clean energy capacity
Investing in transition
Supporting a responsible transition
Appendices
2024 SUSTAINABILITY REPORT BROOKFIELD RENEWABLE Renascença, Brazil 11
Q&A
Head of Global Corporate Development
Carlos Floresguerra
Head of Global Corporate Development, Brookfield Renewable
Q: What are our customers looking for when partnering with us?
What trends do we see in the demand for renewable power and sustainable solutions?
A: Customers look to partner with us because we can provide a large, well-orchestrated suite of
decarbonization solutions, at scale, and on a truly global basis. We're able to offer bespoke solutions from different operating businesses in our global portfolio, leveraging their local market expertise, and offering a thoughtfully curated customer experience. We don't see demand for clean energy slowing down. Many customers have decarbonization targets and, importantly, renewables will continue to be the lowest cost source of bulk power in almost every major global energy market. Data center development, fueled by AI, is still expected to grow and we expect to see increasing electricity demand from electrification of transport, industrial processes, and heating.
Q: How are customers looking at sustainability as part of their partnership terms or requirements?
A: Sustainability is threaded into the DNA of modern partnerships. We see leading companies impose robust sustainability and reporting requirements on their suppliers. In many cases, we help customers decarbonize their own operations and collaborate to address their Scope 3 GHG emissions by offering solutions for their suppliers. We are also now helping to provide solutions in hard-to-decarbonize markets-
such as Southeast Asia, Latin America, and Eastern Europe-that have historically seen a lack
of investment. We collaborate with our customers to drive the right balance of positive energy economics and emissions reduction to turn their decarbonization program into a fulsome value creation opportunity.
Q: Why is clean energy so important to support the low-carbon transition
for our customers?
A: The energy sector represents ~75% of global emissions,1 so if we can help customers decarbonize a material share of their emissions profile, we can have a scale effect in helping them meet their
decarbonization targets. Electrification trends are rising across industries, so sourcing clean power is becoming increasingly important. We have a set of around
1,350 diverse offtakers for our projects, including more than 900 commercial and industrial customers around the world, among them some of the largest tech companies. Through our distributed energy businesses around the world, we also help schools, hospitals,
and municipalities achieve cost savings by purchasing our clean power at or below prevailing utility rates- offsetting rate variability-and gain the potential to sell excess generation back to the grid. Additionally, our initial investments in broader energy transition technologies, such as sustainable fuels2and carbon capture, are allowing our industrial partners to start making material strides towards addressing some of the hardest-to-abate emissions.
Q: How are we helping to create long-term value for our customers?
A: We continue to be the partner of choice for some of the largest and most sophisticated customers because we deliver execution certainty for a mission-critical commodity: power. We typically underpin our investments with long-term power purchase agreements (PPAs) with customers that provide both power and bundled environmental attributes (such
as renewable energy credits (RECs)). For our tech customers, new data center development can be throttled by lack of power in many grids around the world. Our projects enable the turning on of new computing capacity, which translates our green electrons into 1s and 0s. We leverage our global scale to help our customers effectively navigate the rapidly evolving energy markets, supply chain disruptions, and regulatory landscapes. We help them unlock long-term value by implementing strategies such as battery storage optimization to help maximize the value of each megawatt-hour generated by our assets.
IEA: The energy sector is central to efforts to combat climate change
Sustainable fuels refer to fuel technologies that provide alternatives to traditional fossil fuels. These include biofuels, such as renewable natural gas, and electrofuels (eFuels), which are hydrogen-derived fuels created by combining green hydrogen with carbon dioxide.
Welcome and
progress overview
About us
ACCELERATING THE
ENERGY TRANSITION
Q&A with Head of Global Corporate Development
The global context Our transition strategy
Taking an integrated approach
Adding clean energy capacity
Investing in transition
Supporting a responsible transition
Appendices
2024 SUSTAINABILITY REPORT BROOKFIELD RENEWABLE 12
The global context
Global trends, including the continued decrease in cost of renewable power, advances in digitalization, and the growing need for energy
$2.1 trillion
invested in the global energy transition in 2024, increasing 11% from a year earlier.4
100%
1,500 GW
$5.6 trillion
in average annual investment required in clean energy between 2025 and 2030 to meet net zero by 2050.4
4.3%
Welcome and
progress overview
About us
ACCELERATING THE
ENERGY TRANSITION
Q&A with Head of Global Corporate Development
The global context
security, are increasing demand for clean power.
of the additional global demand for power in the next three years is forecast to be met through renewables and nuclear power, with 95% of this being renewable generation.5
of battery capacity has been forecast in the IEA Net Zero Emission by 2050 scenario to enable the tripling of renewable energy capacity by 2030.3
Increase in global electricity consumption in 2024
from prior year. This is
Our transition strategy
Taking an integrated approach
21%
decrease in global average levelized cost of energy (LCOE) for solar PV, which fell to $38/ MWh in 2024.1This is far lower than fossil fuel alternatives, which range from $69/MWh to $228/MWh.2
30%
growth in solar PV generation in 2024, which has been its highest growth rate since 2017.5
anticipated to continue increasing by 3.9%
per year.5
Adding clean energy capacity
Investing in transition
Supporting a responsible transition
Appendices
Renewable power is the lowest-cost form of power Renewable energy remains the least expensive form of bulk electricity generation. In 2024, clean energy technologies had a lower average levelized cost of energy (LCOE) than new fossil-fuel alternatives.2This, along with typically shorter time horizons to bring clean energy projects to commercial completion,6has made clean energy technologies the preferred solution for many businesses and regions
seeking to meet growing demand.
In 2024, 30% more renewable capacity was added globally than in 2023. This deployment rate is expected to grow 2.7 times by 2030, becoming the largest contributor to global capacity increases.7
Energy security through independence is a growing necessity
According to the IEA's 2024 World Energy Outlook, the issue of energy security has evolved beyond only ensuring access to oil and natural gas supplies. Countries are now increasingly focused on the affordability and reliability of energy, including access to low-cost electricity, onshoring supply chains for clean energy and access to critical minerals.
Renewable energy supports affordability and localized access to electricity, while technologies such as hydroelectricity, nuclear, and collocation of battery storage can support the reliability and dispatchability of clean energy.
Population growth and technological advances are contributing to growing energy demand
Globally, electricity consumption rose by an estimated 4.3% in 2024, up from 2.5% in 2023, with growth expected to continue at 3.9% annually through 2030.5
This demand is estimated to include the growing power needs for data centers by major tech companies. To meet this demand additional and reliable capacity is needed, favoring a combination of base load sources, renewable energy, and storage. The low cost and typical fast deployment of renewables, coupled with corporate decarbonization commitments, make clean energy solutions ideal for meeting this demand.
