2021
ESG Indicators
Accelerating the future of 
energy, together

2    |    © 2022 THE AES CORPORATION
Table of Contents
Tables and Figures...............................................................................................................................................................................3
2021 Sustainability Highlights......................................................................................................................................................5
Decarbonization Targets................................................................................................................................................................6
Overall Company Information.....................................................................................................................................................8
Operational..............................................................................................................................................................................................12
Environmental.......................................................................................................................................................................................17
Direct Greenhouse Gas Emissions.................................................................................................................................................................17
Water and effluents......................................................................................................................................................................................................19
Waste and Byproducts............................................................................................................................................................................................22
Biodiversity........................................................................................................................................................................................................................22
Social...........................................................................................................................................................................................................24
Partnering with communities for the future of energy......................................................................................................................24
Just and responsible transition..........................................................................................................................................................................25
Our People.........................................................................................................................................................................................................................26
Occupational Health and Safety......................................................................................................................................................................29
Public Safety......................................................................................................................................................................................................................31
Suppliers..............................................................................................................................................................................................................................31
Governance...........................................................................................................................................................................................32
Board of Directors........................................................................................................................................................................................................32
Ethics and Compliance...........................................................................................................................................................................................34
Cybersecurity.................................................................................................................................................................................................................35
About this report.................................................................................................................................................................................36
External assurance....................................................................................................................................................................................................36
Forward Looking - Information.................................................................................................................................................41

3    |    © 2022 THE AES CORPORATION
Tables and Figures
Figure 1 - (EU1) Megawatts (MW) in operation by fuel type (includes Energy Storage)	.................................................................10
Figure 2 - (GRI 403-9) Lost Time Incident Rate for AES people and Contractors	..........................................................................29
Table 1 - (GRI 102-7) Beneficial ownership.............................................................................................................................................................10
Table 2 - (EU1) Proportional Megawatts (MW) in operation by fuel type.................................................................................................11
Table 3 - (EU2) Gross Energy Generated (MWH) (includes steam)..........................................................................................................12
Table 4 - (EU11)  Generation Efficiency of Thermal Plants.............................................................................................................................12
Table 5 - (EU30) Average Plant Availability Factor.............................................................................................................................................12
Table 6 - (EU30) Commercial Availability by Energy Source........................................................................................................................13
Table 7 - (EU10) Gross MW Under Construction at the End of 2021........................................................................................................13
Table 8 - (GRI 302-1) Energy consumption (MWH) by SBU...........................................................................................................................14
Table 9 - (EU3) Number of distribution customer served...............................................................................................................................14
Table 10 - (EU4) Length of Distribution and Transmission Lines (by SBU and Country)	...............................................................15
Table 11 -  (EU12) Transmission and Distribution Technical Losses (% ).................................................................................................15
Table 12 - (EU28) System Average Interruption Frequency Index (SAIFI)..............................................................................................15
Table 13 - (EU29) Distribution System Average Interruption Duration Index (SAIDI)	.......................................................................16
Table 14 - (EU29) Transmission System Average Interruption Duration Index (SAIDI)	...................................................................16
Table 15 - AES Consolidated Customer Satisfaction for Distribution Businesses	............................................................................16
Table 16 – (GRI 305-1 / 305-4) Direct GHG Emissions (Scope 1) - Equity adjusted.......................................... ................................17
Table 17 - (GRI 305-1) CO2 Emissions from Biologically Sequestrated Carbon - Equity adjusted............ ...............................18
Table 18 - (GRI 305-7) Metric Tonnes of SO2, NOx, PM and Mercury Emissions - Equity adjusted.........................................18
Table 19 - (GRI 305-2) Indirect GHG Emissions (Scope 2) - Equity adjusted......................................................................................18
Table 20 - (GRI 305-3) Indirect GHG Emissions (Scope 3)..........................................................................................................................18
Table 21 - (GRI 303-3/303-4) Total Water Withdrawaland Discharge - Equity adjusted................................................................19
.
.

4    |    © 2022 THE AES CORPORATION
Tables and Figures
Table 22 - (GRI 303-5) Total water consumption from areas with water stress - Equity adjusted............................................19
Table 23 - Percentage of water recycled/reused...............................................................................................................................................19
Table 24 - (GRI 303-3) Water Withdrawal by source and by SBU (m3) - Equity adjusted	...........................................................20
Table 25 - (GRI 303-4) Water discharged by destination and by SBU (m3) - Equity adjusted	................................................... 21
Table 26 - (GRI 306-4) CCRs Generation andRecycling/Reuse - Equity adjusted..........................................................................22
Table 27 - (GRI 306-4) Other non-hazardous waste generated and recycled - Equity adjusted..............................................22
Table 28 - (GRI 306-4) Hazardous Waste by SBU - Equity adjusted.......................................................................................................22
Table 29 - Links to the Public Websites containing EIA/AIA Results....................................................................................................... 23
Table 30 - (GRI 405-1 / 102-8) AES People Demographics by SBU........................................................................................................ 26
Table 31 - (GRI 405-1) Percentage of employees by age group................................................................................................................. 26
Table 32 - (GRI 405-1) Percentage of women in management positions.............................................................................................. 26
Table 33 - GRI 405-1) Workforce Ethnicity/race in our U.S. businesses................................................................................................ 26
Table 34 - (GRI 401-1) Employee turnover rate....................................................................................................................................................27
Table 35 - (GRI 102-38 & 39) Annual total compensation ratio & % increase in annual total compensation ratio............27
Table 36 - (GRI 401-1) Total of new employee hires and % of open positions filled by internal candidates............................27
Table 37 - Employee Satisfaction  percent........................................................................................................................................................... 28
Table 38 - HR and Workplace Recognitions........................................................................................................................................................ 28
Table 39 - (GRI 403-9) Occupational Fatality Cases...................................................................................................................................... 29
Table 40 - Proactive Safety Measures.................................................................................................................................................................... 29
Table 41 - Near Miss frequency rate.........................................................................................................................................................................30
Table 42 - (GRI 403-9) Total recordable incident  rate (TRIR) and frequency rate (TRIFR)	.......................................................30
Table 43 - AES people severity rate.........................................................................................................................................................................30
Table 44 - AES people Rate of fatal accidents...................................................................................................................................................30
Table 45 - External Safety Recognitions 2021....................................................................................................................................................30
Table 46 - (EU25) Public Fatal Incidents................................................................................................................................................................. 31

5    |    © 2022 THE AES CORPORATION
Recognized for success
In innovation
Edison Electric Institute’s Edison Award 
for the Alamitos Battery Energy Storage 
System Project in California
In partnership
Award for Corporate Excellence 
(ACE) by the US Department of 
State for sustainable energy security 
at our Colón facility in Panamá
In management
Top Utility ranking in WSJ 
Management 250
In ESG
Best ESG Power Producer
In people
2021 Great Place To Work in 
Latin America 2021
In ethics
World’s Most Ethical Companies 
8-time honoree
2021 was one of AES’ most successful years in our 40-
year history, made possible through a focus on health 
and safety, working to our highest standards and an “all 
together” mindset with communities, customers and 
broader stakeholders. 
This report complements our Improving Lives Report 
providing detailed ESG and performance data for 2021.
 
We are leading the responsible 
transition to a net-zero future, and 
we do this in measurable ways.
2021 Sustainability Highlights
	
Æ
Exceeded our target of signing 3,000 to 4,000 MW 
of new renewable contracts per year:
•	 Signed contracts for 4,965 MW of new renewable 
power; more than any other year in our history and 
an increase of 65% compared to 2020.
	
Æ
Accelerated our carbon-reduction targets by 
announcing our intent to have zero coal in our 
portfolio by 20251.
	
Æ
Since 2017, we have announced the sale or 
retirement of more than 12 GW of coal generation.
	
Æ
Launched the first large-scale renewable project 
that utilizes wind, solar, hydro and storage resources 
to ensure the customer receives hour-by-hour 
renewable energy to meet its needs throughout the 
year.
	
Æ
Published our second Climate Scenario Report, 
updating our 2018 analysis.
	
Æ
Recognized with our industry’s highest honor for a 
record-setting seventh time with the Edison Electric 
Institute’s Edison Award for advancing the global 
energy storage industry with our Alamitos BESS 
project in California.
	
Æ
Engaged in over 250 community-oriented initiatives 
	
Æ
Achieved the signifier of Great Place to Work™ 
across different markets. 
	
Æ
Achieved the milestone of a Board of Directors 
comprised of 50% women (among independent 
Directors).
1 Through asset sales, fuel conversions and retirements, while maintaining reliability and 
affordability, and subject to necessary approvals.

6    |    © 2022 THE AES CORPORATION
Net zero – We have a target to achieve net zero 
carbon emissions from electricity sales by 20402. 
We also have a broader target to achieve net zero 
carbon emissions for all business scopes by 20503.
Renewable growth – In 2021 we set a target to 
sign 3,000 to 4,000 MW of new wind, solar and energy 
storage contracts. We exceeded this target, with 4,965 
MW of long-term contracts for renewables signed 
in 2021. For 2022, we expect to sign an additional 
4,500 to 5,500 MW. AES supports the objectives of 
the Paris Agreement to limit the average rise in global 
temperatures to well below 2°C above preindustrial 
levels and to pursue efforts to limit it to 1.5°C, and sees 
the growth in renewable energy as key to meeting those 
objectives.
Coal generation – We intend to have zero coal in our 
portfolio by 2025, through asset sales, fuel conversions 
and retirements, while maintaining reliability and 
affordability, and subject to necessary approvals. Since 
2017 we have announced the sale or retirement of more 
than 12 GW of coal generation.
Decarbonization Targets
At the core of our strategy is a focus on transitioning 
our portfolio to low-carbon and carbon-free sources 
of energy. AES supports the objectives of the 
Paris Agreement to limit the average rise in global 
temperatures to well below 2°C above preindustrial 
levels and to pursue efforts to limit it to 1.5°C, and we 
are taking decisive action to have net zero emissions 
from electricity by 20402.  
We aim to achieve these targets by reducing our coal 
generation while increasing the share of renewables in 
our portfolio:
2025 
Intend to have zero coal in our portfolio.4
2030
Generation portfolio carbon intensity in 
line with a well below 2°C scenario5
2040
Net zero carbon emissions from 
electricity sales6
2050
Net zero carbon emissions for entire 
business portfolio7
2,3 Actions assume new policies that facilitate transition to low emissions energy systems, such as a price on carbon. Includes scope 1 and 2 emissions for 2040 and scope 3 for 2050.
4 Through asset sales, fuel conversions and retirements, while maintaining reliability and affordability, and subject to necessary approvals. 
5 Based on renewables growth and the feasibility of multiple possible asset scenarios. Sectoral Decarbonization Approach target for power generation of 0.16 tCO2e/MWh based on 2016 baseline 
and modeled 2030 portfolios. 
6 Actions assume new policies that facilitate transition to low emissions energy systems, such as a price on carbon. Includes scope 1 and 2 emissions.
7Actions assume new policies that facilitate transition to low emissions energy systems, such as a price on carbon. Includes scope 1, 2 and 3 emissions.

