- Company announces emissions reduction milestone – New Jersey
operational emissions reduced to 50% of 2006 levels
- Sets new target of 60% emissions reduction from 2006 levels by
2030
- Announces $25,000 to help combat climate change with The Nature
Conservancy
- Releases 2020 Corporate Sustainability Report
New Jersey Resources (NYSE: NJR) today announced significant
progress in advancing its sustainability agenda, including
surpassing its goal of voluntarily reducing the company’s
operational emissions in New Jersey to 50% of 2006 levels by 2030 –
well ahead of schedule. Building on this accomplishment, NJR set a
new emissions reduction target of a 60% reduction of 2006 levels by
2030 from its New Jersey operations.
“New Jersey Resources is helping lead the way to a clean energy
future. Achieving a 50% reduction in our New Jersey operational
emissions is an important accomplishment that shows our company’s
strong support for New Jersey’s clean energy and climate goals,”
said New Jersey Resources President and CEO Steve Westhoven.
“Reaching this goal ahead of schedule was possible because of our
long track record of prioritizing safe, reliable infrastructure
investments to modernize our natural gas system in an
environmentally responsible way.”
NJR reached its 50% by 2030 goal by making key investments in
its natural gas delivery system, facilities and fleet that have
substantially reduced emissions. To meet its new goal of a 60%
reduction of 2006 levels by 2030, NJR will focus its reduction
strategies on transitioning its fleet to low- or no-carbon fuels;
continuing to upgrade its natural gas infrastructure; and,
introducing decarbonized fuels, such as renewable natural gas and
hydrogen into its supply. NJR’s emissions reduction target for its
New Jersey operations remains squarely in line with the state’s
Global Warming Response Act objective of an 80% reduction in 2006
emission levels by 2050.
The announcements were made at NJR’s annual shareowners meeting
in conjunction with the release of its 2020 Corporate
Sustainability Report, which highlights the effectiveness of NJR’s
business continuity efforts in the time of COVID-19; the extensive
support of its communities through volunteerism and corporate
citizenship; the strength, independence and diversity of its board
of directors; and, how infrastructure investments have made the
utility’s delivery system among the most environmentally sound in
the country, preparing the company to deliver decarbonized gas to
support a clean energy transition.
Building on its commitment to sustainability and transparency on
Environmental, Social and Governance (ESG) issues, fiscal 2020
marks the first year in which NJR is reporting its progress through
the Sustainability Accounting Standards Board framework and the
American Gas Association’s ESG Questionnaire, in addition to the
Global Reporting Index.
To access the report and for more information on NJR’s
sustainability agenda, goals and progress, visit
www.NJRSustainability.com.
The company also announced a new partnership with the New Jersey
chapter of The Nature Conservancy, a leading environmental group,
on critical work to restore and preserve saltwater marshes in the
Barnegat Bay watershed.
Salt marshes and sea grass are a vital part of New Jersey’s
coastal regions and serve a critical function in addressing climate
change. Tidal wetlands are effective at removing carbon from the
atmosphere and storing it in soil for thousands of years. They also
are an important tool in fighting the effects of extreme weather –
serving as a natural barrier against wave energy and storm surge,
reducing their intensity to protect people and property.
“Our company is not only taking aggressive and innovative
actions to reduce emissions from our own operations, in-line with
public policy goals, we are also working to help fight climate
change and its effects through the restoration of salt water tidal
wetlands in the Barnegat Bay,” said Westhoven.
Sea level rise is eroding the integrity and effectiveness of
these critical ecosystems, and restoration of New Jersey’s salt
marsh has been identified by the New Jersey Department of
Environmental Protection as a strategy to mitigate the effects of
climate change.
“Since 2014, The Nature Conservancy and our partners have been
piloting an innovative restoration technique that holds incredible
potential for large-scale renewal of struggling marshes in New
Jersey,” said Dr. Barbara Brummer, State Director of The Nature
Conservancy’s New Jersey Chapter. “NJR’s support and partnership on
this essential salt marsh restoration project comes at a critical
time as we look to expand our work and identify restoration needs
and plans for more than 80 marsh islands throughout the Barnegat
Bay. We thank NJR for taking action and supporting this opportunity
to make a real, long-term difference combating the effects of
climate change. We believe our work together will have real,
lasting benefits for the people, property and wildlife of the
Barnegat Bay Watershed, and for our planet.”