BNEF Global Cost of Renewables to Continue Falling
Lazard: Levelized cost of energy
IEA: Outlook for battery demand and supply from IEA
BNEF Energy Transition Investment Trends 2025
IEA Electricity Outlook 2025
WRI: Setting the record straight on renewable energy 2024
IEA: Global Energy Review 2025
2024 SUSTAINABILITY REPORT BROOKFIELD RENEWABLE 13
Our transition strategy
Welcome and
progress overview
About us
OUR STRATEGY
Our strategy is focused on supporting the energy transition.1We do this through operating and developing clean energy assets at scale, allocating capital to broader sustainable solutions and driving decarbonization in carbon-intensive sectors. To support this, we have set a specific target for:
Adding clean energy capacity
TARGET: Developing 21,000 megawatts of new clean energy capacity by 2030;2
OUR DECARBONIZATION AMBITION
While our overall strategy is focused on scaling renewable power and sustainable solution assets,
we recognize the importance in reducing emissions in our business. We have a goal to achieve net-zero GHG emissions by 2050 or sooner across Scope 1, 2 and material Scope 3 GHG emissions and have set the following two specific targets:
Getting to net zero in our operations TARGET: Achieving net zero for Scope 1 & 2 market-based GHG emissions by 2030;3
OPERATING AND MANAGING CLEAN ENERGY FACILITIES
DEVELOPING ADDITIONAL CLEAN ENERGY CAPACITY
SCALING SUSTAINABLE SOLUTIONS
ADVANCING BUSINESS TRANSFORMATION
ACCELERATING THE
ENERGY TRANSITION
Q&A with Head of Global Corporate Development
The global context Our transition strategy
Taking an integrated approach
Adding clean energy capacity
Investing in transition
Supporting a responsible transition
Appendices
Investing in transition
TARGET: Setting GHG emissions reduction targets to align with the goals of the Paris Agreement for 100% of carbon-intensive investments.4
The term "energy transition" refers to the shift in energy use from fossil fuel-based sources to cleaner alternatives, such as renewable energy, in support of the goals of the Paris Agreement and efforts to slow global warming. The International Energy Agency (IEA) and the World Economic Forum (WEF) state that to "accelerate" this transition we will need to deploy significant energy solutions, including clean energy and
We operate and develop utility-scale solar and wind, hydroelectricity, battery storage, and distributed energy technologies that help form the core of a secure and low-carbon energy system.
We invest in companies whose services and/or technologies support industries in reducing their carbon footprints.
ENGAGEMENT
We partner with carbon-intensive companies to finance and implement value-driven emission-reducing technologies and solutions.
decarbonizing technologies over the next two decades (see WEF: Accelerating the Energy transition 2025and IEA Net Zero by 2050)
From 2021 onwards.
For clean energy acquisitions made before December 31, 2025. For renewable and clean energy acquisitions made after 2025, we will set targets aligned with science-based pathways.
See Our performance for details on our GHG emissions reduction targets.
Our ongoing stakeholder engagement informs our programs and helps our businesses make decisions to generate long-term value for the business and its stakeholders.
2024 SUSTAINABILITY REPORT BROOKFIELD RENEWABLE 14
Taking an integrated approach
Welcome and
progress overview
About us
We are well-positioned to deploy capital at scale into renewable power and sustainable solutions, and partner on these opportunities with our investors and customers.
OUR APPROACH
Our strategy, capital, and business model enable opportunities for investing in and operating renewable power and sustainable solutions technologies while mitigating risks. We uphold strong governance and operational practices- including those related to transition opportunity and risk assessments and mitigation-building on our more than 100 years of experience in developing and operating clean energy assets.
Transition risks and opportunity analysis
Given the nature of our business and role in supporting the energy transition, we believe our strategy is resilient under the assessed climate scenarios.
We continue to deepen our understanding by applying a consistent and detailed approach to identifying and assessing future climate-related opportunities and risks that may impact our business. We leverage IEA scenarios to evaluate global transition opportunities and risks related to our business across short-term (2030), medium-term (2040), and long-term (2050) time horizons.
We have developed a comprehensive outlook that combines business-specific factors with scenario projections. We conduct workshops with subject matter experts from across our business to incorporate the latest insights on emerging opportunities and risks, reflecting our position as one of the world's largest investors, developers, owners, and operators
of renewable power and sustainable solutions assets, into our assessment. We update our assessment annually to account for emerging trends and revised scenarios.
In 2024, we continued to see considerable opportunities due to the tailwinds our business is experiencing, including decreasing cost of production, increasing demand for clean energy and batteries, and energy security and onshoring.
We have seen the scale of opportunity increase in certain areas, such as cost declines in solar power and batteries, and acknowledge there could be associated risks relating to uncertainties created by evolving political landscapes, impacting supply chains. However, the overall impact of opportunities and risks on the business has remained consistent with previous years.
For more information on our Climate scenario analysis see Appendix 3
CAPITALIZING ON OPPORTUNITIES WHILE NAVIGATING EMERGING RISKS
We are a globally and technologically diversified clean energy company, with the ability to deliver scalable 24/7 clean energy solutions in the markets where we operate. This diversification provides a hedge against pricing volatility, as well as specific policy, legal, and market-related risks. We also benefit from global functions that support day-to-day
operations and management. This includes a global approach to asset management and procurement. Because of this, we believe we are strategically positioned to benefit from the growth in global energy demand and the declining costs of clean energy technologies.
Additionally, our expanded focus beyond clean energy-into sustainable solutions and business transformation-
has further expanded the opportunities within the energy transition market, as customer demand for these solutions continues to grow.
Benefitting from cost decline of clean energy and batteries
We see our clean energy strategy as benefiting from continued cost declines in solar, wind and batteries.
Our advanced stage pipeline of 66,300 megawatts comprised of solar, wind, distributed energy and battery storage, along with our sustainable solutions pipeline, is expected to contribute approximately $350 million of Funds From Operations annually to the business once commissioned.
In 2024, our solar and wind segments alone generated a combined $833 million of Funds from Operations, up 30% from the prior year, benefiting both from acquisitions and organic growth across the portfolio.
Additionally, we are investing in proven decarbonization technologies-such as carbon capture and storage, and sustainable fuel1-which continue to mature and benefit from technological advancements, helping to lower costs. We expect this, in turn, to lead to higher market penetration.
Our distributed energy, storage and sustainable solution technologies generated a combined $329 million of Funds From Operations, up 78% from the prior year, benefiting from both acquisitions and organic growth across the portfolio.
We expect to increase future Funds From Operations in this segment from both continued cost declines and increases in investment and ownership of decarbonization technologies.
Strengthening supply chains against impact of global events, such as tariffs
To support the execution of our development plans, it is
critical to have a resilient, diverse, and sustainable supply chain. As one of the largest procurers of clean energy technologies, we are well positioned to identify and manage supply chain market and technology risks, while capitalizing on opportunities at scale. We work with a large network of suppliers, allowing us to adapt to disruptions, such as shortages or delays supporting a more reliable supply chain.
Our supply chain strategy continues to focus on a global approach and on maintaining strategic partnerships with our key suppliers. We have supported our development pipeline through the execution of framework agreements with several global original equipment manufacturers (OEMs). Additionally, we seek to mitigate supply chain risk when developing projects by signing PPAs concurrently with securing our financing and engineering, procurement and construction (EPC) contracts, and by including clauses in our contracts that reflect changes in input costs.
We recognize that there is a risk that the supply chain could be disrupted by global events, such as political instability or regulatory changes, including tariffs. As such, we continue to conduct scenario analyses of the potential impacts of tariff announcements and to appropriately mitigate any associated risks.
ACCELERATING THE
ENERGY TRANSITION
Q&A with Head of Global Corporate Development
The global context Our transition strategy
Taking an integrated approach
Adding clean energy capacity
Investing in transition
Supporting a responsible transition
Appendices
2024 SUSTAINABILITY REPORT BROOKFIELD RENEWABLE 15
TAKING AN INTEGRATED APPROACH CONTINUED
Welcome and
progress overview
About us
TRANSITION AND RENEWABLE-FOCUSED INVESTING
We provide integrated sustainable finance solutions to support our strategy in partnership with external stakeholders. This gives us opportunities to further enhance our position as a leading renewable energy company and manager of
transition assets.