7    |    © 2022 THE AES CORPORATION
Carbon intensity – We have a target to reduce the 
carbon intensity of our portfolio to align with a well 
below 2°C scenario by 20308 based on the Sectoral 
Decarbonization Approach for power generation. This 
approach sets an intensity target for power generation 
of 0.16 t CO2e/MWh based on 2016 baseline and 
modeled 2030 portfolios that includes renewables 
growth and the feasibility of multiple possible asset 
scenarios.
Other air emissions – In line with our portfolio 
changes, we also expect to reduce the following 
sources of air emissions (versus a 2016 baseline) by 
203010: 
2020
2018
2025
50% 
25% 
0% 
Generation (% of MWh) from coal 9
Decarbonization Targets
Non-hazardous waste – The largest component of 
our non-hazardous waste is coal combustion residuals 
(CCRs). As we continue to transform our portfolio to 
more renewable sources, we expect to reduce our 
CCRs by ~48% by 2030, versus a 2016 baseline, which 
represents an expected intensity reduction of ~77%10.
~63% reduction (expected 
intensity reduction of ~83%)
SO2
~48% reduction (expected 
intensity reduction of ~77%)
NOx
~56% reduction (expected 
intensity reduction of ~80%)
Particulate 
Matter
~25% (expected intensity 
reduction of ~66%).
Mercury
8 Based on renewables growth and the feasibility of multiple possible asset scenarios.
9 Pro-forma annual generation in MWh from the portfolio as of, or expected by, the relevant date, adjusted for: (i) (+) generation from new assets added to the portfolio; and (ii) (-) actual generation 
from announced asset sales or retirements.  Based on the portfolio as of, or expected by, the relevant date, including asset sales and retirements that are announced, but not yet closed. 
10 Based on renewables growth and the feasibility of multiple possible asset scenarios.
Climate Scenario Report
In 2018, we were the first publicly-traded U.S. utility 
and power company to publish a report in line with the 
recommendations of the Task Force on Climate-related 
Financial Disclosures (TCFD) and third-party scenarios 
for physical risk and transition risk from climate change. 
In our second edition of the AES Climate Scenario 
Report published in 2021, we updated our analysis of 
climate risk, leveraging refreshed scenarios published 
by the International Energy Agency (IEA) and the 
United Nations’ Intergovernmental Panel on Climate 
Change (IPCC), and included a detailed assessment of 
the potential risk from extreme weather events on our 
portfolio of generation, transmission and distribution 
assets.
The analysis in our Climate Report concluded that the 
AES portfolio is resilient under various climate scenarios 
based not only on our future growth trajectories but 
also on the work we have done to date to transition 
away from reliance on fossil fuels. 
Please refer to our Climate Scenario Report for a full 
TCFD Index, further details on our climate change 
governance, strategy and risk management as well as 
our stress testing approach.

8    |    © 2022 THE AES CORPORATION
Overall Company Information
A history of accelerating the 
future of energy, together.
Founded in 1981, AES is a Fortune 500 global energy 
company accelerating the future of energy. Together 
with our many stakeholders, we are improving lives 
by delivering the greener, smarter energy solutions 
the world needs. Our diverse workforce is committed 
to continuous innovation and operational excellence, 
while partnering with our customers on their strategic 
energy transitions and continuing to meet their energy 
needs today.
4	
Continents
14	 Countries
4	
Market-oriented
	
strategic business units
6	
Utility companies
31,459
Gross MW in operation*
* 21,880 proportional MW (gross MW multiplied 
by AES’ equity ownership percentage).
$11.1 billion
Total 2021 revenues
2.5 million
Customers served
8,450 people
Our global workforce
3,497 MW
Renewable generation under 
construction or with signed PPAs
$33 billion
Total assets owned & managed
Unless otherwise indicatied, all information is presented as of December 31, 2021.

9    |    © 2022 THE AES CORPORATION
Our values
Safety first
Safety is at the core of 
everything we do. We always 
identify potential risks to our 
people, contractors, customers, 
partners and communities, and 
measure success by how safely 
we conduct our work together 
while contributing to a greener 
energy future.
Highest standards
We act with utmost integrity 
towards our people, 
contractors, customers, 
partners and communities, and 
hold the solutions we deliver 
together to global standards of 
excellence.
All together
We work as one team across 
our business and with our 
people, contractors, customers, 
partners and communities. We 
meet changing customer needs 
with agility and have fun solving 
meaningful challenges as a 
team.
Accelerating the 
future of energy, 
together.
Working with you, we’re improving 
lives by delivering greener, smarter 
energy solutions the world needs.
Our purpose
Overall Company Information

10    |    © 2022 THE AES CORPORATION
The Vanguard Group, Inc. – 12.36%
Capital International Investors – 11.2%
Capital World Investors  – 9%
BlackRock – 6.70%
No family or government owns more than 5% of shares
Figure 1 - (EU1) Megawatts (MW) in operation by fuel type (includes Energy Storage)
Gross installed capacity – 
31,459 MW*
Proportional installed capacity – 
21,880 MW*
Table 1- (GRI 102-7) Beneficial ownership - Owned by Greater Than 5% Stockholders
Renewables
Natural Gas
Coal
Oil Diesel
Petcoke
*includes 407 MW of energy storage
*includes 331 MW of energy storage
Based on information available to the Company as of March 7, 2022. For more details on beneficial ownership, please 
refer to our 2022 Proxy Statement.
Overall Company Information
43%
32%
22%
2%
1%
38%
35%
23%
3%
1%

11    |    © 2022 THE AES CORPORATION
Technology
MW
Technology
MW
Coal (includes Anthracite & 
Lignite)
5,102
Wind
2,275
Pet Coke 
544
Solar
1,649
Gas
7,718
Biomass
9
Oil (Diesel & Residual)
128
Energy storage
331
Hydro
4,078
Landfill gas
6
Table 2 - (EU1) Proportional Megawatts (MW) in operation by fuel type12
12 Information as of December 31, 2021. We are excluding values from OVEC from our capacity, generation and emissions data. AES Ohio owns a 4.9% equity ownership in OVEC, an electric 
generating company. OVEC has a combined generation capacity of approximately 2,109 MW. 
Overall Company Information

12    |    © 2022 THE AES CORPORATION
Operational
Energy 
Generated 
(MWH)
2019 Gross Energy
2020 Gross Energy 
2021 Gross Energy 
Full Basis
Equity Basis
Full Basis
Equity Basis
Full Basis
Equity Basis
Total
120,964,446 
75,043,540 
115,564,879 
75,271,522 
104,588,292
72,368,605
Coal (includes 
Anthracite & 
Lignite)
58,327,408
36,460,621
52,835,240 
32,927,070 
44,937,417
31,111,059
Pet Coke 
4,300,173
4,257,171
3,962,914 
3,923,285 
4,030,323
3,990,020
Gas
28,979,290
19,551,335
28,717,579 
21,053,934 
29,589,257
21,090,357
Oil (Diesel & 
Residual)
216,247
105,961
24,638 
12,072 
- 
- 
Hydro
20,729,509 
9,525,720 
18,937,819
11,271,943
16,248,373
9,820,050
Wind
4,245,249 
2,992,406 
5,529,322
4,017,088
6,406,335
4,462,326
Solar
4,083,577 
2,084,429 
5,485,303
2,008,299
3,286,627
1,827,234
Biomass
51,705
34,642 
43.126
28,895 
67,880
45,480
Landfill gas
31,287
31,287
28,937 
28,937
22,079
22,079
Table 3 - (EU2) Gross Energy Generated (MWH) (includes steam)
Efficiency BTU/kWh)
2018
2019
2020
2021
Coal
10,310
10,186
10,499
10,507
Gas
8,406
8,750
8,660
8,980
Table 4 - (EU11) Generation Efficiency of Thermal Plants
Average Availability 
Factor (% )
2020
2021
Coal (includes Petcoke)
92.4
91
Gas
86.8
88.7
Table 5 - (EU30) Average Plant Availability Factor

13    |    © 2022 THE AES CORPORATION
Operational
Commercial 
Availability (% )
2018
2019
2020
2021
AES Total
93.62
94.53
95.24
94.65
Coal
92.33
93.66
95.05
96.05
Gas
92.41
94.24
91.37
95.66
Hydro
99.93
92.88
99.16
99.20
Wind13
92.32
92.93
93.66
93.45
Table 6 - (EU30) Commercial Availability  by Energy Source
Business/Project
Location
Fuel
Gross MW
AES Clean Energy (AES Distributed Energy)
US - Various
Solar
247
Energy Storage
134
Central Line 
US - AZ
Solar
100
Luna (AES Clean Energy)
US-CA
Energy Storage
100
Skipjack (AES Clean Energy)
US-VA
Solar
175
Antelope Expansion 1B (AES Clean Energy/sPower)
US-CA
Solar
18
Lancaster Area Battery (AES Clean Energy)
US-CA
Energy Storage
100
Michigan Consumers (AES Clean Energy)
US-MI
Solar
55
Mountain View Repowering (AES Clean Energy)
US-CA
Wind
66
Laurel Mountain Repowering (AES Clean Energy)
US-WV
Wind
98
Tucano Phase 1 & 2
Brasil
Wind
322
Cajuína
Wind
479
Campo Lindo
Chile
Wind
73
Virtual Reservoir 2
Energy Storage
40
Mesamávida
Wind
68
Andes Solar 4
Solar
237
Energy Storage
148
Andes 2b
Solar
180
Energy Storage
112
Brisas
Colombia
Solar
26
Santanasol
Dominican Republic
Solar
59
Gatún
Panama
Gas
670
Generation Under Construction Total
3,497
Table 7 - (EU10) Gross MW Under Construction at the End of 2021
13 Commercial Availability of a wind farm is determined using a different methodology, that is why it is not included in the AES total.

