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PSEG Extends its Track Record of Climate Action, Clean Energy and ESG
NEWARK, N.J., Nov. 23, 2021 /PRNewswire/ -- Public Service Enterprise Group has been named to the Dow Jones Sustainability Index for North America for the 14th consecutive year – recognizing PSEG's commitment to sustainable and ethical practices and long track record of achievement across environmental, social and governance (ESG) criteria.
The DJSI recognizes forward-thinking companies based on an appraisal of the company's strategy, management and performance in dealing with opportunities and risks deriving from ESG factors. The DJSI tracks the performance of the 600 largest U.S. and Canadian companies in the S&P Global Broad Market Index and acknowledges the top 20% that lead the field in terms of sustainability.
"The Dow Jones Sustainability Index recognizes companies that succeed in ESG, understanding that ESG is critical to building businesses that are sustainable for the next 100 years," said PSEG Chairman, President and CEO Ralph Izzo, who was one of only three U.S. utility CEOs to attend the recent COP26 climate conference in Glasgow, Scotland, where he shared PSEG's approach to clean energy and sustainable operations. "Sustainability is central to PSEG's purpose of providing safe, reliable and essential energy services to our customers, but it's about more than products and services. Sustainability encompasses how we have helped our employees navigate the COVID-19 pandemic, providing resources and flexibility so that no one is left behind. It's also reflected in how we care for our communities, by funding efforts to support education and workforce development and to address racial injustice."
"These actions are not 'extras,' but rather the realization of our strategy to support the long-term interests of our business, our people and our communities," Izzo said.
Highlights of PSEG's commitment to ESG include the following.
PSEG's ongoing environmental efforts include investing in and providing zero-carbon energy through our support of nuclear and the development of offshore wind, continuing to divest from fossil fuel generation, reducing methane emissions from utility operations, and making our infrastructure more resilient against extreme weather.
Our commitments and achievements also include:
Our vision for net-zero carbon emissions (Scopes 1 and 2) by 2030.
Our commitment to setting science-based targets for emissions reductions (Scopes 1, 2 and 3) and membership in Business Ambition for 1.5°C and U.N. Race to Zero campaigns.
Our $1 billion expansion of PSE&G's energy efficiency programs to help customers save energy and save money, help improve air quality and public health by reducing New Jersey's carbon footprint, and create 4,000+ clean energy jobs.
Our ongoing support for nuclear generation, which provides 90% of New Jersey's zero-carbon energy.
Investment and support of New Jersey's offshore wind goals including investing in New Jersey's first offshore wind project, Ocean Wind 1, submitting several innovative proposals to deliver reliable, resilient and cost-effective infrastructure for New Jersey's offshore wind transmission, signing 78-year lease with state of New Jersey for development of New Jersey Wind Port.
PSEG advances social good and diversity, equity and inclusion through initiatives that ensure all employees are heard and valued, having access to the benefits and opportunities the company offers, and throughout our communities by fostering access to fair and equitable opportunities.
Our commitments and achievements also include:
Committed to supplier diversity with a goal of achieving 30% spending allocated to diverse suppliers by 2023.
PSEG's Human Rights policy in effect since 2018; PSEG also is committed to respecting and supporting LGBTQ+ inclusion.
We have engaged in focused and sustained development for our managers to build and enhance inclusive leadership skills, including daily learnings, trainings, peer working groups, and skill building experiences.
Established immersive talent development program to increase representation of people of color in leadership.
Continued support for our employees and our communities and help achieving our companywide volunteering goal of 33% of employees: we continue our policy of 8 hours of paid time off to volunteer each year.
Named to Forbes' 2021 list of Best Employers for Diversity; named 2021 Best Companies for Multicultural Women by Seramount; named 2021 Best Companies for Veterans by Forbes; named Top 100 U.S. Companies Supporting Healthy Families and Communities by Just Capital.
PSEG has a long track record of effective governance structure and practices. PSEG's Corporate Governance committee exercises oversight over sustainability matters including climate change. Our board of directors maintains oversight of risk management, ethics and compliance, internal audit and cybersecurity matters.
Our achievements also include:
Four new directors since 2018, demonstrating good levels of board refreshment; PSEG's board includes three women and three members of color, demonstrating board diversity.
Published seven years of Sustainability Reports, an ESG performance report, and our second Climate Report; in 2021 published our first combined Sustainability and Climate Report.
Enhanced disclosure in the PSEG proxy statement across ESG topics.
"Our inclusion on the Dow Jones Sustainability Index – now for 14 years and running – is a reflection of our commitment to having a positive impact on the world around us," Izzo said. "PSEG is proud to have sustainability and ESG woven into the very fabric of who we are and how we do business."
Additional ESG information can be found throughout PSEG's website and via:
The DJSI assessment is conducted each year by sustainability investment specialist RobecoSAM. It is based on a comprehensive review of environmental performance, innovation management, corporate governance, risk management, stakeholder engagement and talent attraction and retention.
Public Service Enterprise Group Inc. (PSEG) (NYSE: PEG) is a publicly traded diversified energy company with approximately 13,000 employees. Headquartered in Newark, N.J., PSEG's principal operating subsidiaries are: Public Service Electric and Gas Co. (PSE&G), PSEG Power and PSEG Long Island. PSEG is a Fortune 500 company included in the S&P 500 Index and has been named to the Dow Jones Sustainability Index for North America for 14 consecutive years (https://corporate.pseg.com).
The statements contained in this press release that are not purely historical are "forward-looking statements" within the meaning of The Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to risks and uncertainties, which could cause actual results to differ materially from those anticipated. Such statements are based on management's beliefs as well as assumptions made by and information currently available to management. Factors that may cause actual results to differ materially from those contemplated in any forward-looking statements made by us herein are discussed in our Annual Report on Form 10-K and subsequent reports on Form 10-Q and Form 8-K filed with the Securities and Exchange Commission (SEC), and available on our website: https://investor.pseg.com. All of the forward-looking statements made in this press release are qualified by these cautionary statements and we cannot assure you that the results or developments anticipated by management will be realized or even if realized, will have the expected consequences to, or effects on, us or our business, prospects, financial condition, results of operations or cash flows. Readers are cautioned not to place undue reliance on these forward-looking statements in making any investment decision. Forward-looking statements made in this press release apply only as of the date hereof. While we may elect to update forward-looking statements from time to time, we specifically disclaim any obligation to do so, even in light of new information or future events, unless otherwise required by applicable securities laws.
From time to time, PSEG, PSE&G and PSEG Power release important information via postings on their corporate Investor Relations website at https://investor.pseg.com. Investors and other interested parties are encouraged to visit the Investor Relations website to review new postings. You can sign up for automatic email alerts regarding new postings at the bottom of the webpage at https://investor.pseg.com.
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