We take a long-term perspective to investing capital and are active managers of the businesses we invest in.
In 2024, Brookfield, as part of its Transition Funds strategy, launched the Catalytic Transition Fund (CTF) with a focus on emerging markets. CTF and the Brookfield Global Transition Funds I & II (BGTF) invest in additional clean energy capacity, sustainable solutions, and business transformation, targeting quantifiable decarbonization impact and strong financial returns.
Brookfield together with its institutional partners successfully invested $12.5 billion ($1.8 net to Brookfield Renewable) in 2024 in clean energy development, sustainable solutions and business transformation to support the decarbonization of carbon-intensive businesses.
Since the launch of the strategy, Brookfield has committed and deployed $27.9 billion ($7.3 billion net to Brookfield Renewable) to support investment in the global transition.
Additionally, through the Brookfield Infrastructure strategy there is dedicated capital to support investment in operating renewable energy assets. The Brookfield Infrastructure Fund V (BIF V) committed and deployed $30 billion ($7.5 billion net to Brookfield Renewable) since its launch.
FINDING SUSTAINABLE FINANCING SOLUTIONS
We aim to mobilize capital towards clean and transition investments through sustainable financing at a corporate and project level across our assets, supporting increasing stakeholder demand for sustainable finance.
We provide funding and refinancing to renewable power projects and sustainable solutions, supporting their development and ongoing operations. By using the market for green financing products, we are helping to accelerate the transformation and decarbonization of global electricity generation, while reducing the cost of our borrowing.
Our Green Financing Committee, which includes representatives from our Capital Markets and Treasury teams, manages our sustainable financing strategy. Our Chief Financial Officer oversees our strategy and provides quarterly reports to the Board.
In 2024, we also contributed to the development of a 'Playbook' on Transition Finance for the Canadian market, working with the Accounting for Sustainability's (A4S) CFO Leadership Network and the Institute for Sustainable Finance. The Playbook includes guidance to financial institutions in effective ways to provide transition-related sustainable financing solutions.
ADDING TO OUR GREEN FINANCING
In 2024, we issued three corporate-level green bonds and one hybrid note under our Green Financing Framework, amounting to $867 million.
Since 2017, we have issued nine green bonds and five preferred equity instruments for approximately $3.6 billion.1When our green bonds originally launched, S&P gave an E-1 Green Evaluation score, citing our environmental stewardship, commitment to renewable power and use of proceeds towards renewable power generation. Our aggregate green issuances across the business and related portfolio companies are approximately $11.3 billion (between January 1, 2023, and December 31, 2024).
GREEN FINANCING FRAMEWORK
In 2023 we updated our Green Financing Framework, which serves as guidance on the allocation of financing towards green and sustainable activities. It incorporates eligible investment categories in line with our strategy to invest in supporting the energy transition, including renewable energy technologies, energy efficiency investments, investments to support circular economy products and processes, clean energy product manufacturing, pollution prevention and control investments, and clean transportation.
The framework sets parameters in accordance with the latest Green Bond Principles (2021)2and Green Loan Principles (2023),3and enhances allocation and impact reporting, as well as independent third-party assurance on our use
of proceeds.
S&P Global has provided a Second-Party Opinion to confirm alignment against Green Bond and Green Loan Principles and assess our Green Financing Framework and eligibility criteria using its "Shades of Green" methodology. Our framework received a "medium green" overall:
"dark green" through our renewable energy capacity additions, which represent significant steps towards a low-carbon future, and
"medium green" through our support of sustainable solutions and transformations, which represent significant steps towards a low-carbon future, but require improvements
to be long-term and low-carbon solutions.
For further information, the full Second-Party Opinion is on our website.
We report annually on the use and impact of the proceeds from our green financing issuances. Our most recent report is on our website.
SUPPORTING POLICIES FOR THE ENERGY TRANSITION
In addition to looking for sustainable finance solutions, we
also continue to contribute to the development of policies that support clean energy generation and technical innovation both through direct engagement and our involvement with industry associations.
The number of green financings since 2017 has been restated from 2023 to reflect the removal of unverified operating business level debt and to reflect the proper categorization and distinction between green bonds and preferred equity. The green bond and preferred equity instruments were issued under our Green Bond and Preferred Securities Framework
(2017-2023) or Green Financing Framework (2024)
The Green Bond Principles ("GBP") were created by the International Capital Markets Association ("ICMA") and updated in June 2021 with Appendix 1 updated in June 2022
The Green Loan Principles ("GLP") is administered by the Loan Syndications and Trading Association ("LSTA"), published in February 2023
ACCELERATING THE
ENERGY TRANSITION
Q&A with Head of Global Corporate Development
The global context Our transition strategy
Taking an integrated approach
Adding clean energy capacity
Investing in transition
Supporting a responsible transition
Appendices
2024 SUSTAINABILITY REPORT BROOKFIELD RENEWABLE 16
CASE STUDY: INVESTING
Welcome and
progress overview
About us
Integrating a price on carbon within our investment thesis
ACCELERATING THE
ENERGY TRANSITION
Q&A with Head of Global Corporate Development
The global context Our transition strategy
To continue advancing the integration of climate considerations into our investment and operating decisions, we continue to make carbon pricing part of the process.
Our assets and investments target either additional clean energy, scaling up sustainable solutions, or the decarbonization of carbon-intensive assets. All three investment classes structurally benefit from a carbon price as they enable or support decarbonization.
Modeling and applying carbon pricing
During 2024, we continued to model and apply carbon prices on investments in all jurisdictions where a carbon price applies or is upcoming. This includes contingencies
in our base and downside investment cases where material uncertainties exist in the evolution of carbon pricing schemes. For other jurisdictions, we reviewed new investments with material GHG emissions using energy and climate scenarios, such as those of the International Energy Agency (IEA) and Intergovernmental Panel on Climate Change (IPCC), which incorporate explicit carbon prices.
For these investments, we set interim and net-zero targets aligned with the relevant decarbonization pathways and associated carbon prices. Following sectoral decarbonization pathways that include Paris-aligned carbon pricing means we indirectly apply a carbon price to guide our targets and decarbonization business plans. We believe applying a separate shadow carbon price would duplicate these activities and not provide any additional information to support our decarbonization targets or plans. We will continue to monitor the value of applying a separate internal shadow carbon price for our internal reporting and capital allocation decisions.
Taking an integrated approach
Adding clean energy capacity
Investing in transition
Supporting a responsible transition
Appendices
Ohcheon, South Korea
2024 SUSTAINABILITY REPORT BROOKFIELD RENEWABLE 17
Adding clean energy capacity
Welcome and
progress overview
About us
OUR PROGRESS
2030 Target
Develop an additional 21,000 megawatts of new clean energy capacity from our 2021 baseline.
2024 Progress
In 2024, we added ~7,000 megawatts of clean energy capacity, bringing our total additions over the past three years to ~15,000 megawatts. We continue to expand our capacity annually by executing on and growing our development pipeline, which increased from ~155,000 megawatts to ~200,000 megawatts in 2024.1
OUR PORTFOLIO
We have a large and growing technologically and geographically diverse portfolio of renewable power and decarbonization assets.
