PSEG sets new net zero climate goal for 2030
PSEG charted an aggressive new climate plan this week, with the release of an outline calling for net zero emissions across its operations by 2030, fully greenhouse gas and carbon free power generation, and contributions to regional economy-wide decarbonization efforts.
The company’s 2030 climate vision seeks to approach the issue from several different fronts simultaneously. For starters, PSEG will seek to modernize existing natural gas and electric transmission/distribution networks and invest in new electrification and efficiency promoting technologies. Alternatives to natural gas will be evaluated while new, more efficient energy solutions are sought for PSEG’s own buildings and electrification of its vehicle fleet is underway.
The move is meant to get PSEG in line with President Joe Biden’s stated goal of decarbonizing the U.S. electric sector by 2035.
“PSEG’s climate vision for 2030 exemplifies the strategy we intend to pursue over the next decade – driving out harmful greenhouse gas emissions where they occur,” PSEG Chairman, President and CEO Ralph Izzo said. “The federal goal of achieving a 100% carbon-free electric supply by 2035 is an ambitious one that will require technology innovation, new policy frameworks, and a commitment by businesses and consumers across the economy. We’re proud of PSE&G’s leadership on addressing greenhouse gas emissions and PSEG Power’s longstanding leadership as a low-carbon, clean energy generator and our adoption of a net-zero 2050 vision in 2019.”
To date, the company’s regulated electric and gas utility, Public Service Electric & Gas, has already reduced its greenhouse gas emissions by more than 50 percent when compared to 2005 levels. PSEG Power has achieved a 60 percent reduction in annual CO2 emissions since 2005.
PSEG also intends to direct half of its current 2021-to-2025 capital funds — somewhere between $14-$16 billion — toward decarbonization efforts, emission and methane reduction, the clean energy transition, and climate/storm adaptation. By 2030, all of PSEG’s power generation will come from greenhouse gas free resources, emphasizing nuclear and utility-scale renewables. Wind — and particularly offshore wind — will play a large part in this.
