Emera 2022 Sustainability Report reveals upcoming investments, major reductions in CO2 emissions and coal use

Published on May 25, 2023 by Chris Galford

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Highlighted in Emera Inc.’s 2022 Sustainability Report this week were major gains in emissions and coal usage reductions since 2005, coupled with billions of dollars in investments planned on capital spending for cleaner energy as it pursues a net-zero carbon emissions by 2050 goal.

“Our commitments to protecting the environment, supporting our teams and communities, and running our businesses responsibly are foundational to what we do across Emera,” Scott Balfour, president and CEO of Emera, said. “It’s our dedicated teams that work everyday to deliver cleaner, reliable energy to our customers while creating value for our communities and shareholders. I’m incredibly proud to share this update on our progress across the business.”

In all, the company reported 41 percent reduction in CO2 emissions across its operations, compared to 2005 levels. Over the same period, its use of coal generation fell 68 percent. As old forms fall away, though, new options must replace them, and Emera reported that more than $5.3 billion in planned spending through 2025 will target capital projects to bring cleaner, reliable energy.

To date, the North American company has installed 1,654 MW of renewable capacity. Much of its capital plan through 2025 will be Florida-focused, given that the state represented 65 percent of its adjusted net income in 2022.

Other areas highlighted by the report included that 45 percent of Emera’s director nominees for 2023 are women and $18 million have been invested into communities where the company operates.