Exelon corporate sustainability report shows plans for $27B of capital investment over next four years
With the release of its second annual Environmental Social and Governance (ESG) Report this week, Exelon Corporation demonstrated the continued weight of its investments over 2020, despite the burdens added by the spread of COVID-19.
Over the course of the year, Exelon provided $58.4 million in funding to local communities, with a majority targeted toward diverse populations, while sponsoring more than 100 workforce development programs for its six utilities and the generation business and increasing spending to diversity-certified suppliers to $2.7 billion. The company also rolled out temporary disconnection and late fee moratoriums and financial assistance programs to counteract the burdens imposed by the pandemic.
“Despite the challenges of 2020, our employees worked tirelessly to ensure our customers and communities had access to clean, affordable, and reliable energy,” Chris Crane, president and CEO of Exelon, said. “At the same time, we stayed focused on our low-carbon sustainability strategy and redoubled our work on social justice and racial equity while maintaining our commitment to operational excellence, financial discipline, and utility investment.”
In terms of clean energy, the company provided $20 million through its Climate Change Investment Initiative, supporting new technology startups and local economic development along the way. Increasing energy efficiency programs also helped utility customers save 22.3 million MW hours of electricity and avoid 8.1 million metric tons of Co2 emissions. By 2025, Exelon still hopes to electrify 30 percent of its fleet vehicles and reach 50 percent electrification by 2030.
While balancing equity, efficiency, and clean energy efforts, the company invested some $6.6 billion in capital at its utilities to guarantee both reliability and modernization of infrastructure. Exelon intends to invest a total of $27 billion into such efforts over the next four years.