AEP 2021 Corporate Accountability Report highlights transition to clean energy
Since February, American Electric Power (AEP) has committed to achieving an 80 percent reduction in emissions by 2030 and net zero emissions by 2050, and the company is making headway, according to its latest corporate accountability report.
An extension of the Columbus, Ohio company’s 15 years of disclosing sustainability and environmental, social and governance (ESG) efforts, this year’s report was built around “Building a Clean Energy Future Together.” It noted that AEP’s emissions reduction goals are built around its 2000 baseline and highlighted a proposed plan to add nearly 16,000 MW of wind and solar generation by 2030.
“Our vision for a clean energy future is accelerating with our new Future Forward strategy,” Nicholas Akins, AEP chairman, president and CEO, said in the report’s introduction. “Under our proposed plan, which must be approved by regulators, AEP would add nearly 16,600 MW of new, clean wind and solar generation to our regulated fleet by 2030. We will do it by building upon our long history of industry leadership in power generation and 765-kV transmission innovation. In less than a decade from now, our plan would shift 51% of our total capacity to renewables. These investments will transform the electric system while ensuring its reliability, affordability, and resilience.”
During the height of the COVID-19 pandemic last year, AEP also donated nearly $4 million to related emergency funds and to help local communities, the report noted. This year it also launched a five-year, $5 million grant program to fund organizations advancing equity and racial justice as part of a greater corporate focus on racial and social justice issues.
“The pandemic confirmed the life-saving power of a resilient, reliable, and affordable electric system for all,” Akins said. “More than ever, we are committed to delivering a sustainable energy future that is inclusive, reliable, and clean. We are amplifying our advocacy for social justice in our communities and supporting change and equity through visible actions.”