Our asset portfolio (December 31, 2024)
OPERATIONAL DEVELOPMENT
ACCELERATING THE
ENERGY TRANSITION
Q&A with Head of Global Corporate Development
The global context
Capacity figures for both operation and development represent 100% of the capacity of the facilities regardless of proportionate ownership.
Transition assets include, but are not limited to, cogeneration power plant, other energy transition businesses, and hydrogen (pipeline only).
The table on the right outlines our controlled and non-controlled portfolio of operating assets and our development pipeline as of December 31, 2024. It does not include sustainable solutions or non-generating transition assets.
We leverage our experience in operating clean energy assets to execute on our large global development pipeline and progress our target.
Hydroelectric
8,300 MW 2,800 MW
Wind
17,100 MW 47,300 MW
Utility-scale solar
Our transition strategy
Taking an integrated approach Adding clean energy capacity Investing in transition
Supporting a responsible transition
Appendices
Includes 320 megawatts of wind capacity and 118 megawatts of solar capacity.
12,100 MW
99,500 MW
Distributed energy and storage
7,300 MW 50,600 MW
Transition 2, 3
1,500 MW
2024 SUSTAINABILITY REPORT BROOKFIELD RENEWABLE 18
ADDING CLEAN ENERGY CAPACITY CONTINUED
Welcome and
progress overview
About us
OUR APPROACH
We invest in, develop, own, and operate clean energy assets in key global markets and have over 100 years of operational expertise in hydroelectric power, followed by experience in utility-scale solar and wind, distributed energy and battery energy storage systems (BESS). Our goal is to support the expansion of clean energy capacity in the regions where we operate, providing scale and dispatchable capacity to meet growing energy demand.
OUR PROGRESS
In 2024, we accelerated our development activities, commissioning ~7,000 megawatts of new clean energy capacity across our portfolio.
Our globally diversified portfolio consists of 46,200 megawatts of generating capacity and an annualized LTA generation of
~121,200 gigawatt hours (GWh), 98% of which is from renewable energy. Our clean energy operating capacity includes almost 30,000 megawatts of utility-scale solar and wind, ~8,300 megawatts of hydroelectricity, and ~7,300 megawatts of distributed energy and storage.
In 2024, we signed contracts to provide over 100,000 gigawatt hours of generation to commercial and industrial (C&I) customers. We also signed a landmark deal with Microsoft
to supply over 10,500 megawatts of clean energy to multiple jurisdictions. We anticipate continued revenue and long-term contracting opportunities with other key partners as customers look to meet both their energy demand and decarbonization commitments.
Developing, owning and operating utility-scale renewables
We develop new clean energy capacity, as well as invest in companies where we can own and operate utility-scale renewable platforms. Our growth in 2024 came from both.
Global
In December 2024, Brookfield, in collaboration with institutional partners, acquired approximately 53% interest in Neoen (expected $269 million net to Brookfield Renewable), a leading global renewable energy developer with headquarters in France. Neoen has existing operating and under-construction assets totaling ~8,000 megawatts of high-quality solar, wind, and BESS, including the largest portfolio of BESS in Australia and a significant 20,000 megawatt advanced-stage pipeline of development projects in strategic markets, namely Australia, France, and the Nordics.
North America
Our North American businesses commissioned ~2,000 megawatts of additional utility-scale solar and wind.
South America
Between our Brazilian and Colombian businesses, we commissioned ~500 megawatts of new clean energy capacity.
United Kingdom
In collaboration with institutional partners, Brookfield acquired 12.45% minority stakes (3% net to Brookfield Renewable) in four of Ørsted's operational UK offshore wind farms, Hornsea 1, Hornsea 2, Walney Extension, and Burbo Bank Extension, which have a combined total capacity of
~3,500 megawatts.
South Korea
Brookfield, together with its institutional partners, entered the South Korean market, with an investment in Hanmaeum Energy, a full-service platform with 340 megawatts of operating and near-construction capacity, scalable development projects, and identified acquisition opportunities.
China
Our businesses in China developed and constructed
~700 megawatts of new renewable capacity.
India
Brookfield, together with institutional partners, acquired a 74% interest (15% net to Brookfield Renewable) in a leading wind-focused C&I renewable business in India, with ~500 megawatts of operating capacity and an almost 3,000 megawatts development pipeline.
Together, the Indian businesses commissioned an additional
~1,100 megawatts of new clean energy capacity.
SCALING DISTRIBUTED ENERGY
As companies and communities strive to meet their on-site energy demand and decarbonization commitments, distributed energy (DE) plays a critical part.
We currently own and operate ~7,300 megawatts of DE (including ~700 megawatts added in 2024) and have a DE development pipeline of over 50,000 megawatts.
Our DE businesses include Luminace and Standard Solar, two leading integrated solar distributed energy developers in the U.S., Powen in Europe, Solarity in Chile, and IVI Energia in Brazil.
In addition, in November 2024, Brookfield, in collaboration with institutional partners, acquired a leading commercial and residential rooftop solar platform in the U.K., with total capacity of ~200 megawatts and ~450 megawatts of development pipeline capacity.
PARTNERING ON DECARBONIZATION
With our portfolio of global and technologically diversified assets, we are a partner of choice for some of the largest multinational corporations seeking large-scale, low-carbon clean energy globally.
We provide renewable power and sustainable solutions to more than 1,300 customers in multiple sectors, including C&I, governmental organizations, distribution companies, trading houses, utilities, real estate, technology, and financial services, helping them take meaningful steps towards achieving
their energy demand and decarbonization objectives.
LOOKING FORWARD
We are on track to reach a ~10,000 megawatts run rate per annum of new capacity by 2027, continuing to execute on our development pipeline of ~200,000 megawatts with 66,300 megawatts of projects in advanced stage in of solar, wind, distributed energy, and battery storage.
ACCELERATING THE
ENERGY TRANSITION
Q&A with Head of Global Corporate Development
The global context Our transition strategy
Taking an integrated approach
Adding clean energy capacity
Investing in transition
Supporting a responsible transition
Appendices
2024 SUSTAINABILITY REPORT BROOKFIELD RENEWABLE 19
CASE STUDY: CLEAN ENERGY
Welcome and
progress overview
About us
Levering utility-scale renewables to meet rising energy demands in AI and cloud computing
ACCELERATING THE
ENERGY TRANSITION
Q&A with Head of Global Corporate Development
The global context Our transition strategy
Taking an integrated approach
CHALLENGE
Large tech companies need energy to power their data centers, which are essential for running the computing and storage required for services, such as cloud computing, artificial intelligence (AI), and data processing. These data centers operate 24/7 and consume significant amounts of electricity to run servers, cool systems, and support other infrastructure. As the demand for cloud services and digital platforms grows, so does the corresponding energy demand. Additionally, many tech companies are focused on achieving sustainability goals, such as reducing their carbon footprints by sourcing renewable energy to power their operations.
Microsoft, for example, has committed to using renewable energy in order to meet their sustainability goals.1
RESPONSE
By purchasing power from utility-scale renewable energy projects, businesses can access clean energy at competitive rates, which are often lower than traditional fossil fuels.
This helps stabilize long-term energy costs, helps shield companies from market volatility, and helps meet decarbonization commitments. Battery storage can further support renewable energy penetration by smoothing demand and availability curves and help provide reliability through a dispatchable energy solution.
