2050 target is extension of Company's decades' long
commitment to sustainability
at forefront of Company's strategic direction
OAKVILLE, ON, Oct. 5, 2021 /CNW/ - Algonquin Power &
Utilities Corp. ("Algonquin" or the "Company") (TSX: AQN) (NYSE:
AQN) today announced its commitment to a net-zero by 2050 target.
This target is rooted in Algonquin's purpose of sustaining
energy and water for life and is a reflection of the
Company's track record of being a leader in the transition to a
low-carbon economy. Concurrently, Algonquin is releasing its 2021
ESG Report, which details Algonquin's progress with respect to
environmental, social and governance ("ESG") matters.
"Algonquin started 33 years ago as a developer of renewable
energy facilities, and today we own, operate, or have interests in
over 4,000 MW of renewable capacity. We are also an early pioneer
in building renewables into rate base," said Arun Banskota, President & Chief Executive
Officer of Algonquin. "Today's announcement of our net-zero by 2050
target, together with our interim 2023 goals, reinforces our
commitment to maintaining a leadership position on our
Throughout its history, Algonquin has prioritized being a good
steward of energy and water assets, and has demonstrated
significant emissions reduction results to date:
- Enterprise greenhouse gas emissions were reduced by
31%1 from 2017 through 2020.
- Algonquin's mid-west operations emissions were reduced by 33%
from 2017 through 2020.
- Algonquin's California-based
electric operations' emissions have been reduced by 38% through
"The global call for climate action is accelerating and it's
vital that companies like Algonquin demonstrate a clear commitment
to responsible decarbonization in support of a resilient common
future for all," Mr. Banskota said. "Net-zero by 2050 is a natural
extension of our sustainability focus, and we're grateful to have
the opportunity to continue working with our employees,
communities, partners and peers to reach our ESG goals."
Progress on Interim Goals
In 2019, Algonquin announced nine ambitious goals for 2023,
covering key ESG issues. One of these nine sustainability goals is
to add 2,000 MW of additional low-cost renewable generation
capacity from 2019 through 2023. The Company is currently on track
to accomplish this goal, with 1,418 MW of new renewable generation
having been completed since 2019.
The early closure of the Company's Asbury Coal Plant in the U.S.
mid-west and completion of approximately 600 MW of new wind
generation has led to the early achievement of the Company's goal
of reducing emissions by one million metric tonnes.
In addition, Algonquin's renewable generation capacity
represents over 60% of its total generation capacity, placing
the Company on track to achieve its goal of 75% renewable
generation capacity by the end of 2023.
"We have demonstrated, through initiatives such as our Midwest
Greening the Fleet and related closure of Asbury, that
transitioning from fossil fuels to renewable energy solutions is
not only possible, it's also a recipe for success," said
George Trisic, Chief Governance
Officer and Corporate Secretary. "By transitioning to renewables,
we expect to reduce customer rates over time, reduce environmental
impacts on the local and global environments, and achieve further
sustainable growth in the coming decades."
For more on Algonquin's net-zero plan, and to access a copy of
the 2021 ESG Report, visit its website at
Calculation includes preliminary base year emissions
estimates for ESSAL (Chile) and Ascendant (Bermuda), each acquired
in 2020. These annualized estimates are based on actual
emissions data for these entities during the 2020 post-acquisition
period. Formal base year recalculations for ESSAL and Ascendant are
expected to be performed in connection with Algonquin's 2021
calendar year ESG disclosure.
About Algonquin Power & Utilities Corp. and
Algonquin Power & Utilities Corp., parent company of
Liberty, is a diversified international generation, transmission,
and distribution utility with over $16
billion of total assets. Through its two business groups,
the Regulated Services Group and the Renewable Energy Group,
Algonquin is committed to providing safe, secure, reliable,
cost-effective, and sustainable energy and water solutions through
its portfolio of electric generation, transmission, and
distribution utility investments to over one million customer
connections, largely in the United
States and Canada. Algonquin is a global leader in
renewable energy through its portfolio of long-term contracted
wind, solar, and hydroelectric generating facilities. Algonquin
owns, operates, and/or has net interests in over 4 GW of installed
renewable energy capacity.
Algonquin is committed to delivering growth and the pursuit of
operational excellence in a sustainable manner through an expanding
global pipeline of renewable energy and electric transmission
development projects, organic growth within its rate-regulated
generation, distribution, and transmission businesses, and the
pursuit of accretive acquisitions.
Algonquin's common shares, Series A preferred shares, and Series
D preferred shares are listed on the Toronto Stock Exchange under
the symbols AQN, AQN.PR.A, and AQN.PR.D, respectively. AQN's common
shares, Series 2018-A subordinated notes, Series 2019-A
subordinated notes and equity units are listed on the New York
Stock Exchange under the symbols AQN, AQNA, AQNB, and AQNU,
at www.algonquinpowerandutilities.com and follow us on
Caution Regarding Forward-Looking Statements
Certain statements included in this news release constitute
''forward-looking information'' within the meaning of applicable
securities laws in each of the provinces of Canada and the respective policies,
regulations and rules under such laws and ''forward-looking
statements'' within the meaning of the U.S. Private Securities
Litigation Reform Act of 1995 (collectively, ''forward-looking
statements"). The words "will", "expects", "targets" and similar
expressions are often intended to identify forward-looking
statements, although not all forward-looking statements contain
these identifying words. Specific forward-looking statements in
this news release include, but are not limited to statements
regarding the Company's sustainability and ESG targets, initiatives
and goals, and the Company's expectations regarding the benefits,
outcomes and impacts of transitioning to renewable energy.
These statements are based on factors or assumptions that were
applied in drawing a conclusion or making a forecast or projection,
including assumptions based on historical trends, current
conditions and expected future developments. Since forward-looking
statements relate to future events and conditions, by their very
nature they require making assumptions and involve inherent risks
and uncertainties. Algonquin cautions that although it is believed
that the assumptions are reasonable in the circumstances, these
risks and uncertainties give rise to the possibility that actual
results may differ materially from the expectations set out in the
forward-looking statements. Material risk factors and assumptions
include those set out in the Company's Management Discussion &
Analysis and Annual Information Form for the year ended
December 31, 2020, and in the
Company's Management Discussion & Analysis for the three months
ended June 30, 2021 (the "Interim
MD&A"), each of which is available on SEDAR and EDGAR. Given
these risks, undue reliance should not be placed on these
forward-looking statements, which apply only as of their dates.
Other than as specifically required by law, Algonquin undertakes no
obligation to update any forward-looking statements to reflect new
information, subsequent or otherwise.
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SOURCE Algonquin Power & Utilities Corp.