UGI releases report on Environmental, Social and Governance initiatives
UGI Corp., a distributor and marketer of energy products and services, released a report on the company’s efforts related to Environmental, Social and Governance (ESG) called “Today’s Energy, Tomorrow’s World.”
The report examines investments the company has made in infrastructure that lowers methane and greenhouse gas emissions, enhances system integrity, and improves safety. UGI Utilities has a goal of reducing methane emissions by 92 percent by 2030 and 95 percent by 2040 compared to 1999 levels. Further, UGI Utilities plans to reduce greenhouse gas emissions by over 8 million metric tons compared to 2012 levels.
Specifically, UGI invested $1.15 billion over the last decade into our 12,300 miles of natural gas mains to modernize its infrastructure and lower methane emissions. Also, UGA is investing approximately $200 million into its global liquefied petroleum gas (LPG) businesses to increase efficiencies. In addition, UGA will invest about $38 million to construct new, state-of-the-art safety training facilities.
The report also highlighted the UGI’s efforts to support social causes. Specifically, the company and its employees have donated more than $2 million and 60,000 hours of volunteer time to support causes in our communities. Also, it committed to a minimum contribution of $500,000 to partner organizations in our local communities to combat racial inequality and systemic racism.
“We are pleased to announce the release of our 2nd ESG report and build upon the foundation we established last year,” John Walsh, president and CEO of UGI Corp., said. “At UGI, we believe effective ESG management is a key pillar to long-term value creation. This comprehensive, sustainable approach to our business enables us to make investments that fulfill our commitments to stakeholders and reinforce our core values of safety, integrity, respect, reliability, responsibility, and excellence. We expanded the scope of our commitments this year to include operational fugitive methane emission and GHG reduction targets at our Utilities business and announced a plan to spend nearly $40 million on state-of-the-art training facilities for our Utilities and AmeriGas businesses.”
The company remains focused on providing stakeholders with enhanced disclosure to better evaluate its progress on key ESG initiatives, Walsh added.
“As always, we strive to deliver on our key commitment to be the best in class energy provider and services company and welcome dialogue around these topics,” he said.
