NRG Commits to Reducing Greenhouse Gas (GHG) Emissions 50% by 2025 and Achieving Net-Zero Emissions by 2050, from a 2014 Baseline
PRINCETON, N.J.–(BUSINESS WIRE)–#ClimateWeekNYC–NRG Energy, Inc. (NYSE: NRG) today announced the acceleration of its sector-leading science-based GHG emissions reduction goals to align with new Intergovernmental Panel on Climate Change (IPCC) guidance, which calls for limiting global warming to a 1.5˚ Celsius increase. Under its new GHG emissions reduction timeline, NRG expects to reach its 50% reduction target five years early and achieve net-zero emissions by 2050, surpassing its original goal of a 90% reduction. Achievement of the goals announced today would avoid approximately 1 billion tons of CO2 emissions by 2050.
“Addressing climate change is a priority for our company as it presents one of the greatest challenges and opportunities of our time,” said Mauricio Gutierrez, President and CEO, NRG Energy. “By realigning our carbon reduction efforts to the new climate imperative, we create value for all stakeholders and lead our sector towards achieving a sustainable future.”
In 2014, the company established goals to reduce absolute GHG emissions 50% by 2030 and 90% by 2050 – which were in excess of the reductions targets set in the Clean Power Plan and Paris Climate Agreement. In 2015, NRG became the first company in the power sector to earn the endorsement of the Science Based Targets initiative for having GHG emissions goals consistent with what was needed to limit global warming to 2˚ Celsius.
The new goals are based on the reductions necessary to contain global warming to 1.5˚ Celsius, the limit the IPCC now believes is necessary to avoid the worst effects of climate change. NRG also recently joined leading companies in formally signing on to the UN’s Business Ambition to 1.5˚ Celsius, “Our Only Future” pledge.
Customer choice and competitive markets have enabled the acceleration of decarbonization across the power sector. Through technology investments and other internal initiatives, NRG has already achieved a 37% reduction in GHG emissions compared to its carbon footprint in 2014, which is the baseline year for the company’s science-based comparisons. The company will continue these efforts while evaluating and adopting existing and forward-leaning technologies to meet its long-term carbon goals.
NRG’s GHG emission reduction commitments are only one component of the company’s five-pillar sustainability program, which encompasses business, customers operations, suppliers, and workplace. More information on the comprehensive sustainability program can be found at: http://www.nrg.com/sustainability
About NRG Energy
At NRG, we’re bringing the power of energy to people and organizations, putting customers at the center of everything we do. We generate electricity and provide energy solutions and natural gas to more than 3.7 million residential, small business, and commercial and industrial customers through our diverse portfolio of retail brands. A Fortune 500 company, operating in the United States and Canada, NRG delivers innovative solutions while advocating for competitive energy markets and customer choice, and by working towards a sustainable energy future. More information is available at www.nrg.com. Connect with NRG on Facebook, LinkedIn and follow us on Twitter @nrgenergy, @nrginsight.
NRG Safe Harbor Disclosure
The information presented in this press release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Exchange Act. These statements involve estimates, expectations, projections, goals, assumptions, known and unknown risks and uncertainties and can typically be identified by terminology such as “may,” “should,” “could,” “will,” “objective,” “projection,” “forecast,” “goal,” “guidance,” “outlook,” “expect,” “intend,” “seek,” “plan,” “think,” “anticipate,” “estimate,” “predict,” “target,” “potential” or “continue” or the negative of these terms or other comparable terminology. Such forward-looking statements include, but are not limited to, statements relating to the ability of the Company to achieve its GHG emissions goals. These forward-looking statements are subject to a variety of risks and uncertainties. Such risks and uncertainties include factors described from time to time in NRG’s filings with the Securities and Exchange Commission at www.sec.gov. Although NRG believes that its expectations are reasonable, it can give no assurance that these expectations will prove to be correct, and actual results may vary materially. NRG undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
Kevin L. Cole, CFA