AEP 2020 corporate accountability report shows CO2 emission cuts of 65 percent over past 20 years
In its 2020 corporate accountability report, released this week, American Electric Power (AEP) delivered an annual assessment of developments, the most notable of which was a progress report on carbon emissions reduction.
“Energy is an essential service that is life-sustaining and crucial to our nation’s health and economic well-being,” Nicholas Akins, AEP chairman, president and CEO, said. Our vision for a sustainable energy future is unwavering, and we believe it is more important than ever.”
According to the report, the company has so far cut its CO2 emissions by 65 percent against levels in 2000. It also remains committed to hitting 70 percent reductions by 2030 and 80 percent by 2050. Aiding this is the retirement of coal-fired generation units and new investments in renewable energy projects. Further, AEP noted that it is currently analyzing a scenario for how climate-related risks and opportunities might play out in different scenarios, with a report on its findings expected later this year.
The Columbus, Ohio-based company also pointed to its efforts to enhance environmental, social, and governance disclosure efforts through the creation of the ESG Data Center. That website hosts several metrics and reports detailing sustainability goals, strategy, and performance, sourced from organizations beyond AEP.
It would have been impossible to get through a year’s worth of reporting, however, without addressing the impact of the COVID-19 pandemic on the company, its employees, and customers. The report noted AEP’s steps to maintain social distancing and halt the spread of the disease, including the closure of all AEP facilities to outside visitors. The company has also temporarily suspended all service disconnections for non-payment and donated $3 million in emergency relief funds to customers and communities, along with thousands of pieces of personal protective equipment for health care facilities.