PSEG (NYSE:PEG) today announced its new climate goal — to eliminate 13 million tons of CO2-equivalent emissions by 2030 — in conjunction with the release of the company’s 2017 Sustainability Report. The report is available online at www.pseg.com/sustainability.
The report provides an in-depth look at how the company’s investments in solar energy, energy efficiency and infrastructure projects are improving the reliability and resiliency of its electric and gas systems. The updated report also outlines PSEG’s efforts to reduce environmental impacts and be socially responsible while creating business opportunities and well-paying jobs.
The report details PSEG’s work toward a cleaner energy future. Those efforts include:
- investing more than $1.5 billion in solar energy;
- modernizing its underground natural gas distribution system to reduce greenhouse gas emissions 122,000 tons a year;
- maintaining the state’s nuclear fleet, which produces nearly half the state’s electricity and generates more than 90 percent of New Jersey’s carbon-free electricity; and
- helping every customer benefit from energy efficiency.
“Our experience demonstrates that it is possible to power the economy, provide good jobs for people and protect the environment — all at the same time,” said Ralph Izzo, PSEG’s Chairman, President and CEO. “By setting high standards, we have established PSEG as a national model in carbon free energy, in reliability and resiliency — leadership that positions us to help our business partners meet their own sustainability goals, as well.”
PSEG is also piloting an Environmental, Social and Governance (ESG) criteria template, as part of a program among Edison Electric Institute members. The goal of the program is to provide greater uniformity and consistency regarding sustainability reporting.
The 2017 Corporate Sustainability Report is the company’s seventh, and includes an assessment of its business operations, initiatives, social impact agenda and philanthropic efforts using the United Nation’s 17 Sustainable Development Goals (SDGs). The update includes a table summarizing the topics most relevant to PSEG’s core business and provides links to sections where the company discusses its approach and contributions.
The company’s new climate goal is to eliminate 13 million tons of CO2-equivalent emissions by 2030, with 2005 serving as the baseline. The reduction is the equivalent of taking 2.8 million cars off the road. Previously, PSEG established a goal of reducing its GHG emissions by 25 percent from 2005 levels by 2025. PSEG met that goal in 2011, 14 years ahead of schedule. The company’s new goal is a continuation of its success to further reduce emissions and provide more low-carbon energy.
“Making New Jersey and the communities we serve more sustainable — better places to work and live — is central to our mission,” Izzo said. “We approach that challenge with the help of a skilled, dedicated workforce, with a proud Public Service tradition and with a vision based on safe, reliable, economic and greener energy.”