Forward-Looking Statements
Certain statements within this release are forward-looking
statements within the meaning of Section 27A of the Securities Act
of 1933, as amended, Section 21E of the Securities Exchange Act of
1934, as amended, and the Private Securities Litigation Reform Act
of 1995. NJR cautions readers that the assumptions forming the
basis for forward-looking statements include many factors that are
beyond NJR’s ability to control or estimate precisely, such as
estimates of future market conditions and the behavior of other
market participants. Words such as “anticipates,” “estimates,”
“expects,” “projects,” “may,” “will,” “intends,” “plans,”
“believes,” “should” and similar expressions may identify
forward-looking statements and such forward-looking statements are
made based upon management’s current expectations, assumptions and
beliefs as of this date concerning future developments and their
potential effect upon NJR. There can be no assurance that future
developments will be in accordance with management’s expectations,
assumptions and beliefs or that the effect of future developments
on NJR will be those anticipated by management. Forward-looking
statements in this release include, but are not limited to, certain
statements regarding NJR’s environmental, sustainability and clean
energy goals, emission reduction targets, and future capital
expenditures, infrastructure programs and investments,
transitioning NJR’s fleet to low- or no-carbon fuels and
introducing decarbonized fuels, such as renewable natural gas and
hydrogen into our supply.
Additional information and factors that could cause actual
results to differ materially from NJR’s expectations are contained
in NJR’s filings with the U.S. Securities and Exchange Commission
(“SEC”), including NJR’s Annual Reports on Form 10-K and subsequent
Quarterly Reports on Form 10-Q, recent Current Reports on Form 8-K,
and other SEC filings, which are available at the SEC’s web site,
http://www.sec.gov. Information included in this release is
representative as of today only and while NJR periodically
reassesses material trends and uncertainties affecting NJR’s
results of operations and financial condition in connection with
its preparation of management’s discussion and analysis of results
of operations and financial condition contained in its Quarterly
and Annual Reports filed with the SEC, NJR does not, by including
this statement, assume any obligation to review or revise any
particular forward-looking statement referenced herein in light of
future events.
About New Jersey
Resources
New Jersey Resources (NYSE: NJR) is a Fortune 1000 company that,
through its subsidiaries, provides safe and reliable natural gas
and clean energy services, including transportation, distribution,
asset management and home services. NJR is composed of five primary
businesses:
- New Jersey Natural Gas, NJR’s principal subsidiary,
operates and maintains over 7,500 miles of natural gas
transportation and distribution infrastructure to serve over half a
million customers in New Jersey’s Monmouth, Ocean, Morris,
Middlesex and Burlington counties.
- Clean Energy Ventures invests in, owns and operates
solar projects with a total capacity of more than 350 megawatts,
providing residential and commercial customers with low-carbon
solutions.
- Energy Services manages a diversified portfolio of
natural gas transportation and storage assets and provides physical
natural gas services and customized energy solutions to its
customers across North America.
- Storage & Transportation serves customers from local
distributors and producers to electric generators and wholesale
marketers through its ownership of Leaf River Energy Center and the
Adelphia Gateway Pipeline Project, as well as our 50 percent equity
ownership in the Steckman Ridge natural gas storage facility, and
our 20 percent equity interest in the PennEast Pipeline
Project.
- Home Services provides service contracts as well as
heating, central air conditioning, water heaters, standby
generators, solar and other indoor and outdoor comfort products to
residential homes throughout New Jersey.
NJR and its more than 1,100 employees are committed to helping
customers save energy and money by promoting conservation and
encouraging efficiency through Conserve to Preserve® and
initiatives such as The SAVEGREEN Project® and The Sunlight
Advantage®. For more information about NJR:
www.njresources.com.
Follow us on Twitter @NJNaturalGas. “Like” us on
facebook.com/NewJerseyNaturalGas. Download our free NJR investor
relations app for iPad, iPhone and Android.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20210120005641/en/
Media Contact: Michael Kinney 732-938-1031
mkinney@njresources.com
Investor Contact: Dennis Puma 732-938-1229
dpuma@njresources.com
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