AEP releases 2023 corporate sustainability report
American Electric Power released its 2023 Corporate Sustainability Report, which outlines its progress in reaching its environmental, social and governance (ESG) goals.
The report, titled Delivering the Power of Opportunity, focuses on several key themes, including a clean and just energy transition; environmental compliance and stewardship; employee well-being and engagement; social justice and equity; and strong and effective corporate governance.
It also outlined its progress toward sustainability goals. In 2022, AEP upgraded its 80 percent reduction by 2030 target to include full Scope 1 emissions and accelerated its net zero goal by five years to 2045. It plans to reach net zero emissions by investing in renewable generation and energy storage, supporting expanded grid development, exploring emerging low- and zero-emission generation technologies, and reducing emissions over time.
“Our goal to achieve net zero greenhouse gas emissions by 2045 will require an “all of the above” strategy that is focused on investing in our people, our communities and the grid. We are already making significant progress. We’ve achieved a 66% reduction in Scope 1 GHG emissions since 2005 and retired or sold nearly 13,500 megawatts of coal-fueled generation over the past decade,” Julie Sloat, AEP’s president and CEO, said.
The company also is capitalizing on federal support for clean energy investments. It plans to obtain grants to upgrade infrastructure and improve resilience, expand access to high-speed broadband for rural communities, and invest in clean energy technologies.
“We’re seeing the tangible benefits of our long-term, strategic economic development program, despite global economic uncertainty and inflationary cost pressures. Normalized industrial sales were up 4.5 percent largely because of our efforts. This includes the added benefits of attracting jobs, tax revenue and new residents, all of which provide cascading benefits to help keep customer rates low and our communities strong,” Sloat said.
American Electric Power, based in Columbus, Ohio, delivers power to 5.6 million regulated customers in 11 states.
