MILWAUKEE, July 26, 2021 /PRNewswire/ -- WEC Energy Group
(NYSE: WEC) today released its 2020 Corporate Responsibility
Report, a comprehensive overview of the company's environmental,
social and governance (ESG) performance. The report details
progress made by WEC Energy Group and its family of companies on
major projects and sustainability goals.
The report highlights the company's industry-leading effort to
reduce greenhouse gas and methane emissions and also looks at how
in 2020 — a year like no other — the company adapted quickly to
serve communities and supply essential energy resources to
"Our focus on executing the fundamentals of our business allowed
us to serve customers safely and reliably, invest in our
communities and set far reaching environmental targets," said
Gale Klappa, executive chairman.
Industry-leading environmental goals
WEC Energy Group has established aggressive new goals for
lowering emissions — emerging as a national leader in the
decarbonization effort. The company is targeting a 60 percent
reduction in carbon emissions from electric generation by 2025 and
an 80 percent reduction by the end of 2030, both below 2005 levels.
The company is also planning for a net-zero electric generation
fleet by 2050.
WEC Energy Group also set a new goal to achieve net-zero methane
emissions across its natural gas distribution operations by the end
In recognition of the company's ambitious sustainability goals
and strategic planning, WEC Energy Group was recognized by Capital
Finance International Magazine with a 2021 Energy Award for Best
ESG Growth Strategy in the U.S.
Diversity and inclusion
The company also highlighted its commitment to ensuring a
diverse and inclusive workplace. In 2020, the company increased
diversity among its leadership group and refined plans to ensure
all talent development and engagement efforts align with diversity,
equity and inclusion goals.
The company spent a record $303.4
million in 2020 with diverse suppliers.
WEC Energy Group was recognized by the Milwaukee Business
Journal with the 2021 Diversity in Business Award, in recognition
of the company's support for diversity and inclusion, both in the
workplace and in supply chain.
Additional 2020 performance highlights
- Named one of America's most responsible companies by Newsweek
- We Energies, the company's largest utility, was named the most
reliable in the Midwest for the 10th year in a row.
- Invested nearly $2.2 billion in
the company's core business to maintain reliability and improve
- Began commercial operation of Wisconsin's first large-scale solar energy
- Provided $20 million of grants
and donations to nonprofit organizations.
- Through refreshment of its board of directors, 50 percent are
women or minorities.
The 2020 Corporate Responsibility Report and additional
information on WEC Energy Group's ESG efforts can be found online
WEC Energy Group (NYSE: WEC), based in Milwaukee, is one of the nation's premier
energy companies, serving 4.6 million customers in Wisconsin, Illinois, Michigan and Minnesota.
The company's principal utilities are We Energies, Wisconsin
Public Service, Peoples Gas, North Shore Gas, Michigan Gas
Utilities, Minnesota Energy Resources and Upper Michigan Energy
Resources. Another major subsidiary, We Power, designs, builds and
owns electric generating plants. In addition, WEC Infrastructure
LLC owns a growing fleet of renewable generation facilities in the
WEC Energy Group (wecenergygroup.com) is a Fortune 500
company and a component of the S&P 500. The company has
approximately 41,000 stockholders of record, 7,200 employees and
more than $37 billion of
Certain statements contained in this press release are
"forward-looking statements" within the meaning of Section 27A of
the Securities Act of 1933 and Section 21E of the Securities
Exchange Act of 1934. These statements are based upon management's
current expectations and are subject to risks and uncertainties
that could cause our actual results to differ materially from those
contemplated in the statements. Readers are cautioned not to place
undue reliance on these statements. Forward-looking statements
include, among other things, statements concerning management's
expectations and projections regarding emissions reduction goals.
In some cases, forward-looking statements may be identified by
reference to a future period or periods or by the use of
forward-looking terminology such as "anticipates," "believes,"
"estimates," "expects," "forecasts," "guidance," "intends," "may,"
"objectives," "plans," "possible," "potential," "projects,"
"should," "targets," "will" or similar terms or variations of these
Factors that could cause actual results to differ materially
from those contemplated in any forward-looking statements include,
but are not limited to: general economic conditions, including
business and competitive conditions in the company's service
territories; the extent, duration and impact of the COVID-19
pandemic or any future health pandemics; timing, resolution and
impact of rate cases and other regulatory decisions; the company's
ability to continue to successfully integrate the operations of its
subsidiaries; availability of the company's generating facilities
and/or distribution systems; unanticipated changes in fuel and
purchased power costs; key personnel changes; varying, adverse or
unusually severe weather conditions; continued industry
restructuring and consolidation; continued advances in, and
adoption of, new technologies that produce power or reduce power
consumption; energy and environmental conservation efforts; the
company's ability to successfully acquire and/or dispose of assets
and projects; cybersecurity threats and data security breaches;
construction risks; equity and bond market fluctuations; changes in
the company's and its subsidiaries' ability to access the capital
markets; changes in tax legislation or our ability to use certain
tax benefits and carryforwards; the impact of legislative and
regulatory changes, including changes to environmental standards
and greenhouse gas regulations; political developments; current and
future litigation and regulatory investigations, proceedings or
inquiries; changes in accounting standards; the financial
performance of American Transmission Company as well as projects in
which the company's energy infrastructure business invests; the
ability of the company to obtain additional generating capacity at
competitive prices; goodwill and its possible impairment; and other
factors described under the heading "Factors Affecting Results,
Liquidity and Capital Resources" in Management's Discussion and
Analysis of Financial Condition and Results of Operations and under
the headings "Cautionary Statement Regarding Forward-Looking
Information" and "Risk Factors" contained in the company's Form
10-K for the year ended Dec. 31,
2020, and in subsequent reports filed with the Securities
and Exchange Commission. Except as may be required by law, the
company expressly disclaims any obligation to publicly update or
revise any forward-looking information.
SOURCE WEC Energy Group