Our large global pipeline of advanced-stage utility-scale solar and wind, and BESS projects in key markets, has made us a partner of choice for many of the largest tech companies looking to tackle the challenges associated with clean energy demand for cloud and AI needs.
In 2024, we signed a landmark agreement with Microsoft to deliver over 10,500 megawatts of renewable energy by 2030 across the U.S., Europe, Asia-Pacific, India, and Latin America. This energy, primarily sourced from onshore wind and utility-scale solar, will support Microsoft's data center growth and AI cloud services.
In addition to wind and solar development, our partnership also focuses on how to scale solutions around other low-carbon generation and storage technologies, particularly battery storage, to help provide reliability and consistent energy 24/7.
The scale of our current renewable pipeline enables us to support Microsoft's goals and operations by providing additional reliable, clean energy.
1. Carbon negative by 2030: Microsoft's Bold Commitment and Progress
Elizabeth City Solar, U.S.
Adding clean energy capacity
Investing in transition
Supporting a responsible transition
Appendices
2024 SUSTAINABILITY REPORT BROOKFIELD RENEWABLE 20
CASE STUDY: CLEAN ENERGY
Welcome and
progress overview
About us
The benefits of distributed energy in expanding access to clean energy
Sunbeam, U.S.
ACCELERATING THE
ENERGY TRANSITION
Q&A with Head of Global Corporate Development
The global context Our transition strategy
CHALLENGE
Distributed energy has experienced rapid growth over the past decade as businesses increasingly adopt on-site
renewable power to meet their energy needs and advance decarbonization goals. However, while the market for direct-to-business distributed energy- such as on-site or rooftop solar-has expanded significantly, many residential customers still face barriers in accessing this technology.
For example, those in dense urban areas or without access to single-family homes are often unable to install their own solar panels and therefore struggle to benefit directly from renewable energy.
RESPONSE
To address this gap, meet growing demand, and with the support of local and regional initiatives, community solar projects have emerged, enabling customers to benefit from solar power without the need for equipment installation.
Each community solar site is connected to the utility grid, providing savings to a wide range of customers, including residential and small- and mid-size commercial users. Many community solar programs also offer benefits to low-to-moderate income (LMI) households, offering electricity bill savings of 5% to 20%.1,2
Community solar is typically operated under a partnership model. Developers and operators-such as those within our distributed energy portfolio-build and manage the projects, while funding is often provided by a consortium. This approach supports effective project delivery and management and facilitates relationships with customers
and utilities to secure preferential pricing. Non-consortium customers can also participate by subscribing to the projects.
Several of our distributed energy businesses are involved in community solar projects, including:
Standard solar
Standard Solar, a leading integrated solar-distributed energy developer in the U.S., currently owns and operates 138 community solar garden sites in 14 States and the District
of Columbia, with an aggregate capacity of 429 megawatts. These sites support thousands of LMI subscribers to benefit from more than $4 million in electricity bill savings over the lifetime of the projects.
Luminace
Luminace is a leading distributed energy business in the
U.S. with 1,282 megawatts of current operating capacity. Their community solar initiatives extend across seven states, with more than ~230 megawatts currently in operation.
By 2026, Luminace anticipates more than doubling its community solar portfolio, along with expanding into three additional states.
IVI Energia
IVI Energia is a distributed energy developer and operator out of Brazil with 63 megawatts of capacity.
IVI also invests in community solar projects, including the UFV Vassouras project in Rio de Janeiro, which currently serves about 40 residential customers.
U.S. Department of Energy: Community Solar Basics
Energy Sage: Community Solar Savings
Taking an integrated approach
Adding clean energy capacity
Investing in transition
Supporting a responsible transition
Appendices
2024 SUSTAINABILITY REPORT BROOKFIELD RENEWABLE 21
Investing in transition
Welcome and
progress overview
About us
Achieving net zero requires a fundamental transformation of existing infrastructure and the implementation of more sustainable business models.1
Without significant change, GHG emissions are expected to continue to rise for decades
to come.2
OUR PROGRESS
Annual target
Set GHG emissions reduction targets aligned with the goals of the Paris Agreement for 100% of our carbon-intensive investments.
2024 Progress
100% of carbon-intensive investments with targets aligned with the goals of the Paris Agreement.
IEA Net Zero by 2050: A Roadmap for Global Energy Sector
IPCC Climate change widespread, rapid, and intensifying
BNEF Third Annual Energy Supply Investment and Banking Ratios
OUR APPROACH
We aim to go where the emissions are and provide capital and clean energy expertise to transform these businesses into more sustainable business models and scale sustainable solutions to support customers in meeting their decarbonization goals.
Currently transition investments represent a smaller part of our portfolio, primarily in structured investments. Looking forward, we expect to continue to deploy capital in a prudent way to business transformation and proven sustainable solutions.
Decarbonizing carbon-intensive businesses
We seek opportunities to help carbon-intensive businesses, primarily in the energy, utility, and industrial sector, create value and align with the goals of the Paris Agreement.
Leveraging our capital and sector expertise, we do this by supporting the replacement of emissions-intensive power generation with the build-out of renewables. These opportunities include our investments in TransAlta, a utility in North America, and InterEnergy, a utility in Latin America and the Caribbean.
As part of our transition strategy, when executing transformation type investments, we:
Review new potential investments in carbon-intensive businesses against Paris-aligned decarbonization pathways and set interim- and long-term decarbonization targets during the due diligence stage.
Integrate these targets and associated decarbonization levers into the strategies, business plans, and governance processes of our acquisitions.
Leverage our deep experience in renewable energy and power markets in supporting these businesses in their transformations.
Within 12 months from closing an investment transaction, we work with the businesses to develop a business plan that is aligned with the goals of the Paris Agreement, which outlines the measures used to meet their targets.
Assess performance regularly and disclose Scope 1, 2, and material Scope 3 GHG emissions on an annual basis. This includes a third-party assurance of the GHG inventory.
Investing in sustainable solutions
Sustainable solutions are proven technologies and services that have a critical role in supporting the global transition.
We seek to invest in technologies that either reduce, eliminate, or replace traditional higher-carbon sources with lower-carbon alternatives and/or provide critical services to a wide range of customers to help them meet their decarbonization goals.
Our approach is to make structured investments with downside protection and position ourselves to deploy additional capital over time.
Together with our institutional partners, we have invested to date in:
carbon capture and storage (CCS), which supports the capture of carbon emitted from heavy carbon-intensive processes;
agriculturally sourced biofuels to replace traditional more carbon-intensive natural gas;
recycling services to support circularity of materials; and
nuclear services and equipment manufacturing to support global nuclear power enablement.
In addition, in 2024, Brookfield in collaboration with institutional partners, completed an investment to construct an e-Fuels production facility for up to $200 million (~$40 million net to Brookfield Renewable) in partnership with Infinium.
The plant, located in Texas, will produce sustainable aviation fuel (eSAF) with a 500 Barrels Per Day (BPD) capacity. The project is in development and set to COD in 2026. The eSAF is fully contracted to the airline industry and supports broader commitments to meet the market demand for eSAF over the next few decades.
LOOKING FORWARD
We will continue to look for opportunities to expand our portfolio to support business transformations and sustainable solutions.
