NEWARK, N.J., Oct. 15, 2021 /PRNewswire/ -- PSEG announced
today that it has joined the Business Ambition for 1.5°C and the
Race to Zero campaigns and commits to developing science-based
targets. The Race to Zero and Business Ambition for 1.5°C campaigns
are designed to help mobilize support from businesses, cities,
regions and investors for a healthy and resilient zero-carbon
economy in line with global efforts to limit warming to 1.5°C.
"Climate change is one of the preeminent challenges of our time,
and PSEG has an obligation to help address climate change and its
effect on our environment, our customers and communities around the
world," PSEG Chairman, President and CEO Ralph Izzo said. "As part of our vision of
achieving net-zero emissions by 2030, PSEG has already made
significant emissions reductions in our operations. Today, we are
taking the next step by joining the Race to Zero and committing to
develop science-based targets to help address the worst effects of
climate change, particularly for vulnerable populations."
Also today, PSEG launched its combined 2021 Sustainability and
Climate Report, available here, with updates on the company's
achievements and goals for a wide range of topics including air
emissions, energy efficiency, transportation and waste
minimization. In 2020, PSEG's generation portfolio emission rates
for NOx and SO2 were down year-over-year by 58% and 77%
respectively, reflecting emission rates that are significantly
below industry averagesi. The report also includes
updates on biodiversity commitments and support for environmental
justice and diversity, equity and inclusion across PSEG's many
diverse stakeholder groups and communities.
Climate change and the transition to a low-carbon economy
present opportunities and risks for PSEG. As a combined 2021
Sustainability and Climate Report, this document also dives into
the potential physical and transitional risks of climate change to
help PSEG better plan and prepare for the changes ahead, including
actions taken to achieve the company's recently announced net-zero
climate vision for 2030.
"Year after year, we are experiencing new weather extremes as
the evidence of climate change around us grows. Reducing the most
devastating impacts of climate change while increasing resiliency
will require a concerted effort by all sectors of the economy,"
Izzo said. "At PSEG, our value creation process combines the
responsible use of natural resources, technology and our workforce
to deliver the energy that sustains the modern economy. Our
combined 2021 Sustainability and Climate Report contains our
progress to date, commitments for the future and the changes that
will be needed to meet our goals."
The report provides updates on PSEG's progress across a range of
sustainability categories.
Targets and commitments
- Air emissions: PSEG is significantly reducing air and
other emissions by updating its operations and transitioning to
cleaner sources of energy, and already has one of the lowest
emissions rates among investor-owned power producers, according to
MJ Bradley's Benchmarking Air Emissions report, July 2021. As of 2020, PSEG has reduced its
greenhouse gas emissions by more than 54% since 2005 through
switching to lower-carbon fuelsii, improving energy
efficiency and modernizing our electricity and natural gas
networks, among other strategies.
- Energy efficiency: PSEG's energy efficiency targets have
been updated and remain on track. New
Jersey regulators approved $1
billion of energy efficiency spend for the three-year
programs, designed to help the state achieve its updated framework
for energy efficiency and peak demand reduction programs, setting
five-year savings targets of 2% for electric distribution and 0.75%
for gas distribution companies. PSEG's targets are aligned with
New Jersey's Clean Energy Act
(2018), which calls for these savings to be achieved by 2023.
- Transportation: PSEG aims to reduce fossil fuel use in
its own transportation fleet through vehicle electrification,
right-sizing the fleet and utilizing renewable fuels. By 2030, PSEG
aims to convert its passenger vehicles, such as sedans and SUVs,
60% of medium-duty vehicles and 90% of heavy-duty vehicles to
battery electric vehicles, plug-in hybrids or anti-idle jobsite
work systems.
- Waste minimization: Companywide, waste and recycling
programs successfully diverted 95.5% of material from landfills in
2020. Our ongoing goal for our utility, PSE&G, is to focus on
new waste streams for recycling, which will continue to decrease
landfill tonnage. The waste minimization goal for PSE&G is to
divert in excess of 95% of material from landfills.
- Biodiversity: PSEG is committed to promoting and
enhancing biodiversity through natural resource conservation while
continuing to operate in a safe and reliable manner. PSEG long ago
recognized the need to foster biodiversity, starting with
establishing the Estuary Enhancement Program in 1994 and continuing
to today as we work to foster the unique species that call our
region home, such as golden-winged warblers, ospreys, wood turtles
and the frosted elfin butterfly. Protection of our natural
resources and biodiversity drive our environmental philosophy and
the planning process considers the potential impacts on regional
biodiversity.
- Diversity, equity and inclusion: From inside the
company, to our suppliers, to out in the community, PSEG continues
to foster diversity, equity and inclusion, driving change at all
levels. PSEG has a target of 30% of total applicable spending
allocated to diverse suppliers, including minority-, women-,
veteran- and LGBTQ+ owned suppliers. During 2020, PSEG had a sixth
consecutive record-setting year by buying more than $644 million worth of goods and services from
diverse suppliers, a 15% increase over 2019. More than 28% of our
company's purchases were with diverse vendors. And PSEG is helping
develop New Jersey's clean energy
workforce through innovative training and development programs,
emphasizing low- to moderate-income and underrepresented
communities.
