PSEG Launches 2019 Sustainability Report with SASB Reporting Framework, 12 New Goals and Commitment to Future TCFD Disclosures
(NEWARK, N.J. – Dec. 2, 2019) Public Service Enterprise Group (PSEG) today released its 2019 Sustainability Report, which includes several firsts for PSEG: Complete Sustainability Accounting Standards Board (SASB) disclosures, an ESG materiality assessment and map, and 12 new ESG and sustainability goals.
Also new in this year’s report, PSEG has mapped its programs and initiatives to the United Nations’ Sustainable Development Goals (SDGs), noting areas in which PSEG has made a significant contribution. The report also includes PSEG’s commitment to adopting the Task Force on Climate Related Financial Disclosure (TCFD) framework for reporting ESG disclosures, beginning in 2020.
“Our 2019 Sustainability Report showcases PSEG’s commitment to sustainability and performance on environmental, social and governance topics,” PSEG Chairman, President and CEO Ralph Izzo said. “While our first century has been based on the mission to deliver universal access to electricity and natural gas – safely and reliably – our second century will be marked by going beyond this mission to deliver the innovative clean energy solutions our customers want.”
The 2019 report, which can be accessed in full on PSEG’s sustainability website, is a compendium of PSEG’s annual performance in the area of sustainable development, as well as the principal activities and projects undertaken, including the organization’s approach to sustainability, environmental stewardship, corporate governance, PSEG’s impact on society and efforts to foster thriving communities.
New SASB Framework and Reporting
Consistency and transparency are critical for environmental, social and governance (ESG) planning and, as such, beginning with the 2019 Sustainability Report, PSEG has included a SASB table that details where the information set forth by the SASB Standards for the utility sector can be found in our public reporting. By following the SASB framework and reporting, PSEG aims to more simply and efficiently identify, manage, disclose and communicate financially material sustainability information to stakeholders.
12 New Long-Term ESG Goals
In addition to our vision of attaining net-zero carbon emissions from PSEG Power’s generation fleet by 2050, assuming advances in technology and public policy, PSEG today announced and commenced public reporting on 12 new long-term ESG/sustainability goals. These new goals span improvements in areas such as health and safety and reliability, and reductions in areas such as methane and other air emissions.
Some of the new goals and their long-term targets include:
- SAFETY: Achieve a meaningful reduction in Employee Total Incident Case Rate (TICR) OSHA Recordable Incident Rate below current level.
- RELIABILITY: Achieve first decile in System Average Interruption Duration Index (SAIDI).
- ENVIRONMENTAL: Achieve a 21.7% reduction of absolute methane emissions (CH4) from 2018 to the completion of Gas System Modernization Program Phase II at the end of 2023, as reported to EPA under 40 CFR 98, Subpart W.
- SOCIETAL: Achieve supplier diversity of 30% by 2023 as measured by percentage of total spending that is allocated to diverse suppliers, including minority-, women-, veteran- and LGBTQ-owned suppliers.
“PSEG has already achieved one of the lowest carbon emission rates among the largest U.S. power producers,” Izzo said. “PSEG Power’s fleet has reduced its carbon emission intensity by more than 40% since 2005, and is about half the emission intensity compared to the national average. The goals and commitments we announce today showcase our dedication to continuous improvement across all ESG measures.”
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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 12 consecutive years.
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