14    |    © 2022 THE AES CORPORATION
Operational
Consumption of fuels (MWh)
Energy 
Consumption 
from the grid
Energy sold
Total Energy
Consumption
SBU
Renewable 
(Biomass & 
Landfill Gas)
Non-Renewable (Fossil)
Coal 
Petcoke 
Gas 
Oil 
US & Utilities
 99,433
36,245,690
18,524,342
92,408
20,611
21,862,638
33,119,846
South 
America
228,081
25,406,684
10,810,409
1,823,087
4,516
25,434,755
12,838,021
MCAC
380,730
11,135,965
15,454,944
134,500
8,403
12,055,681
15,058,861
Eurasia
21,308,415
2,525,367
45,018
18,951
8,064,291
15,833,458
Total
327,513
83,341,519
11,135,965
47,315,061
2,095,013
52,480
67,417,365
76,850,186
Intensity / MWHh
1.06
Table 8 - (GRI 302-1) Energy consumption (MWH) by SBU
Business
Customers
GWH sold
Total AES
2,563,000
31,794
AES Indiana
516,000
13,881
AES Ohio
534,000
13,837
AES El Salvador
1,513,000
4,076
Table 9 – (EU3) Number of distribution customer served

15    |    © 2022 THE AES CORPORATION
Operational
Profile by SBU
Business 
Country
Transmission Lines (Km) 
(High Voltage)
Distribution Lines (Km) 
(Low Voltage)
Overhead
Underground
Overhead
Underground
US & Utilities
AES Indiana
1,801
12.55
5,933
6,793
AES Ohio
2,643
14.02
16,880
6,228
Total US
4,444
27
22,812
13,021
El Salvador
0
0
39,883
119.43
South America
Chile
1,125
0
0
0
Total AES
5,569
27
62,695
13,141
Table 10 - (EU4) Length of Distribution and Transmission Lines (by SBU and Country)
Technical losses
2018
2019
2020
2021
Transmission
2.09
1.90
1.87
2.06
Distribution
3.41
3.21
3.24
3.81
Table 11 - (EU12) Transmission and Distribution Technical Losses (%)
Business
2018
2019
2020
2021
Actual AES
1.29
1.11
1.18
1.31
AES Indiana
0.95
0.82
0.93
0.75
AES Ohio
0.92
0.98
0.95
1.32
AES El Salvador
4.98
4.59
3.82
3.51
Table 12 - (EU28) System Average Interruption Frequency Index (SAIFI)
During 2021, there were no significant or material gas leakages at our facilities in the Dominican Republic 
or Panama.

16    |    © 2022 THE AES CORPORATION
Operational
Business
2018
2019
2020
2021
Actual AES
1.84
1.69
2
2.24
AES Indiana
1.12
1.24
1.22
1.68
AES Ohio
1.79
2.13
1.94
1.56
AES El Salvador
13.75
13.13
13.74
13.24
Table 13 - (EU29) Distribution System Average Interruption Duration Index (SAIDI)
Business
2018
2019
2020
2021
Actual AES
0.09
0.18
0.08
0.03
Table 14 -  (EU29) Transmission System Average Interruption Duration Index (SAIDI)
2018
2019
2020
2021
2021 Target
%  of Customer 
Satisfaction
87.5
86.4
88.4
87.6
87.2
Table 15 - AES Consolidated Customer Satisfaction for Distribution Businesses

17    |    © 2022 THE AES CORPORATION
Environmental
Our strategy to meet our emission’s intensity reduction 
targets have been at the heart of our multi-year portfolio 
transformation. Since 2017, we have announced the sale 
or retirement of more than 12 GW14 of coal generation. 
We have also grown our renewables business, including  
signing 13.6 GW of new contracts of wind, solar, and 
energy storage15. By 2025, we expect 55%-60% of our 
adjusted PTC to come from renewable projects and 
utilities.
Not only do environmental goals drive our overall 
business strategy, but they are also critical to our 
day-to-day operations. Our Environmental Policy sets 
the principles and foundation of our environmental 
management system (EMS). The EMS is consistent 
with the principles of ISO 14001 standard and sets 
environmental standards to identify, prioritize and 
manage environmental risks.
We identify and monitor conditions of compliance 
and events that could lead to non-conformances 
and financial impacts on the business. Our “AES 
Environmental Incident Management” standard requires 
each business to establish a process for identification, 
investigation and reporting of environmental non-
conformance events.
As of December 2021, approximately 63% of AES 
people and contractors worked at a location that  
has voluntarily certified their EMS to the ISO 14001 
international standard (46% of AES locations and 58% 
of operation sites). These businesses require annual 
follow up audits to be conducted by international 
Certification Agencies, such as Bureau Veritas, Aenor or 
SGS, among others.
During 2021 none of the businesses we operate paid 
fines or penalties in excess of $10,000, related to 2021 
environmental or ecological issues; however, certain 
matters are under investigation that could result in 
future penalties. Two facilities paid fines in excess of 
$10,000 in 2021 for 2020 incidents.
Air Emissions
Our businesses manage air emissions using a 
combination of power generation plant combustion unit 
and air control equipment design, and proper operation 
of these two systems. The installation of air control 
systems is primarily dictated by locally applicable 
environmental laws and regulations. For example, our 
power plants can have pulse air fabric filter systems, 
electrostatic precipitators, flue gas desulfurization 
systems, selective catalytic and non-catalytic reduction 
systems, SO2 scrubbers, and low NOx burners.
Direct Greenhouse Gas Emissions
Direct GHG 
Emissions 
2018
2019
2020
202116 
Total Scope 1 
(Thousand MT)
50,291
45,611
42,961
40,702
Power 
Generation
CO2
49,821
45,218
42,597
40,357
CH4
158
145
133
128
N2O
212
195
178
170
Other Sources
CO2
64
45
47
30
SF6, HFCs and 
CH4
36
8
6
17
Emissions 
Intensity (MT / 
MWh)
0.60
0.61
0.57
0.56
Table 16 - (GRI 305-1 / 305-4) Direct GHG Emissions 
(Scope 1) - Equity adjusted
14 Includes announced sales or retirements.
15  Includes contracts signed in 2016-2021.
16 For 2021 the goal was 43,706. Goals account for any operational variations by factoring in portfolio 
changes (divestitures, shutdowns, acquisitions, growth, etc.) and are calculated by subtracting excluded 
sites from the highest target of the past three years.

18    |    © 2022 THE AES CORPORATION
Indirect GHG Emissions
Our indirect GHG emissions include tracking of:
	
Æ
Electricity purchased from non-AES generated 
sources for a business’s own use (Scope 2);
	
Æ
Transmission and distribution losses of non-AES 
generated electricity sold to end users of AES 
distribution companies (Scope 2);
	
Æ
Sales to customers by our distribution businesses 
(Scope 3); and
	
Æ
Business air travel for our global operations 
(Scope 3).
During 2021, AES’ operating businesses implemented 
diverse emission reduction projects through, energy 
efficiency programs, and equipment replacements 
or low carbon energy installation, representing over 
180 thousand metric tonnes of estimated annual CO2 
reductions. We also retired one coal unit in the United 
States which represents an approximate reduction of 
over 800 thousand metric tonnes of CO2e, over 300 
metric tons of SO2 and 800 of NOx (all equity adjusted 
values). This is in addition to the already announced 
retirements, in 2019, of two units in Chile that will 
represent additional emission reductions.
During 2021, 12% of our Scope 1 (CO2) emissions 
(equity adjusted) were under emission limiting 
regulation (California Greenhouse Gas Cap and Trade 
Program, State of Hawaii Act 234 relating to Green 
House Gas Emissions and Warrior Run the Regional 
Greenhouse Gas Initiative). While 37% of our Scope 1 
(CO2) emissions were under both emissions reporting 
regulations and a regulatory program (US businesses).
AES’ 2021 CO2 emissions from biologically sequestered 
carbon include emissions from our landfill gas (Nejapa 
in El Salvador) and biomass (Laja in Chile) power plants. 
Some of our businesses use E85 fuel for their vehicles, 
which represented a small fraction of the overall CO2 
emissions from biologically sequestered carbon and so 
these emissions are not included in the table below.
Direct SO2, NOx, and other air emissions
The data in Table 18 refers to other air emissions 
resulting from our businesses’ major fuel combustion 
units during the last four years. Air emissions data 
related to mercury primarily consists of emissions from 
coal-fired electric power generation units.
Environmental
Biogenic CO2 
Emissions 
Thousand metric 
tonnes
2018
2019
2020
2021
Biomass
69
59
32
73
Landfill Gas
19
24
21
18
TOTAL
89
83
53
91
Table 17 – (GRI 305-1) CO2 Emissions from Biologically 
Sequestrated Carbon - Equity adjusted
17 NOx goal 46,855 /  SO2 78,850 /  PM 3,577. Mercury 0.51.
18 2021 goal for location based 305, and market base 303.
Electricity-Related 
Indirect Emissions 
(Thousand metric 
tonnes CO2e)
2018
2019
2020
202118
Location Based 
Method
314
324
254
253
Market Based 
Method
318
328
256
253
Table 19 - (GRI 305-2) Indirect GHG Emissions (Scope 
2) - Equity adjusted
Other Indirect 
Emissions (Scope 
3) (Thousand metric 
tones of CO2e)
2018
2019
2020
2021
Emissions due to 
Sale of Electricity to 
End Users
10,070
9,972
7,269
7,350
Emissions due to 
Business Air Travel
1.1
1.2
0.2
0.5
Table 20 - (GRI 305-3) Indirect GHG Emissions (Scope 3)
Emission
2018
2019
2020
202117
NOx
48,233
47,795
39,908
35,330
SO2
79,124
80,691
80,099
50,940
PM
4,187
3,691
3,822
2,407
Mercury
0.53
0.52
0.43
0.27
Table 18 - (GRI 305-7) Metric Tonnes of SO2, NOx, PM 
and Mercury Emissions -  Equity adjusted

