Dominion Energy sets goal of zero net emissions by 2050
Dominion Energy has set a goal of achieving net zero emissions by 2050.
The renewed commitment is consistent with the findings of the United Nations’ Intergovernmental Panel on Climate Change.
“Our mandate is to provide reliable and affordable energy – safely. We do that every day, all year long. But we recognize that we must also continue to be a leader in combatting climate change. Our employees have always been problem-solvers in the work we do for our customers. I am confident we can use this same mindset to help solve this challenge and leave the world a better place for future generations,” Thomas F. Farrell, chairman, president and chief executive officer, said. “Dominion Energy already has made important progress on emissions. This new commitment sets an even higher bar that I am confident we can – and will – reach. Net zero emissions will be good for all of our stakeholders – for our customers, communities, employees, and investors.”
The company had previously committed to cut methane emissions from its natural gas operations by 50 percent between 2010 and 2030 and carbon emissions from its power generating facilities by 80 percent between 2005 and 2050. Dominion has made great progress against these goals, cutting carbon emissions by approximately 50 percent since 2005 and reducing methane emissions by nearly 25 percent since 2010.
Under the new framework, the company seeks to decrease methane emissions by 65 percent by 2030 and 80 percent by 2040 from 2010 levels. Also, Dominion will invest in renewable natural gas (RNG) projects that will capture an amount of methane from U.S. farms at least equivalent to any remaining methane and carbon dioxide emissions from the company’s natural gas operations.
To achieve these goals, the company is moving to extend licenses for its zero-carbon nuclear generation fleet, promoting customer energy efficiency programs, and investing in wind and solar power, lower-carbon natural gas, and RNG. Supportive legislative and regulatory policies, technological advancements, and broader investments across the economy are all necessary to achieve these goals.
“As Dominion Energy makes the necessary investments to reach net zero emissions,” Farrell said, “we will take steps to ensure our most vulnerable customers – those struggling to make ends meet – continue to have the support they need to maintain service and keep their bills manageable.”
Dominion, based in Richmond, Va., provides energy for more than 7 million customers in 18 states.