4:1
is the projected ratio of low-carbon energy investment to fossil fuels by 2030 with it forecasted to increase to 6:1 by 2040 and 10:1 by 2050.3
ACCELERATING THE
ENERGY TRANSITION
Q&A with Head of Global Corporate Development
The global context Our transition strategy
Taking an integrated approach
Adding clean energy capacity
Investing in transition
Supporting a responsible transition
Appendices
2024 SUSTAINABILITY REPORT BROOKFIELD RENEWABLE 22
CASE STUDY: SUSTAINABLE SOLUTIONS
Welcome and
progress overview
About us
Supporting low-carbon electricity in real estate through nuclear power
ACCELERATING THE
ENERGY TRANSITION
Q&A with Head of Global Corporate Development
The global context Our transition strategy
CHALLENGE
Commercial real estate continues to be a large consumer of electricity, especially within urban centers. Businesses looking to decarbonize in this sector are seeking partnerships with utilities to find innovative solutions
to support their decarbonization goals.
Brookfield Properties has pledged to power its U.S. office portfolio with ~500,000 megawatt hours of clean energy by 2026, positioning it as one of the nation's largest commercial real estate buyers of clean energy. In 2024, to support this goal, the group undertook an exercise to transition its Mid-Atlantic portfolio to clean energy. It required a reliable source of electricity to power 40 office buildings managed across Washington D.C., Maryland, and Virginia, which required ~100,000 megawatt hours of electricity on an annual basis.
OUR RESPONSE
As part of our strategy to support the global energy transition, Brookfield invests in a range of solutions that help our customers achieve their energy demand and decarbonization goals. This includes sustainable technologies and services that enable businesses to reduce their carbon footprints.
In 2023, Brookfield Renewable together with our institutional partners acquired a 51% stake in Westinghouse Electric Company for $4.37 billion ($442 million net to Brookfield Renewable) in a strategic partnership with Cameco. This investment broadens our strategy by supporting the nuclear energy sector, a critical solution for providing reliable and
clean base load power as global energy demands grow. Westinghouse, a leading provider of nuclear services, supports nearly half of the world's nuclear reactors, offering essential services to maintain and extend the life of nuclear plants, manufacturing reactor equipment, and developing small and micro nuclear reactors for long-term energy solutions.
Leveraging the Brookfield ecosystem, Brookfield Properties entered into direct discussions with Calpine Energy Solutions, an energy operator within the Pennsylvania-New Jersey-Maryland (PJM) grid. Through its contract with Calpine, Brookfield Properties will source 100% of its expected generation from nuclear plants within the PJM grid, including those serviced by Westinghouse. This agreement will avoid nearly 42,000 metric tons of carbon dioxide equivalent emissions annually-equivalent to the emissions from burning ~46 million pounds of coal, ~10,000 gasoline-powered cars, or charging 3.34 billion smartphones1.
Brookfield Properties' tenants in the Mid-Atlantic region will directly benefit from this agreement, as it eliminates Scope 2 emissions associated with electricity use in their leased office spaces. The agreement includes both the underlying electricity and Emissions-Free Energy Credits (EFEC), ensuring that the power comes from the same local grid as the operating properties.
1. U.S. EPI: Greenhouse Gas Equivalencies Calculator
Westinghouse Electric Corporation
Taking an integrated approach
Adding clean energy capacity
Investing in transition
Supporting a responsible transition
Appendices
2024 SUSTAINABILITY REPORT BROOKFIELD RENEWABLE 23
CASE STUDY: SUSTAINABLE SOLUTIONS
Welcome and
progress overview
About us
The critical role of sustainable fuels in enabling the energy transition
Sustainable fuel from Infinium
ACCELERATING THE
ENERGY TRANSITION
Q&A with Head of Global Corporate Development
The global context Our transition strategy
CHALLENGE
Transportation accounts for over a third of GHG emissions from end-use sectors.1Decarbonizing in the sector presents a significant challenge due to the complexity of changing from established fossil-fuel systems to cleaner alternatives. While electrification is a key strategy for reducing emissions, its viability for sectors like freight and aviation remains limited. This underscores the need for alternative, more-sustainable fuels-such as biofuels and synthetic fuels- which offer promising solutions. However, these alternatives may face barriers in commercialization and scale, including higher costs, the need for extensive infrastructure development, and technological innovation.
OUR RESPONSE
We invest in these sustainable fuels in line with our strategy to support the energy transition.
Biofuel
In 2022, Brookfield, working with institutional partners, purchased 10% (~2 % net to Brookfield Renewable) of California Bioenergy (CalBio), a leading California-based developer, owner and operator of one of the largest agricultural biofuel platforms in the U.S. This strategic investment supports the company's expansion in California and other U.S. states, including South Dakota and Texas.
CalBio converts dairy farm waste into renewable natural gas (RNG), breaking down organic matter through anaerobic digestion, to create biogas.
This biogas (which contains 60-65% methane) is then upgraded to pure methane, which is, in turn, converted into pipeline-quality natural gas. This high-quality RNG can then be injected into existing pipelines or transported to fueling stations for use in freight vehicles or injected into fuel cells to power electric vehicles.
RNG is an important technology in the global effort to decarbonize, in two significant ways:
It captures methane, which is 28 times more potent2than carbon dioxide in its global warming potential, and which would otherwise be released into the atmosphere from the organic waste.
It can be used to replace diesel and natural gas, both for electricity generation and transportation, reducing emissions associated with those activities. 3
Additionally, the digestion process increases the conversion of the raw manure's organic nitrogen into an inorganic form (over 60% conversion) making the nitrogen more available to the crops, improving crop yield and saving costs.4,5
In 2024, CalBio commissioned 29 digesters, which will produce an annual run rate of ~1,500,00 MMBtu of RNG. This is in addition to their existing portfolio with an annual run rate of RNG production of 5 million MMBtu.
SUSTAINABLE AVIATION FUEL
In 2024, Brookfield, working with institutional partners, invested in Infinium, a leader in the development and production of ultra-low-carbon-intensity electrofuels (eFuels) to support the construction of eFuel production facilities.
Electrofuels offer a lower-carbon alternative to traditional fossil fuels. Infinium's Roadrunner Project, in which BGTF invested for a 67% majority stake, focuses on the development of scalable eFuels, such as sustainable aviation fuel (eSAF) with a potential to be 95% lower-lifecycle-carbon-intensity than traditional fuels. Playing a key role in decarbonizing the aviation industry, eSAF is a drop in e-fuel that can be blended with jet fuel and used in the current aircraft fleet without upgrades to existing fueling infrastructure. The U.K. and the E.U. are requiring 10% and 6% of jet fuel to be eSAF by 2030 respectively.6,7
Infinium's process uses scalable feedstock-renewable power, water, and waste carbon dioxide-representing a sustainable and attractive long-term model for producing eSAF.
IEA Transport
The importance of methane
World Resource Institute: 7 Things to Know About Renewable Natural Gas
California Bioenergy: How it works
Livestock and poultry environmental learning community : Transformation and Agronomic Use of Nutrients from Digester Effluent
Sustainable Aviation Fuel Mandate
SAF Policy Action
Taking an integrated approach
Adding clean energy capacity
Investing in transition
Supporting a responsible transition
Appendices
2024 SUSTAINABILITY REPORT BROOKFIELD RENEWABLE 24
Welcome and
progress overview
About us
Supporting a responsible transition
We are focused on accelerating the global energy transition responsibly - for our people, and the communities
and environment where we operate.