19    |    © 2022 THE AES CORPORATION
Environmental
Water and effluents
Our water inventories include cooling water (both 
recirculating water and water that runs through the 
cooling system once and is discharged); process 
water; and potable/drinking water (apart from bottled 
water). Water used for generation of electricity at our 
hydroelectric power plants, as well as water evaporation 
from cooling towers in our closed-circuit cooling 
systems, domestic sewage, rainwater and storm water 
effluents is not included in our water inventory. 
Million m3
2018
2019
2020
202119 
Total water 
withdrawn
3,670
3,353
2,855
2,517
Surface
684
700
743
854
Seawater
2,961
2,625
2,095
1,637
Municipal
4
2
3
3
Groundwater
21
26
24
19
Total water 
discharged/returned 
to the source (at 
similar or higher 
quality as raw water 
extracted)
3,563
3,270
2,755
2,417
Water consumption
107
84
100
100
Water intensity (m3/
MWh)
1.3
1.1
1.3
1.4
Table 21 - (GRI 303-3/303-4) Total Water Withdrawal 
and Discharge - Equity adjusted
Water consumption 
(m3)
2018
2019
2020
2021
Total Water 
Consumption
106,992,432
83,699,937
99,098,922
99,857,826 
Fresh Water 
consumption
11,412,661
12,724,879
11,408,227
11,117.414
% total consumption
11%
15%
12%
11%
Other Water 
consumption
15,336,235
6,658,132
6,337,511
6,957,789
% total consumption
14%
8%
6%
7%
Table 22 - (GRI 303-5) Total water consumption from 
areas with water stress - Equity adjusted
19 2021 goal for Total water withdrawn is 3,043.
Business
%  
recycled
Business / 
Location
% 
recycled
Chivor – Colombia
6
Hawaii
<1
Amman East
7
Maritza
4
Nueva Tocopilla - 
Chile
< 1
Table 23 – Percentage of water recycled/reused

20    |    © 2022 THE AES CORPORATION
Environmental
SBU
Source
2018
2019
2020
2021
US & Utilities
Surface water
418,637,441
343,781,937
252,923,561
327,656,425
Groundwater
15,066,815
15,487,273
14,945,847
14,511,158
Seawater
801,136,778
725,756,931
598,452,908
496,122,525
Municipal water
2,459,627
1,838,930
2,551,661
5,687,978
Total
1,237,300,661
1,086,865,071
868,873,977
843,978,086
South America
Surface water
247,216,234
326,309,842
466,467,318
507,872,769
Groundwater
2,151,795
4,563,945
3,695,167
2,523,644
Seawater
905,306,630
871,829,404
890,436,377
687,175,475
Municipal water
489,572
223,697
163,949
179,143
Total
1,155,164,230
1,202,926,889
1,360,762,812
1,197,751,031
MCAC
Surface water
6,802,317
9,245,055
4,922,411
9,321,625
Groundwater
3,568,045
1,638,174
5,386,850
2,343,556
Seawater
2,355,367
105,919,690
106,899,911
129,772,811
Municipal water
0
60
0
301
Total
12,725,728
116,802,978
117,209,173
141,438,293
Eurasia
Surface water
11,790,258
20,646,250
18,896,286
9,387,841
Groundwater
50,119
4,438,940
92
8
Seawater
1,251,841,463
921,481,452
498,844,948
324,089,196
Municipal water
774,971
321,113
26,821
31,496
Total
1,264,456,811
946,887,755
517,768,147
333,508,540
TOTAL
3,669,647,431
3,353,482,693
2,854,583,804
2,516,675,950
Table 24 - (GRI 303-3) Water Withdrawal by source and by SBU (m3) - Equity adjusted

21    |    © 2022 THE AES CORPORATION
SBU
Source
2018
2019
2020
2021
US & Utilities
Surface water
655,947,988
720,110,929
541,529,529
593,523,272
Groundwater
10,316,999
11,533,950
8,961,991
10,751,424
Seawater
532,553,263
337,121,536
301,433,944
218,027,001
Offsite Water 
Treatment
7,268
73,935
142,495
116,634
Total
1,198,825,518
1,068,840,349
852,067,958
822,418,331
South America
Surface water
215,586,061
296,478,610
412,251,970
459,069,587
Groundwater
37,568
192,192
113,124
84,428
Seawater
892,255,802
865,851,858
884,098,866
680,217,686
Offsite Water 
Treatment
23,081
52,446
2,493
3,975
Total
1,107,902,513
1,162,575,106
1,296,466,453
1,139,375,676
MCAC
Surface water
1,452,560
724,015
1,030,763
1,347,100
Groundwater
483,086
450,990
341,104
667,991
Seawater
3,110,652
105,264,320
105,878,907
128,897,416
Offsite Water 
Treatment
0
878
317
89
Total
5,046,298
106,440,202
107,251,090
130,912,596
Eurasia
Surface water
345,152
221,580
343,293
12,426
Groundwater
0
0
0
0
Seawater
1,250,407,495
931,705,217
499,352,275
324,096,269
Offsite Water 
Treatment
128,022
300
3,812
2,826
Total
1,250,880,670
931,927,098
499,699,380
324,111,521
TOTAL
3,562,654,999
3,269,782,755
2,755,484,882
2,416,818,124
Table 25 - (GRI 303-4) Water discharged by destination and by SBU (m3) - Equity adjusted
Environmental

22    |    © 2022 THE AES CORPORATION
Waste and byproducts
The AES EMS and global environmental standards 
establish minimum requirements for the management 
of hazardous and special wastes, chemical and raw 
material management, and spill prevention and control 
through assessment of hazards, management actions, 
and establishing preventive and control measures. 
CCRs represent almost 99% of our non-hazardous 
waste. CCRs are materials formed when coal is 
burned to generate electricity, and include bottom 
ash, fly ash, synthetic gypsum (also referred to as flue 
gas desulfurization (FGD) gypsum), FGD solids and 
cenospheres. 
Environmental
2018
2019
2020
202120
CCRs generated 
(metric tonnes)
5,602,885
5,530,895
5,475,834
4,586,275
CCRs recycled/
reused (% )
23.9
20.8
28.3
33.6
Table 26 - (GRI 306-4) CCRs Generation and 
Recycling/Reuse - Equity adjusted
Non-Hazardous 
waste
2018
2019
2020
2021
Metric tonnes
109,600
50,561
22,756
32,186
%  recycled/reused
14.7
19.9
9.3
23.8
Table 27 - (GRI 306-4) Other non-hazardous waste 
generated and recycled - Equity adjusted
20 2021 goal for CCRs generated was 4,711,241 while CCRs recycled/reused was 18.66%.
Hazardous Waste
AES has a specific standard for Hazardous and Special 
Waste Requirements that sets minimum requirements 
at all operational locations. In accordance with the 
standard, all businesses must Identify and comply 
with all local regulatory requirements associated with 
the management of hazardous waste and special 
waste. In addition, a hazardous waste and special 
waste management program must be in place unless 
regulatory exemptions apply. 
According to AES standards, a waste is deemed to be 
hazardous if (1) it is so classified by local applicable 
rules and regulations, or (2) it qualifies as being 
hazardous under the “Basel Convention on the Control 
of Transboundary Movements of Hazardous Wastes 
and their Disposal” sponsored by the United Nations 
Environment Program and adopted on 22 March 1989.
Biodiversity
Our management system allows us to monitor 
compliance with all biodiversity management plans 
based on our corporate standards, commitments and 
goals, as well as applicable local regulations. 
Our approach to managing biodiversity impacts at our 
operating and construction sites is built upon three 
major principles outlined in our Environmental Policy 
and embedded in our Biodiversity Assessment and 
Protection Standard:
	
Æ
Risk and impact assessment through analysis of 
our activities, their potential impacts, and necessary 
control measures. Activities built on this principle 
include the Aspects and Impacts Assessment 
(AIA) process, Project Execution Framework (PEF) 
process for pre-construction studies, as well as 
monitoring during and after construction, and local 
biodiversity studies if required.  The standard also 
provides additional AIA assessment guidance to our 
businesses on biodiversity risks, including avoidance 
of direct impacts to World Heritage areas, IUCN 
Category I-IV protected areas or to avoid new 
Hazardous 
Waste 
2018
2019
2020
2021 
US & Utilities
504
907
340
294
MCAC
229
893
351
104
Eurasia
394
129
120
124
South America
1,030
1,283
997
2,190
TOTAL
2,157
3,212
1,808
2,711
% recycled / 
reused
6.99
7.04
14.91
28.26
Table 28 - (GRI 306-4) Hazardous Waste by SBU -  
Equity adjusted

23    |    © 2022 THE AES CORPORATION
Environmental
actions that contribute or lead to the extinction of 
IUCN listed endangered species;
	
Æ
Mitigation and control through implementation 
of monitoring programs and plans, engineering 
and other controls, and habitat restoration and 
protection; and
	
