As part of its Powering Progress vision for the future, Newark-based PSEG announced it expects to cut its power fleet’s carbon emissions by 80 percent by 2046, from 2005 levels.
PSEG also announced its vision of attaining net-zero carbon emissions by 2050 assuming advances in technology and public policy. The company said it is committing to reporting annually on sustainability and climate using the Task Force on Climate-related Financial Disclosures (TCFD) framework, starting in 2020.
The science of climate change is clear and we believe society must move beyond simply ‘heeding warnings’ to acting on them.
– PSEG Chairman, President and Chief Executive Officer Ralph Izzo
PSEG said it won’t build or acquire any new fossil-fueled power plants, including those running on dirt-cheap natural gas.
PSEG already has one of the lowest carbon emissions rates among the largest U.S. power producers, according to “Benchmarking Air Emissions of the 100 Largest Electric Power Producers in the United States,” released by M.J. Bradley & Associates, Bank of America, CERES, Entergy, Exelon and the Natural Resources Defense Council.
PSEG Power’s fleet has reduced its carbon emission intensity by more than 40 percent since 2005 and is about half the emission intensity compared to the country overall. This has been achieved by maintaining its nuclear units, investing in highly efficient gas-fired generation units and renewables, and exiting coal-fired generation assets.
“The science of climate change is clear and we believe society must move beyond simply ‘heeding warnings’ to acting on them,” PSEG Chairman, President and Chief Executive Officer Ralph Izzo said.
“PSEG has a long history of taking ambitious action to enhance the lives of our customers and communities,” he added. “As we share our vision to achieve net-zero carbon emissions by 2050, we recognize that there is no one magic bullet that will get us to a 100 percent carbon-free future. The energy industry has always relied on innovation, efficiency, smart policies and an all-of-the-above strategy to address its greatest challenges. Succeeding in a carbon-constrained future will not be any different.”