In this section
Accelerating the energy transition
SUPPORTING A RESPONSIBLETRANSITION
Q&A with Chief
Operating Officer
Supporting a
responsible transition
Getting to net zero
in our operations
Environment
People and communities
Q&A with our Chief Operating Officer Supporting a responsible transition Getting to net zero in our operations
Environment
Focusing on biodiversity and ecosystems Managing water
Managing waste and promoting circularity
People and communities
Prioritizing health and safety Respecting human rights
Creating and maintaining clean energy jobs Engaging with communities
Systems and governance
Q&A with Global Head of Procurement Sustainability in the supply chain
Risk management Climate resilience
Responsible corporate governance Ethical business conduct Cybersecurity
Systems and governance
Appendices
2024 SUSTAINABILITY REPORT BROOKFIELD RENEWABLE Dunhuang, China 25
Q&A
Chief Operating Officer
Welcome and
progress overview
About us
Natalie Adomait
Chief Operating Officer, Brookfield Renewable
Q: What are our key sustainability focus areas?
A: Sustainability means more than just being leaders in renewable power and sustainable solutions. Having a truly sustainable business means that we do business in a way that is considerate of the broader stakeholder groups we partner and engage with and the communities in which we operate. At Brookfield Renewable, how we run our business and shape our culture reflect those considerations.
We consider Health, safety, security and environment (HSS&E), anti-bribery and anti-corruption (ABC), cybersecurity, decarbonization and strong standards of conduct in the workplace as non-negotiable, foundational elements of our sustainability program.
These areas are core to how we run our business
and are expected to be upheld in all of our operations. We take any violations seriously, maintaining a zero-tolerance approach to misconduct.
Fostering a strong culture of accountability is essential, as it directly impacts how the companies we invest in are managed. Across all our businesses, we require the implementation of policies that align to Brookfield's high standards; however, it is the culture that drives sustained performance and improvement of these core areas.
We believe that business performance is closely linked with success in these and broader sustainability areas. Failing to uphold the appropriate standards often signals wider risks-both operational and financial.
Achieving long-term value depends on a culture that upholds these areas, helping to drive overall success and resilience.
Q: How do we remain a responsible business as we continue to grow?
A: We implement a management-systems approach to managing our operating businesses, supported by our deep operational expertise, expert technical teams, and specialized HSS&E, cybersecurity, risk management and sustainability teams.
Accountability for sustainability programs rests with the CEOs and senior management teams of our operating businesses, empowering them to uphold high standards while benefiting from global expertise, policies, and support in implementing those standards consistently. We believe this approach not only sustains high standards within our business but
also adds value, supporting the continuation of our sustainability programs beyond Brookfield's ownership.
Looking to the future, we are excited about emerging technologies, and how they will enhance our operations and further drive value. For example,
we are leveraging AI-driven drone monitoring (see page 47), reducing health and safety risks by
minimizing the need for our people to access higher risk areas. Additionally, AI innovation in areas like bushfire management and other risk-related monitoring allows us to manage sites more safely and efficiently.
Q: What are the opportunities to support long-term value for our stakeholders?
A: Running a sustainable business can increase the likelihood of long-term value and success. We have understood this for years through our experience managing large hydro assets safely, while enhancing and maintaining biodiversity-an approach that has been critical to helping maintain our social license to operate and securing license renewals and permits. Another great example of how a focus on sustainability and responsible business can enhance business value and competitiveness is Circular Services, a U.S.-based recycling business we invested in in 2022. Their focus on expanding recycling infrastructure, and therefore reducing material volumes ending up in landfill, has created a significant advantage for them when
bidding for new contracts. Unlike traditional waste management businesses, their commitment to sustainability is increasingly valued by municipalities- leading to new long-term contracts for managing recycling programs in their target markets and, in turn, driving total business value.
Accelerating the energy transition
SUPPORTING A RESPONSIBLETRANSITION
Q&A with Chief
Operating Officer
Supporting a
responsible transition
Getting to net zero
in our operations
Environment
People and communities Systems and governance Appendices
2024 SUSTAINABILITY REPORT BROOKFIELD RENEWABLE 26
Supporting a responsible transition
Our strategy is to support the global energy transition in a responsible manner. We seek to understand our impact and look for opportunities to support the natural environment, our people, and the communities where we operate.
We focus on building strong governance structures that underpin our business activities.
Welcome and
progress overview
About us
Accelerating the energy transition
SUPPORTING A RESPONSIBLETRANSITION
Q&A with Chief
Operating Officer
Supporting a
responsible transition
Getting to net zero
in our operations
Environment
People and communities Systems and governance Appendices
Environment
People and communities
Systems and governance
We manage our operations and supply chain to avoid and minimize potential impacts on the environment where we operate, seeking opportunities to go further. Our key focus areas are:
Decarbonization
Biodiversity and ecosystems
Water management
Waste management and circularity
Our employees, suppliers, and the communities where we operate are all important stakeholders. We aim to create positive opportunities and drive shared value, while minimizing and mitigating any adverse impact. We focus on:
HSS&E management
Human rights
Clean energy jobs creation
Community relations
Fundamental to our approach to supporting the global energy transition in a responsible manner are our policies, systems, and processes. These are embedded within our decision-making process and across the lifecycle of our assets. Our key focus areas are:
Sustainability in the supply chain
Systematic risk management
Climate resilience
Responsible corporate governance
Ethical business conduct
Cybersecurity
Read more on Environment
Read more on People and communities
Read more on Systems and governance
2024 SUSTAINABILITY REPORT BROOKFIELD RENEWABLE 27
Getting to net zero in our operations
Welcome and
progress overview
About us
While our clean energy assets contribute to lowering GHG emissions for our customers, we also focus on reducing emissions from our own operations and value chain.
OUR PROGRESS
2030 Target
Net zero for our Scope 1 & 2 (market-based) GHG emissions across our renewable operations.1,2
2024 Progress
Our relatively low Scope 1 & 2 (market-based) GHG emissions increased marginally by 2% on an absolute basis from 2023 and 18% since 2020.
The increase from base year is due to an increase in generation from our U.S. based peaking cogeneration plant and the overall growth of our portfolio. Our carbon intensity from generation remains 150 times lower than the global power and utility average.
OUR APPROACH
Our carbon intensity is 3 metric tons of carbon dioxide equivalent (tCO2e) per gigawatt hour(GWh), which is 150 times lower than the global power and utility average GHG emissions intensity of ~460 tCO2e/GWh.3However, while GHG emissions from our operating clean energy assets remain relatively low, we recognize the importance of continuing to reduce our GHG emissions and reaching net zero across our existing renewable operations by 2030. This supports our broader goal of achieving net-zero GHG emissions by 2050, or sooner, in Scope 1, 2, and material Scope 3 GHG emissions across our entire business.
Our 2030 net-zero target covers absolute Scope 1 (direct GHG emissions from operating our assets) and market-based Scope 2 GHG emissions (GHG emissions associated with purchasing electricity at our operations) and is based on the Science-Based Targets initiative's (SBTi) global cross-sector pathway.
ACHIEVING OUR NET-ZERO TARGET
As our business grows to support increasing energy demand and develop key infrastructure for the global energy transition, we anticipate a non-linear progression towards our target.