Æ
Communication and awareness through 
collaboration with local scientific communities and 
other stakeholders, internal and external training, 
and education, etc.
The scope of our standard and commitment applies 
to all AES businesses, aligning with the mitigation 
hierarchy (avoid, minimize, restore and compensate) 
in our management of biodiversity. Our approach and 
commitment have the objective of ensuring that all 
AES businesses identify, assess, document and take 
proper mitigation action on biodiversity matters to avoid 
or, if avoidance is not possible, to minimize negative 
biodiversity impacts and to promote positive biodiversity 
impacts. We also develop partnership with NGOs and 
specialized institutions to promote diverse biodiversity 
programs. 
Our commitment to biodiversity aims to achieve no net 
loss (NNL) or even a net gain in biodiversity in some 
cases, however, how and when this target is achieved 
depends on the business impact given that they are 
on different geographical areas, type of business and 
phase, occurring that in certain businesses targets have 
already been met and others are in process. 
We operate in over 100 different sites, covering more 
than 70 thousand hectares. In addition to any impact 
assessments that could have been carried during 
the development and construction of a site, we have 
conducted biodiversity impact assessments in more 
than 80 sites (over 67,000 hectares). Of such sites, one 
third is in close proximity to critical biodiversity (over 
31,000 hectares) and have biodiversity management 
plans in place.
Through 2021 we reforested more than 4.9 thousand 
hectares out of a total of 6.8 thousand to be 
compensated, which is equivalent to 72% progress, with 
respect to the total to be reforested by 2037 to achieve 
a no net loss (no net deforestation) goal. More than 21 
million of specimens have been planted (compensated), 
which corresponds to 70% of our trees goal.
Usually, information on the environmental impact 
assessments for our projects under development or 
construction are made publicly available on dedicated 
webpages either by the businesses or the regulatory 
bodies. 
Major Construction 
Project / link
Country
Alto Maipo
Chile
Campo Lindo
Chile
Andes 2B and Parque 
Solar Andes
Chile
Los Olmos
Chile
Mesamavida
Chile
Table 29 - Links to the Public Websites containing EIA/
AIA Results

24    |    © 2022 THE AES CORPORATION
Social
AES operates in a complex environment, facing 
numerous opportunities and risks: operational, 
economic, market, legal, security, policy, among others, 
each one possibly impacting our ability to conduct 
business. Engagement with our stakeholders is 
necessary for our business to function, both daily and to 
achieve our short and long-term strategic objectives.
Our Global Stakeholder Engagement playbook, available 
internally to all of our people and businesses, highlights 
the key elements and objectives of our engagement 
strategy and outlines steps to ensure strong, positive, 
proactive, and sustainable relationships. These 
internal guidelines were developed using the AA1000 
Stakeholder Engagement Standard as a reference, and 
cover topics such as: defining the purpose, scope and 
understanding the context; identifying and prioritizing 
stakeholders; deciding on the appropriate engagement 
methodology; addressing stakeholder needs; performing 
risk and opportunity assessments; evaluating progress 
of engagement actions, developing grievance 
mechanisms, communication channels and others.
Partnering for access 
to safe, efficient, and 
affordable energy and 
basic services
Partnering for inclusive 
economic growth
Partnering for the 
environment
Partnering for relief 
efforts
Partnering with communities for 
the future of energy
Our social impact programs are aligned with our 
purpose of accelerating the future of energy, together, 
the United Nations’ Sustainable Development Goals 
and four focus areas: access to safe, efficient, and 
affordable energy and basic services, inclusive 
economic growth, the environment, and emergency 
relief efforts.  
Our Community Relations Playbook is the company-
wide guideline for developing and implementing 
sustainable social impact programs and other initiatives. 
It provides a comprehensive approach and strategy 
for understanding community stakeholders, engaging 
them early and often, assessing risks, needs, and 
opportunities and then partnering with them for the 
future of energy. It includes four focus areas aligned 
with the UN SDGs, and provides tools to engage with 
communities for the full life of a project:

25    |    © 2022 THE AES CORPORATION
Social
Just and responsible transition
The future of energy and transition to a low-carbon 
economy must be shaped in a responsible way and 
is a matter that goes beyond a single industry or 
stakeholder. As stated in the International Labor 
Organization (ILO) guidelines for Just Transition, the 
greening of economies requires a coherent country 
specific mix of macroeconomic, industrial, sectoral and 
labor policies. 
We support public and private actions to manage the 
impact on workers and communities dependent on 
fossil fuels as decarbonization accelerates, and we are 
committed to working with our stakeholders to foster 
just transitions. Governments, employers, unions and 
community organizations should work collaboratively, 
as we have been doing in Chile, for example, to create 
transition plans tailored to the unique circumstances 
faced by each group of workers and their communities. 
Since there is no one size fits all approach, we engage 
and work with key stakeholders (that can include local 
and national governments, communities, our people 
and unions) to develop a transition plan designed 
with the local conditions in mind, that can include 
capacity building, social, and economic development 
opportunities.
For example, during 2021, AES Chile started to 
work on the design of the Training Plan for Labor 
Reconversion. This plan consists of a theoretical and 
practical curriculum, aimed at generating technical 
skills and new technologies, among others, that will 
help employees to assume new roles in the future of 
energy, both inside and outside the organization. For 
more details on the actions carried by AES Chile, refer 
to their Annual Report.
In 2021, AES businesses engaged in over 250 
community-oriented initiatives globally and more than 2 
million people benefitted directly and indirectly through 
our social impact programs, commercial initiatives in the 
community and charitable donations.
Our efforts to set the bar higher in working with our 
communities were recognized during 2021, including:
	
Æ
In Colombia, the Ministry of Mines and Energy, the 
National Hydrocarbons Agency and the National 
Mining Agency recognized AES Colombia for its 
commitment to gender equity in the construction 
of San Fernando Solar Park, which employed more 
than 380 women, representing 38% of the project's 
workforce and exceeding the sector average.
	
Æ
The People’s Committee of Cam Pha and the 
People’s Committee Quang Ning recognized AES 
Vietnam for its contributions in healthcare, economic 
growth, and to child protection and childcare.
	
Æ
Motor and AES Indiana received the Clean Air 
Champion Award at the Greater Indiana Clean Cities 
Awards for the expansion of new electric vehicles 
in the city that is allowing customers to meet their 
sustainability objectives.
	
Æ
MERCO recognized AES Panama for its Social 
Responsibility and Corporate Governance.
	
Æ
Ethisphere Institute recognized AES as one of the 
World’s Most Ethical Companies for the eighth year 
in a row.
	
Æ
Honored as a best place to work in some of our 
markets.
For detailed examples of our social impact programs, 
please refer to our Improving lives Report and our 
webpage.

26    |    © 2022 THE AES CORPORATION
Social
Our People
At the core of AES’ success is a focus on the wellbeing of our people 
and a work culture that is inclusive, supportive and dynamic. We aim to 
create a workplace that not only attracts and retains the best people, 
but where people feel valued, engaged in the work they are doing, and 
united by the common goal of creating innovative energy solutions.. 
AES maintains many global relationships with labor unions and where 
we have unionized workforces, we work diligently to participate in 
effective collective bargaining efforts which are mutually beneficial 
to our people, the company and the unions (GRI 407-1). As of the end 
of 2021, 74.5% of our permanent full-time people were covered by 
collective bargaining agreements (GRI 102-41). 
Every year, all AES people can receive training and development in a 
variety of topics for multiple levels, from technical training to executive 
training to further develop their skills related to their positions. In 2021, 
average training per person was over 100 hours.
For more details on how we are empowering our people, refer to our 
2021 Improving Lives report and our webpage. 
SBU
Permanent - Full time Employees
Female
Male
South America
651
1,968
MCAC
65
323
Eurasia
238
897
US & Utilities
United States
861
2,515
El Salvador
153
884
Total
1,968
6,587
Table 30 - (GRI 405-1/102-8) AES People 
Demographics by SBU
Age
%  Total
Under 30
12.26
30 - 50
79.32
51 and over
8.42
Table 31 - (GRI 405-1) Percentage of employees by age 
group
Management level
%  Women
All management positions
25.81
Top management positions
23.60
Junior management 
positions
27.27
Table 32 - (GRI 405-1) Percentage of women in 
management positions
Race/Ethnicity
Share in total workforce
Asian
3.8
Black of African American
8
Hispanic or Latino
5.5
White
67.8
Indigenous or native
0.4
Native hawaiian
12.6
Pacific Islander
0.5
Two or more races
1.6
Unspecified
12.6
Table 33 - (GRI 405-1) Workforce Ethnicity/race in our 
U.S. businesses

27    |    © 2022 THE AES CORPORATION
Social
Turnover
2018
2019
2020
2021
Total
23
10.7
8.9
9
Voluntary
6
7.2
5.2
5.5
Table 34 - (GRI 401-1) Employee turnover rate
Location
Ratio
Increase
Argentina
16
1.1
Brazil
33
3.6
Bulgaria
25
14.3
Chile
43
7.2
Colombia
15
4.5
Corporate
65
-1
Dominican 
Republic
21
-0.1
El Salvador
32
2.1
India
8
-1.2
Jordan
7
0
Mexico
43
-1.5
Netherlands
7
1.5
Panama
28
0.9
Puerto Rico
7
0.6
US
22
3.3
Vietnam
52
4.2
Table 35 - Annual total compensation ratio & % 
increase in annual total compensation ratio 
(GRI 102-38/102-39)
2018
2019
2020
2021
New employee 
hires
813
958
782
1,485
Percentage 
Open 
Positions 
Filled by 
Internal Hires
16.01%
19.01%
17.67%
26.26%
Table 36 - (GRI 401-1) Total of new employee hires and 
% of open positions filled by internal candidates

