Xcel Energy demonstrates largest annual reduction in carbon emissions
Xcel Energy managed to pull back its carbon emissions by the largest annual amount to date in 2019, according to its latest Corporate Responsibility Report, and has committed major donations to community support during the COVID-19 pandemic.
Even before the pandemic struck, however, the company managed a 44 percent reduction in carbon emissions — over 2005 levels — last year. This puts the company more than halfway to its goal of reducing emissions by 80 percent as of 2030. Aiding this was the completion of three wind farms, as part of the nation’s largest multi-state wind expansion project: Steel for Fuel. By the end of 2021, Xcel is on track to own five times as much wind generation as it did in 2016. The company remains committed to reducing carbon emissions by 80 percent within the decade and to providing entirely carbon-free electricity by 2050.
This year, Xcel also committed to further emissions cuts in its natural gas system through a $1.4 billion investment into pipelines and the reduction of methane emissions. It has committed to holding methane reductions below 1 percent as well as a member of the ONE Future consortium.
On the giving side of things, Xcel Energy and the Xcel Energy Foundation have so far donated $1.5 million to various relief efforts across the eight states of its service area. Additionally, the net proceeds from the sale of its Mankato Energy Center — likely to be more than $20 million — have been committed to short-term and long-term corporate giving, from which COVID-19 relief efforts will benefit. The foundation has also doubled down on such efforts through a matching 2 to 1 gifts campaign for employees.
“Our customers need reliable, affordable energy they can count on to power their homes and businesses now more than ever,” Ben Fowke, chairman and CEO of Xcel Energy, said. “But they also need us to continue to drive economic growth, partner with local businesses, protect the environment, and support the needs of their communities during the coronavirus pandemic. Our Corporate Responsibility Report demonstrates our ongoing commitment to them and the communities we serve.”
