NEWARK, N.J., June 24, 2021 /PRNewswire/ -- PSEG today
accelerates its net-zero ambitions by launching a three-pronged
2030 climate vision that extends across its business. The PSEG
climate vision marks one of the first
and most aggressive net-zero 2030 visions set by a large utility
and power generator and comprises three pillars:
- Net-zero emissions for PSEG operations, including PSE&G's
utility operations (scopes 1 and 2);
- 100% greenhouse gas- (GHG), carbon-free power generation;
and
- Significant contributions to regional economy-wide
decarbonization.
PSEG's net-zero 2030 climate vision continues the company's
track record of recognizing the importance of sustainability and
environmental, social and governance (ESG) considerations in the
strategic planning and decision-making process. In addition, PSEG's
pivot to 100% carbon-free generation is in line with President
Biden's goal of decarbonizing the U.S. electric sector by 2035.
"PSEG's climate vision for 2030 exemplifies the strategy we
intend to pursue over the next decade – driving out harmful
greenhouse gas emissions where they occur," PSEG Chairman,
President and CEO Ralph Izzo said.
"The federal goal of achieving a 100% carbon-free electric supply
by 2035 is an ambitious one that will require technology
innovation, new policy frameworks, and a commitment by businesses
and consumers across the economy. We're proud of PSE&G's
leadership on addressing greenhouse gas emissions and PSEG Power's
longstanding leadership as a low-carbon, clean energy generator and
our adoption of a net-zero 2050 vision in 2019. With our new
comprehensive vision for net-zero by 2030, we've set an ambitious
goal to reduce or eliminate greenhouse gas emissions across our
business – including our facilities and vehicles – in less than a
decade, doing our part to support state and national
objectives."
Continued Izzo: "Governance is critical to the success of any
initiative and this is especially true in the significant matters
of ESG. As with all major sustainability and ESG initiatives, our
board has a direct role in overseeing how we integrate the net-zero
2030 vision into business planning and measuring its success over
time."
Net-zero emissions for PSEG operations
PSEG's regulated electric and gas utility, Public Service
Electric & Gas, already has reduced GHG emissions by more than
50%, from 2005 levels. It now aims to achieve net-zero GHG
emissions for its electric and gas utility operations,
referred to as scope 1 and 2 emissions, by 2030. As we transition
to zero-carbon electricity generation and drive down the emissions
from operations, we will also focus on reducing GHG emissions
associated with the use of natural gas, which we deliver to almost
2 million customers throughout New
Jersey. Homes and businesses in the state rely on natural
gas for space heating, water heating, cooking, and other critical
needs.
To accomplish this goal in less than 10 years, PSEG will
leverage a suite of strategies – from modernizing its existing
natural gas and electric transmission and distribution networks to
investing in new technologies that support greater electrification
and improve energy efficiency. PSE&G's successful Gas System
Modernization Program, which replaces old cast-iron and unprotected
steel gas mains, helps to achieve the methane goal of a 21.7%
reduction of absolute methane emissions from 2018 to the end of
2023 and would allow a significant reduction in methane emissions
by 2030. PSEG's strategy to address emissions also includes
evaluating alternatives to natural gas. These strategies target
reducing methane and other emissions, such as sulfur
hexafluoride (SF6), that contribute to global
warming and climate change, often more than carbon emissions.
In PSEG buildings and facilities, the company will look to
achieve savings through energy efficiency solutions. For its
vehicles, PSEG has committed to electrify a large portion of its
fleet over a ten-year period. For any residual emissions, PSEG will
explore high-quality carbon offsets.
100% GHG-free power generation
Decarbonizing power generation is the foundation for achieving
the national- and state-level broader clean energy goals, including
electrification of buildings and transportation, and ensuring that
the electricity we do use is clean and reliable. PSEG is committed
to building on its existing decarbonization success, having
achieved a 60% reduction in PSEG Power's annual CO2
emissions since 2005.
Looking ahead, PSEG will direct half of its current 2021-to-2025
capital spending program of approximately $14-$16 billion
toward decarbonization, emission reduction, methane reduction,
clean energy transition and climate/storm adaptation.
By 2030, PSEG plans to transition its power generation portfolio
to 100% GHG-free resources by aiming to preserve carbon-free
nuclear generation and investing in utility-scale renewables. In
2020, PSEG announced it is exploring strategic alternatives to
divest its non-nuclear generating fleet, including 6,750 megawatts
(MW) of fossil generation. PSEG continues to advocate for support
to maintain the economic viability of its carbon-free nuclear
generation fleet, totaling 3,766 MW, while also exploring
investments in regional offshore wind.
New Jersey has a target of
obtaining 7,500 MW of offshore wind energy by 2035, and the
mid-Atlantic region broadly is well situated to capitalize on the
economic benefits of developing this new industry. PSEG is excited
to be partnering with Ørsted on 25% of the 1,100 MW Ocean Wind
project.
Significant contributions to regional and economy-wide
decarbonization
Beyond its own operations, PSEG continues to promote and enable
decarbonization across the industries and regions where it
operates, through its Clean Energy Future programs, supporting
businesses and residential customers as they aim to reduce their
carbon footprints and help mitigate the long-term impacts of
climate change. PSEG also will continue to align and advocate for
state and federal programs to support the transition to 100% clean
energy, including an economy-wide price on carbon. PSEG supports
New Jersey's ambitious clean
energy and climate change goals. PSEG will enable the low-carbon
energy transition for customers through programs that promote wide
adoption of energy efficiency and the switch to electric
vehicles.
To further advance economy-wide decarbonization, PSEG continues
to advocate for federal climate policy, including measures such as
a national Clean Energy Standard and a federal production tax
credit for existing merchant nuclear generation to support these
critical resources and facilitate achievement of a national
standard. PSEG also supports federal research and development
funding for new technologies that can further reduce GHG emissions,
as well as federal, state and local policies that encourage
emission-reductions across all sectors of the economy.
Overall, PSEG's net-zero 2030 climate vision is a significant
milestone in the energy industry, including:
- Reach: PSEG's net-zero commitment for its operations (scopes 1
and 2) by 2030 meets or exceeds commitments by regulated
electricity and gas industry peers.
- Scale: The ambition of PSEG's net-zero 2030 vision is
comprehensive, spanning all of PSEG's operations.
- Transparency: PSEG delivers extensive and ongoing disclosure
and reporting, providing updates of progress and forward-looking
goals. PSEG actively invites collaboration with stakeholders as it
continues to refine its climate strategy.
Additional details on PSEG's net-zero 2030 climate vision will
be available in its forthcoming Climate and Sustainability Report,
which will launch in the third quarter of 2021.
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.
CONTACTS:
|
|
Investor
Relations
|
Media
Relations
|
Carlotta
Chan
|
Marijke
Shugrue
|
973-430-6565
|
908-531-4253
|
Carlotta.Chan@pseg.com
|
Marijke.Shugrue@pseg.com
|
View original content to download
multimedia:http://www.prnewswire.com/news-releases/pseg-accelerates-its-net-zero-climate-vision-to-2030-301319302.html
SOURCE PSEG