28    |    © 2022 THE AES CORPORATION
Social
Great Place to Work
On an annual basis, AES businesses participate in 
assessments and our people participate in engagement 
surveys and questionnaires from recognized institutions 
that make a comprehensive evaluation of our programs, 
policies and benefits to monitor employee satisfaction. 
During 2021, over 40% of our people participated in 
employee engagement assessments (Table 38) that on 
average showed 84.3% of satisfaction.
2018
2019
2020
2021
79
79
84
84
Table 37 -  Average Employee Satisfaction - percent (%)
Country
Recognition, Category
Institution
Argentina
Best workplaces in the country
Great place to work for Women
Companies that care
Great Place to work Institute
Brazil
Awesome places to work
Fundação Instituto de 
Administração (FIA) in partnership 
with UOL
Dominican Republic
Ranked 12th among all companies in the country
Ranked  18th among all companies in the Caribbean
Great Place to work Institute
El Salvador
Ranked 13th in the GPTW among all companies in the country
Ranked in 18th place among all companies in the Caribbean
Great Place to Work Institute
Ranked 5th in the most attractive companies to work for
Tecoloco
Latin America
Best Workplaces in Latin America
Great Place to work Institute
México
Best Workplaces in the country
Great Place to work Institute
Panamá
Best workplaces in the country
Ranked 6th among all companies in Central America in the 
category of 100 to 500 collaborators
Great Place to work Institute
Puerto Rico
Ranked first company in country
Ranked 10th in the Caribbean
Great Place to work Institute
Vietnam
Silver accreditation
Investors in People Institute
Table 38 - HR and Workplace Recognitions

29    |    © 2022 THE AES CORPORATION
Social
Occupational Health and Safety 
Safety Performance 
AES businesses calculate lost time incident (LTI) rates for their employees and contractors based on OSHA 
standards, so they are comparable across any industry or group. 
For LTI rates we aim to be below the U.S. utility industry’s top quartile benchmark LTI rates (Figure 2). 
Our target is to have zero fatalities and though one 
fatality is one too many, over the years we have seen 
a gradual decline in the number of fatalities over the 
years. In 2021, we did not experience any fatal events 
(Table 39).  
Figure 2 - (GRI 403-9) Lost Time Incident Rate for AES people and Contractors
Occupational 
Fatalities 
2018 
2019 
2020 
2021 
AES people 
0 
1 
0 
0 
Contractors 
3 
1 
1 
0 
Table 39 - (GRI 403-9) Occupational Fatality Cases
AES businesses take a proactive approach to safety 
management with safety metrics that include safety 
walk performance, identification of unsafe behaviors 
and conditions, reporting and investigation of near-miss 
incidents, and setting of and tracking the progress of 
SMS goals and action plans. 
Proactive Safety 
Measures 
2018
2019 
2020 
2021 
Safety Walks 
50.719 
49,651 
39,331 
33,356
Workplace 
Hazards 
46392 
53,017 
44,065 
47,327
Table 40 - Proactive Safety Measures
0.142
0.089
0.084
0.075
0.112
0.151
0.046
0.109
0.054
0.023
0.081
0.028
0
0.05
0.1
0.15
0.2
0.25
2018
2019
2020
2021
AES people
Operational contractors
Construction contractors
0.21
EEI top quartile benchmark

30    |    © 2022 THE AES CORPORATION
Social
NM Frequency 
Rate 
2018 
2019 
2020 
2021 
Near Miss 
Frequency Rate 
2.81
3.18
2.72
2.57
Table 41 - Near Miss frequency rate
2018 
2019 
2020 
2021 
TRIR
0.434
0.443
0.394
0.404
TRIFR
2.170
2.216
1.971
2.019
Table 42 - (GRI 403-9) Total recordable incident rate 
(TRIR) and frequency rate (TRIFR) 
2018 
2019 
2020 
2021 
2.008 
1.017
2.065
0.214
Table 43 - AES people severity rate21
2018 
2019 
2020 
2021 
0.000 
0.011 
0.000 
0.000 
Table 44 - AES people Rate of fatal accidents
Country AES 
Business 
Recognition 
Granted by 
Bulgaria
Maritza
Best in the Country Award
British Safety 
Council
First place in Annual 
National HS award
Foundation 
“Centre for HS at 
work”
St Nikola
International Safety 
Award  Distinction 
British Safety 
Council
El 
Salvador
AES El 
Salvador
Best Safety Performance 
Regional Company 
Recognition
Comisión de 
Integración 
Energética 
Regional (CIER)
Jordan
AES Levant 
Jordan (IPP4)
International safety award 
-British safety council 
British Safety 
Council 
ROSPA H&S golden 
award
Royal Society for 
the Prevention 
of Accidentes 
(ROSPA)
Amman East 
International safety award 
-British safety council 
British Safety 
Council 
ROSPA H&S golden 
award
Royal Society for 
the Prevention 
of Accidentes 
(ROSPA)  
Vietnam
Mong Duong II 
RoSPA Gold Medal Award 
British Safety 
Council 
Table 45 - External Safety Recognitions 2021
21 Please note that numbers do not match previous reported figures due to retroactive recalculations made to the formula to calculate the Severity Rate focused on the Standard Man Hours.

31    |    © 2022 THE AES CORPORATION
Social
Public safety
During 2021, we did not experience any public fatal incidents (Table 47) across our businesses. As a part of our 
safety management system approach and standards, all public injury incidents and public fatality cases are closely 
tracked and investigated by local AES businesses. Based on the results, the necessary mitigation controls and 
measures are implemented.
Fatal Incident Cases
2018 
2019 
2020 
2021 
General Public 
0 
2 
6 
0
Table 46 - (EU25) Public Fatal Incidents
Suppliers
AES has three key areas that perform supply chain activities with over 7,100 suppliers in 2021: fuels, global Supply 
Chain (non-fuel) and engineering and Construction Projects.
We have a code of conduct for Suppliers and a formal process to define critical suppliers. AES categorizes suppliers 
based on supply complexity and volume of spend. Critical suppliers are defined by the economic impact and the 
technology footprint they represent to our businesses and represents most complex suppliers, when is key to 
mitigate risks or economic impact associated with the supplier or spend category, or when there are opportunities 
for value co-creation.

32    |    © 2022 THE AES CORPORATION
Governance
At AES, we believe operating under the highest 
standards for corporate governance is an essential 
element to the success of the company.
The 2022 Proxy Statement includes comprehensive 
information about our Governance practices, including 
our Board Committees and Structure; Director 
Characteristics and Biographies; Director and 
Executive Compensation; Audit Matters and Stock 
Ownership, among other matters.
Our webpage also includes other related governance 
documents such as the By-laws, Certificate of 
Incorporation, Corporate Governance Guidelines, and 
Committees charters. 
Board of Directors 
The AES Corporation is led and managed by our Chief 
Executive Officer and the Executive Leadership Team 
(ELT) with the guidance and oversight of our Board of 
Directors.
Our Corporate Governance Guidelines require the 
separation of the offices of the Chairman of the 
Board and CEO. Whenever possible if the Chairman 
is independent, he or she will also serve as Lead 
Independent Director. Since 1993, we have separated 
the offices of Chairman and CEO. Since 2003, our 
Chairman has been an independent Director who has 
also acted as Lead Independent Director.
The Board maintains four standing Committees: 
Compensation Committee, Financial Audit Committee, 
Governance Committee, and Innovation and 
Technology Committee. 
The Board provides oversight over the risk 
management practices implemented by management. 
The Financial Audit, Governance and Compensation 
Committees are comprised solely of independent 
Directors, each with a different independent Director 
serving as Chairman of the Committee.
Director Characteristics and Diversity
Our Board is committed to diversity among its 
members. When identifying candidates for Board 
membership, the Governance Committee includes, 
and requests any search firm it engages to include, 
qualified women and racially/ethnically diverse 
individuals in the initial pool of potential director 
candidates for the Board. Additionally, when 
considering director nominees, including incumbent 
directors eligible for re-election, nominees to fill 
vacancies on the Board, and nominees recommended 
by Stockholders, the Governance Committee 
considers director nominees against a set of criteria 
including leadership attributes, competencies and 
experiences.
At December 31, 2021, our Board had eleven 
members. Ten members, including the Chairman, were 
independent and one member is an Executive Director 
(AES’ CEO). 
The following highlights some of the characteristics 
of our Directors as disclosed in the 2022 Proxy 
Statement. Further details of the experience of the 
Directors are included in Governance section of our 
website.
Gender 
diversity
Racial/Ethnic 
diversity
Independence
Average 
Tenure
45%
36%
91%
6.8

33    |    © 2022 THE AES CORPORATION
Governance
36%
64%
International diversity
Born outside the US
Born in the US
64%
18%
9%
9%
Race / Ethnicity
White/Caucasian
Hispanic/Latino
Asian/South Asian
African American/Black
(GRI 405-1) Director Characteristics 
and Diversity22
28%
18%
27%
27%
Tenure
0-2 years
3-5 years
6-10 years
> 10 years
22 As disclosed in the 2022 Proxy Statement.

34    |    © 2022 THE AES CORPORATION
Governance
Ethics and Compliance               
(GRI 102-16 & 17)
Ethics, integrity and compliance are the foundation 
and principles that guide our company and our people. 
We strive to conduct business with the highest level of 
integrity in all situations. 
Our Ethics and Compliance (E&C) Program defines 
our business practices and corporate expectations 
worldwide. Our Code of Conduct and Anti-Corruption 
Policy encourage internal and external stakeholders to 
bring matters of concern to the company’s attention for 
prompt resolution. 
AES employees, contractors, business partners and 
others can ask questions and are encouraged to 
report concerns or alleged improper behavior directly, 
or they can submit reports anonymously through the 
AES Helpline.  The AES Helpline is a global confidential 
channel, available 24 hours a day, seven days a week by 
phone or online and is available in every AES language. 
The Helpline is a resource for AES people, contractors, 
business partners and others to ask questions or report 
concerns about AES business conduct. To ensure 
confidentiality, AES Helpline is managed by a third party.
The E&C Department investigates all allegations and 
responds to all questions. E&C personnel collaborate 
with management regarding disciplinary and remedial 
actions to ensure consistency and action consistent with 
AES Values, policy, law, and regulation. 
AES has a whistleblower policy that set procedures 
for the treatment of complains. AES strictly prohibits 
retaliation against employees who in good faith report 
ethics and compliance concerns. 
Each investigation and inquiry is carefully documented 
in the Helpline and reported to AES’ independent auditor 
that selects a subset for on-going monitoring, until the 
case is closed. The Helpline investigation data enables 
E&C personnel to identify trends in reports and engage 
business areas to proactively mitigate risks.
In 2021, excluding incomplete reports and customer 
service reports, the AES Helpline received 316 reports 
from AES business locations worldwide. Forty-five 
percent of these were allegations of suspected 
wrongdoing and fifty-five percent were requests for 
guidance or information. The AES Helpline groups 
allegations of suspected wrongdoing into six main 
categories: interactions with third party business 
partners; company property and assets; financial 
reporting and controls; interactions with government 
officials; human resources and AES personnel issues; 
and safety and environment. As in prior years, the 
category of human resources recorded the greatest 
number of reports (fifty-six percent of allegations).  
Approximately nineteen percent of allegations reported 
and closed in 2021 were found to be substantiated in full 
or in part. For the sustained allegations, the AES E&C 
Department worked with relevant business areas and 
defined appropriate remedial action to resolve existing 
issues, fix past issues when appropriate, and avoid 
recurrence of the same or similar issues in the future. 
AES employees, contractors, business partners and 
others are encouraged to report concerns or alleged 
improper behavior directly to their manager, or local 
Compliance Officer or through the AES Helpline.

