PSEG to cut down 80% carbon emissions by 2046, targets net-zero vision

By Nikita Chaurasia  | Date: 2019-07-27

PSEG to cut down 80% carbon emissions by 2046, targets net-zero vision
  • The company will annually report on sustainability and climate change using TCFD framework.
  • PSEG’s carbon emission rate is already below IEA's probable emission rate for the U.S. electric segment.

The Public Service Enterprise Group (PSEG) reportedly announced its plans to reduce its power fleet’s  CO2 emissions by 80% by 2046, from the 2005 levels. Furthermore, the company also proclaimed its aim of accomplishing net-zero carbon emissions by the year 2050 expecting advances in technology and public policy.

Abiding by the carbon emission goals, the company has further announced its plans of not acquiring fossil-fueled power plants. PSEG has committed to report yearly on climate using the Task Force on Climate-related Financial Disclosures (TCFD) framework, commencing in 2020.

According to the industry experts, PSEG already possesses one of the lowest carbon emission rates amongst the largest U.S. power producers. Its power fleet has reduced the emission intensity by over more than 40% since 2005. With a mission of providing universal access to an around-the-clock supply of reliable, affordable power, PSEG earlier launched its vision of ‘Powering Progress’ for the future where the customers would universally utilize less energy which is cleaner, and with more reliable delivery.

Ralph Izzo, the Chairman, President and CEO at PSEG was reportedly quoted stating that as the company has shared its ambition to enhance the lives of the customers with reduced carbon emission. He further added that PSEG has always relied on innovation, competence, smart policies and great strategies to address the unmet challenges. The company believes that with right technology and public policies, higher carbon reductions can be achieved.

For the uninitiated, Public Service Enterprise Group, headquartered in Newark, New Jersey, is a diversified energy company which is currently serving the state of New Jersey with the regulated gas and electric supplies. The company is a leading developer of solar energy resources with an investment of about USD 1.8 billion in 674 Mega Watt of Solar energy.

Source credit: https://www.prnewswire.com/news-releases/pseg-plans-to-reduce-carbon-emissions-80-by-2046-with-a-vision-of-net-zero-by-2050-300890721.html

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Nikita Chaurasia     aeresearch.net

Nikita Chaurasia

An accomplished professional in the field of content development, playing with words comes naturally to Nikita Chaurasia. After completing her post-graduate MBA degree in Advertising and PR, Nikita worked across numerous content-driven verticals, undertaking diverse r...

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