PSEG Joins United Nations Race To Zero Initiative and Commits to Science-Based Emission Reduction Targets

PSEG also launches Sustainability and Climate Report 2021 – Reduced over 54% of GHG emissions since 2005

NEWARK, NJ –News Direct– Public Service Enterprise Group (PSEG)

NEWARK, NJ, October 18, 2021 / 3BL Media / – PSEG has announced that it has joined the Business Ambition for 1.5 ° C and Race to Zero campaigns and is committed to developing science goals. 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 global warming. 1.5 ° C.

“Climate change is one of the main challenges of our time, and PSEG has an obligation to help tackle climate change and its effects on our environment, our customers and our communities around the world,” said Ralph Izzo, President and CEO of PSEG. “As part of our vision to achieve net zero emissions by 2030, PSEG has already achieved significant emission reductions in our operations. Today, we are taking another step forward by joining Race to Zero and committing to developing science-based goals to help tackle the worst effects of climate change, especially for vulnerable populations. “

In addition, PSEG has launched its Combined Sustainability and Climate Report 2021, available here, with updates on the company’s achievements and goals for a wide range of topics, including air emissions, energy efficiency, transport and waste reduction. In 2020, the emission rates of PSEG’s production portfolio for NOx and SO2 decreased by 58% and 77% respectively year-on-year, reflecting emission rates well below the averages for the year. industry. The report also includes updates on biodiversity commitments and support for environmental justice and diversity, equity and inclusion across PSEG’s many stakeholder groups and communities.

Climate change and the transition to a low carbon economy present opportunities and risks for the PSEG. As a combined sustainability and climate report 2021, this document also examines the potential physical and transient risks of climate change to help the PSEG better plan and prepare for the changes to come, including actions taken to achieve the vision. recently announced net zero climate climate change for 2030.

“Year after year, we experience new extreme weather events as the evidence of climate change around us grows. Reducing the most devastating impacts of climate change while increasing resilience will require a concerted effort from all sectors of the economy, ”said Izzo. “At PSEG, our value creation process combines the responsible use of natural resources, technology and our workforce to provide the energy that sustains the modern economy. Our combined 2021 Sustainability and Climate Report contains our progress to date, our commitments for the future, and the changes that will be needed to meet our goals. “

The report provides updates on PSEG progress across a range of sustainability categories.

Objectives and commitments

  • Atmospheric emissions: PSEG dramatically reduces air and other emissions by updating its operations and switching to cleaner energy sources, and already has one of the lowest emission rates among utility-owned power producers. investors, according to MJ Bradley’s Benchmarking Air Emissions report, July 2021. As of 2020, the PSEG has reduced its greenhouse gas emissions by more than 54% since 2005 by switching to low carbon fuels, by improving energy efficiency and modernizing our electricity and natural gas networks, among other strategies.

  • Energetic efficiency: PSEG energy efficiency targets have been updated and remain on track. New Jersey regulators approved $ 1 billion in energy efficiency spending for three-year programs, designed to help the state meet its updated framework for energy efficiency and demand reduction programs peak, setting savings targets over five years of 2% for electricity distribution and 0.75%. for gas distribution companies. The PSEG goals are aligned with New Jersey’s Clean Energy Act (2018), which calls for these savings to be achieved by 2023.

  • Transport: PSEG aims to reduce the use of fossil fuels in its own transport fleet through the electrification of vehicles, proper fleet sizing and the use of 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 construction site anti-idling systems. .

  • Waste minimization: Company-wide, waste and recycling programs were successful in diverting 95.5% of material from landfills by 2020. Our ongoing goal for our utility, PSE & G, is to focus on new streams of waste to be recycled, which will continue to reduce the tonnage of landfills. The waste minimization objective for PSE & G is to divert more than 95% of materials from landfills.

  • Biodiversity: PSEG is committed to promoting and enhancing biodiversity through the conservation of natural resources while continuing to operate safely and reliably. The PSEG has long recognized the need to foster biodiversity, starting with the establishment of the Estuary Improvement Program in 1994 and until today as we work to foster the unique species that inhabit our region. , such as golden-winged warblers, ospreys, wood turtles, and the frosted elven butterfly. The protection of our natural resources and biodiversity guides our environmental philosophy and the planning process takes into account the potential impacts on regional biodiversity.

  • Diversity, equity and inclusion: From within the company to our suppliers and the community, PSEG continues to drive diversity, equity and inclusion, driving change at all levels. PSEG has a target of 30% of total applicable spending allocated to various vendors, including minority, female, veteran, and LGBTQ + vendors. In 2020, PSEG had a record-breaking sixth consecutive year purchasing more than $ 644 million in goods and services from various suppliers, an increase of 15% from 2019. Over 28% of our company’s purchases were made in 2020. been carried out with various suppliers. And PSEG helps develop New Jersey’s clean energy workforce through innovative training and development programs, with a focus on low to moderate income and underrepresented communities.

  • Environmental justice: PSEG’s approach to the transition to a low carbon economy is holistic, which involves thinking about how to do it in a fair and equitable manner. PSEG develops a commitment to environmental justice in support of the many diverse communities it serves in the region and believes that such a commitment should convey the importance of centering environmental justice considerations throughout our organization so that our clients – especially those from under-represented communities – can benefit from the coming changes of a carbon-free future.

PSEG remains focused on creating long-term value and growth for all stakeholders, including shareholders, employees, customers and the communities in which it operates. PSEG’s financial strength strengthens its ability to maintain excellence in its operations, deploy capital effectively and deliver value to our customers and shareholders.

Support the regional economy

PSEG’s investments in critical energy infrastructure are an important economic driver. In 2020, PSEG invested nearly $ 2 billion with other New Jersey-based companies, boosting the regional economy as these companies and suppliers provide additional jobs to the region. PSEG’s nuclear power plants in South Jersey contribute $ 1.2 billion to New Jersey’s annual GDP.

In April 2021, PSEG completed the acquisition of a 25% stake in Ocean Wind 1. The 1,100 megawatt offshore wind farm is New Jersey’s first and is part of the state’s goal to develop 7 500 megawatts of offshore wind power by 2035. Ocean Wind 1 is expected to power approximately 500,000 homes, generate $ 1.17 billion in economic benefits and create more than 300 direct jobs per year, or approximately 15,000 jobs over the course of its lifespan.

Commitment to transparency and disclosure

To facilitate ESG analysis in critical stakeholder organizations, the PSEG follows best practices in transparency and reporting, including illustrating our link to the United Nations Sustainable Development Goals and presenting our data in accordance with to the Working Group on Climate Financial Disclosure (TCFD) 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 generation portfolio, with the intention of divesting its non-nuclear generation fleet and focusing its business strategy on regulated operations, retaining its carbon-free nuclear fleet and continuing to research clean energy technologies including grid modernization, energy efficiency, electric vehicle infrastructure and offshore wind power. PSEG’s Powering Progress vision continues to be for a future in which people use less energy, and that energy is cleaner and more reliably delivered than ever. In July, the PSEG announced that it had accelerated its 20-year net-zero climate vision until 2030, thus strengthening the compelling ESG profile of the PSEG.

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