35    |    © 2022 THE AES CORPORATION
Anti-harassment and discrimination policy
Along with our Code of Conduct, we have an Anti-
Harassment Policy that clearly states that we do not 
tolerate discrimination, harassment or mistreatment 
of any individual in the AES work environment, and 
strictly prohibits harassment on the basis of sex, 
sexual orientation, gender, gender identity and/or 
expression or other types of workplace harassment on 
the basis of, race, national origin, ethnicity, age, religion, 
marital status, physical or mental disability, pregnancy, 
childbirth, or related medical condition, military or 
veteran status, or any other characteristic protected 
under applicable law.
This Policy applies to all AES people worldwide. In 
addition, temporary workers, contractors, consultants, 
agents, representatives, and all others who perform 
AES work are required to ensure that their actions 
on behalf of AES meet the same high standards 
expected of AES people. Complaints of harassment 
are taken seriously and are investigated promptly. The 
policy specifies that if a violation to the policy occurs, 
it will result in discipline by AES, up to and including 
termination of employment.
Cybersecurity
The Board of Directors is responsible for periodic 
review and oversight of the Company’s cybersecurity 
programs, policies, and practices, including review of 
the state of the Company’s cybersecurity programs, 
emerging cybersecurity developments and threats, and 
the Company’s strategy to mitigate cybersecurity risks. 
The Chief Information Security Officer (CISO) is the 
head of Cybersecurity and responsible for conducting 
employee security awareness training, developing 
secure business and communication practices, 
identifying security objectives and metrics, choosing 
and purchasing security products from vendors, and 
corresponding management actions. 
As part of our awareness function, we design training 
and activities which can include newsletter articles, 
internal briefings, a phishing program with targeted 
campaigns against potential insider threats, relevant 
film screenings, and email reminders, among others.
Governance

36    |    © 2022 THE AES CORPORATION
External assurance
AES has used the services of Lloyd’s Register Quality Assurance Inc. (LRQA) to verify and conduct 
a limited assurance since 2013 of AES businesses’ (GRI 102-56):
About this Report
Air emissions data
Water withdrawal 
and discharge data
CCR generation and 
recycle/reuse data
Generation in MWh
Lost time incidents
All the data included in the 
environmental and social 
performance indicators covers 
all businesses where AES has 
operational control.
This report is issued on an annual basis and the reporting period covered is January 1 to December 31, 2021 (GRI 
102-50, 102-52). The date of the most recent previous report is the 2020 AES Performance Indicators (GRI 102-51). 
The report has been prepared using GRI Standards (from the core option and several aspects and disclosures from 
the comprehensive option) and includes Electric Utility Sector Disclosures. (GRI 102-54)

37    |    © 2022 THE AES CORPORATION
 
LRQA Independent Assurance Statement 
Relating to The AES Corporation’s GHG and EHS Inventories for the CY 2021 
 
This Assurance Statement has been prepared for The AES Corporation in accordance with our contract with AES 
Arlington Services, LLC.  
 
Terms of Engagement 
LRQA was commissioned by The AES Corporation (AES) to provide independent assurance of its greenhouse gas 
(GHG) emissions and environmental, health and safety (EHS) inventories (“the Report”) for the calendar year (CY) 
2021 against the assurance criteria below to a limited level of assurance and materiality of the professional 
judgement of the verifier using LRQA’s verification procedure and ISO 14064 - Part 3 for greenhouse gas emissions. 
LRQA’s verification procedure is based on current best practises and is in accordance with ISAE 3000 and ISAE 3410.  
 
Our assurance engagement covered AES’ internal operations and activities in CY 2021 and specifically the following 
requirements: 
• 
Verifying conformance with: 
• 
AES’ reporting methodologies for the selected datasets;  
• 
World Resources Institute / World Business Council for Sustainable Development Greenhouse Gas 
Protocol: A corporate accounting and reporting standard, revised edition (otherwise referred to as the 
WRI/WBCSD GHG Protocol) for the GHG data1. 
• 
Evaluating the accuracy and reliability of data and information for only the selected indicators listed below:  
• 
Direct (Scope 1), Energy Indirect (Scope 2) and Other Indirect (Scope 3) GHG emissions, using the 
equity share operational boundary; 
▪ 
Scope 3 GHG emissions verified by LRQA only include business travel: Air and electricity sales; 
• 
Gross and net electricity generation - equity share; 
• 
Other Air Emissions: Sulfur Dioxide, Nitrous Oxides, Particulate Matter and Mercury – equity share, 
• 
Water withdrawal and discharge - operational control;  
• 
Solid Waste Generation from Combustion (Ash and Gypsum) – operational control 
• 
Solid Waste Recycling from Combustion (Ash and Gypsum)- operational control 
• 
Hazardous Waste Generation – operational control, and  
• 
Safety lost time incidents - operational control. 
 
Our assurance engagement excluded certain data and information, as described below:  
• 
The following sources of GHG emissions were excluded from the inventory on the basis of their de minimis 
contribution to the total inventory: administrative offices, wind and solar renewable energy plants, energy 
storage, AES Distributed Energy, and fugitive methane emissions from coal; 
• 
Water accessed for generation at hydroelectric plants is not considered a withdrawal or discharge, and is 
excluded.  Water use in office locations, energy storage, construction locations and AES distributed energy are 
also excluded.  
• 
GHG emissions and EHS data related to AES’ suppliers, contractors and any other third-parties were excluded, 
except as follows: Scope 3 GHG emissions from business travel and electricity sales, lost time incident data for 
operations and construction contractors is included where AES has personnel onsite to enforce AES’ EHS 
requirements. 
 
 
1.  http://www.ghgprotocol.org/

38    |    © 2022 THE AES CORPORATION
 
LRQA’s responsibility is only to AES.  LRQA disclaims any liability or responsibility to others as explained in the end 
footnote. AES’ responsibility is for collecting, aggregating, analysing and presenting all the data and information 
within the Report and for maintaining effective internal controls over the systems from which the Report is derived.  
Ultimately, the Report has been approved by, and remains the responsibility of AES. 
 
LRQA’s Opinion 
Based on LRQA’s approach nothing has come to our attention that would cause us to believe that AES has not, in all 
material respects: 
• 
Met the requirements of the criteria listed above; and 
• 
Disclosed accurate and reliable performance data and information as summarized in Table 1 below. 
The opinion expressed is formed on the basis of a limited level of assurance2 and at the materiality of the 
professional judgement of the verifier.  
 
Table 1. Summary of AES’ Greenhouse Gas and Environmental Equity Share Data for CY 2021:  
Item1.1 
Quantity 
Unit 
Scope 1 GHG emission - excluding Biogenic 
41,111,487 
Metric Tonnes CO2e 
Scope 1 GHG emissions - Biogenic 
90,904 
Metric Tonnes CO2e 
Scope 2 GHG emissions – (Location-based)1.2 
253,302 
Metric Tonnes CO2e 
Scope 2 GHG emissions – (Market-based)1.2 
253,302 
Metric Tonnes CO2e 
Scope 3 GHG emissions – Electricity Sales 
7,350,511 
Metric Tonnes CO2e 
Scope 3 GHG Emissions – Business Air Travel 
527 
Metric Tonnes CO2e 
Electricity Generated - Gross 
72,506,148 
MWh 
Electricity Generated -Net 
67,920,775 
MWh 
Air Emissions: Sulfur Dioxide (SO2) 
51,245 
Metric Tons 
Air Emissions: Nitrogen Oxides (NOx) 
35,660 
Metric Tons 
Air Emissions: Particulate Matter (PM) 
2,482 
Metric Tons 
Air Emissions: Mercury (Hg) 
0.28 
Metric Tons 
Note 1.1: Greenhouse gas emissions, electricity generation and other air emissions data are reported using the equity share 
organizational boundary.  
Note 1.2:  Scope 2, Location-based and Scope 2, Market-based are defined in the WRI/WBCSD GHG Protocol Scope 2 Guidance, 2015 
 
 
2.  The extent of evidence-gathering for a limited assurance engagement is less than for a reasonable assurance engagement.  
Limited assurance engagements focus on aggregated data rather than physically checking source data at sites.  Consequently, 
the level of assurance obtained in a limited assurance engagement is lower than the assurance that would have been obtained 
had a reasonable assurance engagement been performed.

39    |    © 2022 THE AES CORPORATION
 
Table 2. Summary of AES’ CY 2021 Sustainability Data for Operationally Controlled Facilities.  
Item2.1 
Quantity 
Unit 
Water Withdrawal 
3,480,735,392 
Cubic Meter 
Water Discharge 
3,364,688,443 
Cubic Meter 
Solid Waste Generation: Ash & Gypsum from coal combustion  
6,047,470 
Metric Tons 
Solid Waste Recycling: Ash & Gypsum from coal combustion 
1,979,354 
Metric Tons 
Hazardous Waste Generation2.2 
4,704 
Metric Tons 
Lost Time Incident Case Rate-AES Employees 
0.075 
Per 200,000 Hours 
Lost Time Incident Case Rate-Operations Contractors 
0.109 
Per 200,000 Hours 
Lost Time Incident Case Rate-Construction Contractors 
0.028 
Per 200,000 Hours 
Note 2.1: Environmental and safety data reported using operational control organizational boundary.  
Note 2.2: AES defines hazardous waste as waste classified as hazardous by local applicable rules and regulations or under the Basel 
Convention. PCB liquids and PCB contaminated solid waste are also included.  
 