Although our emissions are relatively low, we expect to see small increases in our absolute emissions in the short term as we add more clean energy capacity by executing on our development pipeline. We expect our emissions to decrease as we approach our net-zero target year, as the businesses continue implementing their respective decarbonization plans.
We have also set a separate goal to determine GHG emission-reduction targets aligned with the goals of the Paris Agreement for 100% of our carbon-intensive investments. More details can be found in Investing in transition.
RESIDUAL GHG EMISSIONS
While we consider technologically and financially viable measures to reduce our GHG emissions as much as possible, some residual emissions may still remain. Under these circumstances, we will consider offsetting these with certified high-quality removal offsets.
CONSTRUCTION-RELATED EMISSIONS
Our largest source of Scope 3 GHG emissions comes from the construction of additional clean energy capacity, including
the embodied emissions from manufacturing our major components, such as solar panels. While these emissions are increasing as we grow our business, the lifecycle GHG emissions from renewable energy remain 27 times lower than traditional fossil fuel technologies.4
Additionally, the solar manufacturing industry has been making progress towards reducing the embodied carbon of individual panels, which is supporting a decrease in the relative intensity of each panel installed. We expect to see a continued decline in embodied GHG emissions per megawatt as technology innovation progresses.
We engage directly with our suppliers on their carbon-reduction programs and continue to support these initiatives. In 2024, the National Renewable Energy Laboratory (NREL) published an updated life cycle assessment (LCA) of utility-scale solar, reporting that average lifecycle emissions decreased from approximately 43 gCO₂e/kWh4to an average range of
~10-36 gCO₂e/kWh.5Of these emissions, about 65% occur
during upstream manufacturing, transportation, and installation processes.4Although greener electricity grids and improved operational practices are contributing to these reductions, the study also highlights the role of optimized designs, technological enhancements, enhanced manufacturing processes, and increased panel efficiencies.5As the largest solar PV manufacturers continue advancing their own decarbonization goals, we expect to see further declines in average upstream GHG emissions.
OPERATIONAL EMISSION-REDUCTION INITIATIVES
We work with our operating businesses to support GHG emission reductions that are tailored to each business and consider regional challenges as well as opportunities. In 2024, these efforts included:
Brazil: Reducing overall grid electricity consumption from operations and increasing self-consumption of power, which is 100% from clean energy.
Chile: using state-of-the-art inverters and advanced monitoring systems to maximize energy generation and improve overall efficiency, aiming to reduce emission intensity of generation over time.
Accelerating the energy transition
SUPPORTING A RESPONSIBLETRANSITION
Q&A with Chief
Operating Officer
Supporting a
responsible transition
Getting to net zero
in our operations
Environment
People and communities Systems and governance Appendices
2024 SUSTAINABILITY REPORT BROOKFIELD RENEWABLE 28
GETTING TO NET ZERO IN OUR OPERATIONS CONTINUED
Welcome and
progress overview
About us
RENEWABLE ENERGY CREDITS
We continue to look for options to use renewable energy to power our portfolio and our offices.6
In 2024, many of the operating businesses purchased renewable energy attributes or certificates to reduce their market-based Scope 2 GHG emissions. For example, CleanMax, an India-based utility-scale solar business, purchased International Renewable Energy Certificates (IRECs) for all its electricity consumption, reducing its Scope 2 market-based GHG emissions.
Additionally, Standard Solar, an integrated distributed energy developer in North America, purchased RECs to reduce its Scope 2 market-based emissions.
ACCOUNTING FOR GHG EMISSIONS
We report our Scope 1, Scope 2 (location-based and market-based), and Scope 3, Category 2 GHG emissions in line with the Greenhouse Gas Protocol and Scope 3, Category 15 GHG emissions in line with Partnership for Carbon Accounting Financials (PCAF).7
Our Scope 1, 2, and Scope 3, Category 2 and 15 GHG emissions are assured to a limited level by our financial auditor, EY.
Given the nature of our business, we expect acquisitions and dispositions within our portfolio to affect our GHG emission inventory and will restate our Scope 1 and 2 base year (2020) GHG emissions in line with our methodology .7
Renewable energy acquisitions made until December 31, 2025, will be integrated into our 2030 Scope 1 and 2 (market-based) net-zero target. For renewable energy acquisitions made after 2025, we will aim to set targets aligned with science-based pathways.
See our ESG Data Book for a full GHG Inventory
Understanding our progress in 20248
In 2024, our total Scope 1 and Scope 2 market-based GHG emissions were 221,620 tCO2e and total Scope 1 and Scope 2 location-based GHG emissions were 215,128 tCO2e.
Our Scope 1 GHG emissions saw a slight increase compared with the previous year. This was primarily due to the expansion of our operations, as several projects reached commercial operation date (COD) and commenced full-scale activities
this year.
A rise in our GHG emissions is expected in the near term as we balance our carbon-reduction plans with our capacity-growth targets. To enable like-for-like comparisons across the years and to enable tracking progress, we have restated our base year (2020) GHG emissions to include acquisitions and divestments made between Q1 and Q3 of the reporting
year and Q4 of 2023.
LOOKING AHEAD
In 2025, we will continue to work with our operating businesses to implement their decarbonization plans and engage with our suppliers on their carbon-reduction programs.
For renewable energy acquisitions made before December 31, 2025. For more information, see footnote 3 in Our transition strategy
Our target is to reduce 95% of our Scope 1 and Scope 2 (market-based) emissions by 90% on an absolute value basis as compared to our base year of 2020 in line with the Science-Based Target initiative's cross sector pathway.
IEA 2024 Emission factor database
NREL,2021: Life Cycle Greenhouse Gas Emissions from Electricity Generation: Update.
NREL 2024: An Updated Life Cycle Assessment of Utility-Scale Solar Photovoltaic Systems Installed in the United States.
Renewable energy bundled with renewable attributes as well as unbundled renewable attribute certificates.
Where changes in structure, methodology, or errors cumulatively result in a variance of greater than 5% or 5,000 tCO2e compared with our base year emissions we will restate our Scope 1 and 2 GHG emissions.
We measure and report our GHG emissions and targets on the basis of financial control and in accordance with the GHG Protocol.
In 2024, emissions from Scope 3, Category 1 (Operation and maintenance) remained immaterial and are not reported.
Accelerating the energy transition
SUPPORTING A RESPONSIBLETRANSITION
Q&A with Chief
Operating Officer
Supporting a
responsible transition
Getting to net zero
in our operations
Environment
People and communities Systems and governance Appendices
2024 SUSTAINABILITY REPORT BROOKFIELD RENEWABLE 29
Brookfield
Renewable's Sources of GHG emissions
UPSTREAM
Operation and maintenance (Scope 3, Category 1)9 Fuel use during operations and maintenance of renewable energy facilities
Capital goods and construction (Scope 3, Category 2) Cradle-to-gate emissions from the development projects, including embodied emissions from manufacturing of major components
OPERATIONAL
Scope 1
Fuel use in the operation of renewable energy
Fuel use in the generation of energy
Fuel use in heating and refrigerant in cooling
Scope 2
Grid electricity used in the generation of renewable energy
Grid electricity used for offices
Grid electricity used to provide ancillary services to the grid
DOWNSTREAM
Financed emissions (Scope 3, Category 15)
Non-controlled investments in clean energy, sustainable solutions, and business transformation assets
Disclaimer
Brookfield Renewable Corporation published this content on May 20, 2025, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on May 20, 2025 at 20:29 UTC.