- Environmental justice: PSEG's approach to the transition
to a low-carbon economy is a holistic one, which entails
considering how to do so in a just and equitable way. PSEG is
developing an environmental justice commitment in support of the
many diverse communities it serves across the region and believes
such a commitment should convey the importance of centering
environmental justice considerations across our organization so
that our customers – especially those in underrepresented
communities – can benefit from the coming changes of a decarbonized
future.
PSEG remains focused on value creation and long-term growth for
all stakeholders, including shareholders, employees, customers and
the communities in which it operates. PSEG's financial strength
enhances its ability to sustain excellence in operations, deploy
capital effectively and deliver value to our customers and
shareholders.
Supporting the regional economy
PSEG's investments in critical energy infrastructure serve as an
important economic engine. In 2020, PSEG invested nearly
$2 billion with other New Jersey-based firms, driving the regional
economy as those businesses and suppliers provide additional jobs
in the region. PSEG's nuclear plants in South Jersey contribute
$1.2 billion to New Jersey's annual GDP.
In April 2021, PSEG completed its
acquisition of a 25% ownership interest in Ocean Wind 1. The
1,100-megawatt offshore wind farm is New
Jersey's first and part of the state's goal to develop 7,500
megawatts of offshore wind energy by 2035. Ocean Wind 1 is expected
to power roughly 500,000 homes, generate $1.17 billion in economic benefits and create
more than 300 direct jobs annually, or an estimated 15,000 jobs
over its lifetime.
Commitment to transparency and disclosure
To facilitate ESG analysis across critical stakeholder
organizations, PSEG follows best-in-class disclosure practices for
transparency and reporting, including illustrating our connection
to the United Nations Sustainable Development Goals as well as
presenting our data in accordance with the Taskforce on Climate
Financial Disclosure (TCFD) framework and the Global Reporting
Initiative (GRI) index.
PSEG is an infrastructure company focused on a clean energy
future, powered by a diverse, dedicated and highly skilled
workforce. In August 2021, PSEG
agreed to sell its PSEG Fossil generating portfolio, intending to
divest its non-nuclear generating fleet and focus its business
strategy on its regulated operations, retain its carbon-free
nuclear fleet and continue to pursue clean energy technologies,
including grid modernization, energy efficiency, electric vehicle
infrastructure and offshore wind energy. PSEG's Powering
Progress vision continues to be for a future in which people
use less energy, and that energy is cleaner and delivered more
reliably than ever. In July, PSEG announced it has accelerated its
net-zero climate vision by 20 years to 2030, further supporting
PSEG's compelling ESG profile.
Public Service Enterprise Group Inc. (PSEG) (NYSE: PEG) is a
publicly traded diversified energy company with approximately
13,000 employees. Headquartered in Newark, N.J., PSEG's principal operating
subsidiaries are: Public Service Electric and Gas Co. (PSE&G),
PSEG Power and PSEG Long Island. PSEG is a Fortune 500 company
included in the S&P 500 Index and has been named to the Dow
Jones Sustainability Index for North
America for 13 consecutive years.
(https://corporate.pseg.com).
Visit PSEG
at:
www.pseg.com
PSEG on Facebook
PSEG on Twitter
PSEG on LinkedIn
PSEG Energize!
Forward-Looking Statement
The statements contained in this press release that are not
purely historical are "forward-looking statements" within the
meaning of The Private Securities Litigation Reform Act of 1995.
Such forward-looking statements are subject to risks and
uncertainties, which could cause actual results to differ
materially from those anticipated. Such statements are based on
management's beliefs as well as assumptions made by and information
currently available to management. Factors that may cause actual
results to differ materially from those contemplated in any
forward-looking statements made by us herein are discussed in our
Annual Report on Form 10-K and subsequent reports on Form 10-Q and
Form 8-K filed with the Securities and Exchange Commission (SEC),
and available on our website: https://investor.pseg.com. All of the
forward-looking statements made in this press release are qualified
by these cautionary statements and we cannot assure you that the
results or developments anticipated by management will be realized
or even if realized, will have the expected consequences to, or
effects on, us or our business, prospects, financial condition,
results of operations or cash flows. Readers are cautioned not to
place undue reliance on these forward-looking statements in making
any investment decision. Forward-looking statements made in this
press release apply only as of the date hereof. While we may elect
to update forward-looking statements from time to time, we
specifically disclaim any obligation to do so, even in light of new
information or future events, unless otherwise required by
applicable securities laws.
From time to time, PSEG, PSE&G and PSEG Power release
important information via postings on their corporate Investor
Relations website at https://investor.pseg.com.
Investors and other interested parties are encouraged to visit the
Investor Relations website to review new postings. You can
sign up for automatic email alerts regarding new postings at the
bottom of the webpage at
https://investor.pseg.com.
i PSEG 2021 Sustainability and Climate Report
(September 2021), page 67.
ii PSEG 2021 Sustainability and Climate Report
(September 2021), page 50.
CONTACTS:
|
|
Investor
Relations
|
Media
Relations
|
Carlotta
Chan
|
Marijke
Shugrue
|
973-430-6565
|
908-531-4253
|
Carlotta.Chan@pseg.com
|
Marijke.Shugrue@pseg.com
|
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