 
LRQA’s Approach 
LRQA’s assurance engagements are carried out in accordance with our verification procedure. The following tasks 
were undertaken as part of the evidence gathering process for this assurance engagement:  
• 
analysing GHG emissions and EHS data from a sample of facilities;  
• 
interviewing relevant employees of the organization responsible for managing GHG emissions and EHS data 
and records; 
• 
assessing AES’ data management systems to confirm they are designed to prevent significant errors, omissions 
or mis-statements in the Report. We did this by reviewing the effectiveness of data handling procedures, 
instructions, and systems, including those for internal quality control; and 
• 
verifying CY 2021 GHG emissions and EHS data at an aggregated level.

40    |    © 2022 THE AES CORPORATION
 
LRQA’s Standards, Competence and Independence 
LRQA implements and maintains a comprehensive management system that meets accreditation requirements for 
ISO 14065 Greenhouse gases – Requirements for greenhouse gas validation and verification bodies for use in 
accreditation or other forms of recognition and ISO/IEC 17021 Conformity assessment – Requirements for bodies 
providing audit and certification of management systems that are at least as demanding as the requirements of the 
International Standard on Quality Control 1 and comply with the Code of Ethics for Professional Accountants issued 
by the International Ethics Standards Board for Accountants. 
 
LRQA ensures the selection of appropriately qualified individuals based on their qualifications, training and 
experience. The outcome of all verification and certification assessments is then internally reviewed by senior 
management to ensure that the approach applied is rigorous and transparent. 
 
 
Signed   
 
 
 
 
 
 
 
 
Dated: 25 July 2022 
 
 
 
 
Brooke Farrell 
 
 
 
 
 
 
 
 
 
LRQA Lead Verifier 
On behalf of LRQA, Inc., 
1330 Enclave Parkway, Suite 200 Houston, TX 77077 
 
 
LRQA reference: UQA 00000462 / 4843368 
 
 
LRQA, Inc., its affiliates and subsidiaries, and their respective officers, employees or agents are, individually and collectively, referred to in this clause as 'LRQA'. LRQA 
assumes no responsibility and shall not be liable to any person for any loss, damage or expense caused by reliance on the information or advice in this document or 
howsoever provided, unless that person has signed a contract with the relevant LRQA entity for the provision of this information or advice and in that case any 
responsibility or liability is exclusively on the terms and conditions set out in that contract. 
The English version of this Assurance Statement is the only valid version. LRQA assumes no responsibility for versions translated into other languages.  
 
This Assurance Statement is only valid when published with the Report to which it refers. It may only be reproduced in its entirety. 
 
Copyright © LRQA, 2022.

41    |    © 2022 THE AES CORPORATION
Forward-Looking Information
The information presented here is meant to provide an overview of 
The AES Corporation and is not meant to be precise or inclusive of all 
the Company’s inputs and outputs. Please see The AES Corporation’s 
2021 Annual Report on Form 10-K for detailed notes and 
further explanations of financial information and this Sustainability 
Report for more social and environmental information. 
In this document we make statements concerning our expectations, 
beliefs, plans, objectives, goals, strategies, and future events or 
performance. Such statements are “forward-looking statements” 
within the meaning of the Private Securities Litigation Reform Act 
of 1935 and of the Securities and Exchange Act of 1934. Forward-
looking statements are based on management’s beliefs and 
assumptions and can often be identified by terms and phrases that 
include “anticipate,” “believe,” “intend,” “estimate,” “expect,” “continue,” 
“should,” “could,” “may,” “plan,” “project,” “predict,” “will,” “potential,” 
“forecast,” “target,” “guidance,” “outlook” or other similar terminology. 
Although we believe that these forward-looking statements and the 
underlying assumptions are reasonable, we cannot assure you that 
they will prove to be correct.
Forward-looking statements involve a number of risks and 
uncertainties, and there are factors that could cause actual results 
to differ materially from those expressed or implied in our forward-
looking statements. Some of those factors (in addition to others 
described in our Annual Report on Form 10-K and in subsequent 
securities filings) include:
	
Æ
the economic climate, particularly the state of the economy in the 
areas in which we operate and the state of the economy in China, 
which impacts demand for electricity in many of our key markets, 
including the fact that the global economy faces considerable 
uncertainty for the foreseeable future, which further increases 
many of the risks discussed in our Annual Report on Form 10-K;
	
Æ
changes in inflation, demand for power, interest rates and foreign 
currency exchange rates, including our ability to hedge our 
interest rate and foreign currency risk;
	
Æ
changes in the price of electricity at which our generation 
businesses sell into the wholesale market and our utility 
businesses purchase to distribute; to their customers, and the 
success of our risk management practices, such as our ability to 
hedge our exposure to such market price risk;
	
Æ
changes in the prices and availability of coal, gas and other fuels 
(including our ability to have fuel transported to our facilities) and 
the success of our risk management practices, such as our ability 
to hedge our exposure to such market price risk, and our ability 
to meet credit support requirements for fuel and power supply 
contracts;
	
Æ
changes in and access to the financial markets, particularly 
changes affecting the availability and cost of capital in order 
to refinance existing debt and finance capital expenditures, 
acquisitions, investments and other corporate purposes;
	
Æ
our ability to fulfill our obligations, manage liquidity and comply 
with covenants under our recourse and non-recourse debt, 
including our ability to manage our significant liquidity needs and 
to comply with covenants under revolving credit facility and other 
existing financing obligations;
	
Æ
our ability to receive funds from our subsidiaries by way of 
dividends, fees, interest, loans or otherwise;
	
Æ
changes in our or any of our subsidiaries’ corporate credit ratings 
or the ratings of our or any of our subsidiaries’ debt securities 
or preferred stock, and changes in the rating agencies’ rating 
criteria;
	
Æ
our ability to purchase and sell assets at attractive prices and on 
other attractive terms;
	
Æ
our ability to compete in markets where we do business;
	
Æ
our ability to operate power generation, distribution and 
transmission facilities, including managing availability, outages 
and equipment failures; 
	
Æ
our ability to manage our operational and maintenance costs and 
the performance and reliability of our generating plants, including 
our ability to reduce unscheduled down times;
	
Æ
our ability to enter into long-term contracts, which limit volatility in 
our results of operations and cash flow, such as PPAs, fuel supply, 
and other agreements and to manage counterparty credit risks in 
these agreements;
	
Æ
variations in weather, especially mild winters and cooler summers 
in the areas in which we operate, the occurrence of difficult 
hydrological conditions for our hydropower plants, as well as 
hurricanes and other storms and disasters, wildfires and low 
levels of wind or sunlight for our wind and solar facilities;
	
Æ
pandemics, or the future outbreak of any other highly infectious 
or contagious disease, including the COVID-19 pandemic;
	
Æ
the performance of our contracts by our contract counterparties, 
including suppliers or customers; 
	
Æ
our ability to manage global supply chain disruptions;
	
Æ
severe weather and natural disasters;
	
Æ
our ability to raise sufficient capital to fund development projects 
or to successfully execute our development projects;
	
Æ
the success of our initiatives in renewable energy projects and 
energy storage projects;
	
Æ
the availability of government incentives or policies that support 
the development of renewable energy generation projects; 
	
Æ
our ability to keep up with advances in technology;

42    |    © 2022 THE AES CORPORATION
Additional risks and uncertainties are identified and discussed in 
AES’ reports filed with the Securities and Exchange Commission and 
are available on the SEC’s website (sec.gov). In light of these risks, 
uncertainties and assumptions, the events described in the forward-
looking statements might not occur or might occur to a different extent 
or at a different time than described. We undertake no obligation to 
publicly update or revise any forward-looking statements, whether 
as a result of new information, future events, or otherwise. If one or 
more forward-looking statements are updated, no inference should 
be drawn that additional updates will be made with respect to those or 
other forward-looking statements.
Forward-Looking Information
	
Æ
changes in number of customers or in customer usage;
	
Æ
the operations of our joint ventures and equity method 
investments that we do not control;
	
Æ
our ability to achieve reasonable rate treatment in our utility 
businesses; 
	
Æ
changes in laws, rules and regulations affecting our international 
businesses, particularly in developing countries;
	
Æ
changes in laws, rules and regulations affecting our utilities 
businesses, including, but not limited to, regulations which may 
affect competition, the ability to recover net utility assets and 
other potential stranded costs by our utilities;
	
Æ
changes in law resulting from new local, state, federal or 
international energy legislation and changes in political or 
regulatory oversight or incentives affecting our wind business 
and solar projects, our other renewables projects and our 
initiatives in GHG reductions and energy storage, including 
government policies or tax incentives;
	
Æ
changes in environmental laws, including requirements for 
reduced emissions, GHG legislation, regulation, and/or treaties 
and CCR regulation and remediation;
	
Æ
changes in tax laws, including U.S. tax reform, and challenges to 
our tax positions;
	
Æ
the effects of litigation and government and regulatory 
investigations;
	
Æ
the performance of our acquisitions;
	
Æ
our ability to maintain adequate insurance;
	
Æ
decreases in the value of pension plan assets, increases in 
pension plan expenses, and our ability to fund defined benefit 
pension and other postretirement plans at our subsidiaries;
	
Æ
losses on the sale or write-down of assets due to impairment 
events or changes in management intent with regard to either 
holding or selling certain assets;
	
Æ
changes in accounting standards, corporate governance and 
securities law requirements;
	
Æ
our ability to maintain effective internal controls over financial 
reporting;
	
Æ
our ability to attract and retain talented directors, management 
and other personnel;
	
Æ
cyber-attacks and information security breaches; and data 
privacy.

43    |    © 2021 THE AES CORPORATION

The AES Corporation
4300 Wilson Boulevard
Arlington, VA 22203
USA
703-522-1315 
www.aes.com