Constellation Energy Releases Statement Regarding the 15th Conference of the Parties of the United Nations Framework Conventi...
December 07 2009 - 10:16AM
Business Wire
Constellation Energy (NYSE:CEG) today released the following
statement regarding the 15th Conference of the Parties of the
United Nations Framework Convention on Climate Change (UNFCCC) in
Denmark, Copenhagen, Dec. 7 -18, 2009.
“Constellation Energy is hopeful that the international
community will agree to a political framework that will ensure the
conclusion of negotiations in 2010 for a successor agreement to the
Kyoto Protocol,” said Mayo A. Shattuck III, chairman, president and
chief executive officer, Constellation Energy. “Although we
recognize that a number of challenges remain to negotiating a final
agreement under the UNFCCC, we believe that a pathway to success
can be found if governments focus on developing pragmatic
strategies for commercializing and deploying key low-carbon energy
technologies – particularly for baseload stationary power
generation and transportation.
“The world’s climate experts, including the Intergovernmental
Panel on Climate Change, believe that nuclear energy, in
particular, plays an indispensable role in substantially reducing
greenhouse gas emissions, improving air quality and strengthening
energy security in a sustainable manner that takes into account
economic development and poverty eradication goals,” said Shattuck.
“We applaud President Obama’s decision to attend the Copenhagen
Conference and believe his pledge to lead the United States to
reduce greenhouse gas emissions in the range of 17 percent below
2005 levels by 2020 is ambitious and reasonably achievable.
“Accomplishing this goal will set a strong foundation for
attaining an 80 percent reduction by 2050,” said Shattuck. “There
are fresh and encouraging signs that other major countries intend
to pursue comparably constructive goals. The U.S. is well on its
way toward the president’s target, and new cap and trade
legislation and incentives, if done right, can ensure that we
cost-effectively make the transition to a cleaner energy
system.
“There appears to be a global consensus that the world needs to
cut its emissions in half by 2050, compared to today’s levels,”
said Shattuck. “At Constellation Energy, we are particularly
focused on the technological and industrial transformation that
will be necessary to meet that objective. Nuclear energy currently
provides about 14 percent of the globe’s commercial electricity and
that number needs to increase substantially if we are to meet the
2050 long-term goal.
“The developing world is already taking significant steps in
building a new fleet of nuclear reactors that will benefit the
climate,” said Shattuck. “According to the Energy Information
Agency, China and India are projected to add 47 gigawatts and 17
gigawatts of nuclear capacity, respectively, between 2006 and 2030.
Such low-carbon power generation strategies will cut greenhouse gas
emissions significantly below business-as-usual scenarios in
developing countries. Given their role in mitigating emissions,
developing country investments in nuclear should certainly be
acknowledged in Nationally Appropriate Mitigation Actions.
“Constellation Energy is working to transform the way we power
our cities, homes and also our vehicles, using low-emitting
baseload nuclear power to reduce our dependency on foreign oil and
improve air quality,” said Shattuck. “Because of the challenges
posed by electrifying the global transport sector, we have a strong
commitment to Smart Grid and other similar green initiatives.
“As we develop and execute strategies to transform the global
energy infrastructure, we must recognize that major innovation will
be required, and that the new ideas and breakthrough products will
spring from the search for sustainable energy sources and
technologies,” said Shattuck. “Constellation Energy's pursuit of
sustainable energy solutions is grounded in an unyielding and
comprehensive commitment to environmental stewardship.
Environmental protection is a foundational value for our company.
We believe firmly that it is our responsibility to care for the
environment and sustain our natural resources for future
generations. This is both proper social responsibility and wise
business practice.”
In Constellation Energy’s view, a meaningful U.S. climate change
program must:
- Be capable of linking with
international efforts such as those being debated in
Copenhagen,
- Reflect a market-based approach
to achieving mandated emissions reductions,
- Apply on an economy-wide scale,
including transportation and other sectors, and
- Provide sufficient regulatory
clarity and stability to enable markets to form and long-term
investment to take place.
About Constellation Energy
Constellation Energy (www.constellation.com) is a leading
supplier of energy products and services to wholesale and retail
electric and natural gas customers. It owns a diversified fleet of
generating units located in the United States and Canada, totaling
approximately 7,100 megawatts of generating capacity, and is among
the leaders pursuing the development of new nuclear plants in the
United States. The company delivers electricity and natural gas
through the Baltimore Gas and Electric Company (BGE), its regulated
utility in Central Maryland. A FORTUNE 500 company headquartered in
Baltimore, Constellation Energy had revenues of $19.8 billion in
2008.
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