MILWAUKEE, Aug. 9, 2023 /PRNewswire/ — WEC Energy Group (NYSE: WEC) today released its 2022 Corporate Responsibility Report. The report provides a comprehensive overview of the company’s environmental, social and governance (ESG) performance. The report outlines the progress made by WEC Energy Group and its family of companies on major projects and the company’s commitment to the environment and the economies of the areas it serves.
The report also examines the company’s climate strategy and the research and development of emerging technologies such as hydrogen power and long-duration battery storage.
“We’re pleased to report that we’re well on our way to achieving some of the most aggressive targets in our industry for reducing carbon and methane emissions. An important step in our plan is to eliminate coal as an energy source by the end of 2035,” said Gale Klappa, executive chairman. “We have served the people of the Midwest for more than a century. Today, from our perspective, the future has never been brighter.”
Report highlights
The report highlights how WEC Energy Group’s investments in sustainable technology — including zero-carbon energy and renewable natural gas — are helping the company meet its aggressive carbon and methane reduction goals. The company is targeting a 60 percent reduction in carbon emissions from electric generation by the end of 2025 and an 80 percent reduction by the end of 2030, both below 2005 levels. The company is also planning to eliminate coal as an energy source by the end of 2035 and have a carbon-neutral electric generation fleet by 2050.
WEC Energy Group also has a goal to achieve net-zero methane emissions across its natural gas distribution operations by the end of 2030.
The report details the company’s ESG Progress Plan, a $20.1 billion plan to invest in efficiency, sustainability and growth. The five-year capital plan has $7.3 billion allocated for renewables and $7.3 billion for grid and fleet modernization and reliability.
Additional highlights in the report:
- Received the Wisconsin Department of Workforce Development’s Vets Ready Award for outstanding support of military veterans.
- Conducted a comprehensive Scope 3 emissions study in accordance with the GHG Protocol Corporate Accounting and Reporting Standard.
- Spent nearly $300 million in 2022 with diverse suppliers.
- Provided $20 million in charitable grants and contributions to nonprofit organizations, including significant support to the University of Wisconsin-Milwaukee’s Moon Shot for Equity initiative, which promotes equal access to higher education.
- Announced the company updated its diversity and inclusion mission statement and Commitment to Diversity and Inclusion business competency to include equity — a focus on fairness and removing barriers to success.
- Unveiled a new timeline in the “Climate strategy” section to highlight key initiatives and progress in the transition of the company’s power generation fleet.
The 2022 Corporate Responsibility Report and additional information on WEC Energy Group’s ESG efforts can be found online at www.wecenergygroup.com/csr/.
WEC Energy Group (NYSE: WEC), based in Milwaukee, is one of the nation’s premier energy companies, serving nearly 4.7 million customers in Wisconsin, Illinois, Michigan and Minnesota.
The company’s principal utilities are We Energies, Wisconsin Public Service, Peoples Gas, North Shore Gas, Michigan Gas Utilities, Minnesota Energy Resources and Upper Michigan Energy Resources. Another major subsidiary, We Power, designs, builds and owns electric generating plants. In addition, WEC Infrastructure LLC owns a growing fleet of renewable generation facilities in states ranging from South Dakota to Texas.
WEC Energy Group (wecenergygroup.com) is a Fortune 500 company and a component of the S&P 500. The company has approximately 37,000 stockholders of record, 7,000 employees and $43 billion of assets.
Forward-looking statements
Certain statements contained in this press release are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements are based upon management’s current expectations and are subject to risks and uncertainties that could cause actual results to differ materially from those contemplated in the statements. Readers are cautioned not to place undue reliance on these statements. Forward-looking statements include, among other things, statements concerning management’s expectations and projections regarding capital plans and emission reduction goals. In some cases, forward-looking statements may be identified by reference to a future period or periods or by the use of forward-looking terminology such as “anticipates,” “believes,” “estimates,” “expects,” “forecasts,” “intends,” “may,” “objectives,” “plans,” “possible,” “potential,” “projects,” “should,” “targets,” “will” or similar terms or variations of these terms.
Factors that could cause actual results to differ materially from those contemplated in any forward- looking statements include, but are not limited to: general economic conditions, including business and competitive conditions in the company’s service territories; timing, resolution and impact of rate cases and other regulatory decisions; the company’s ability to continue to successfully integrate the operations of its subsidiaries; availability of the company’s generating facilities and/or distribution systems; unanticipated changes in fuel and purchased power costs; key personnel changes; unusual, varying or severe weather conditions; continued industry restructuring and consolidation; continued advances in, and adoption of, new technologies that produce power or reduce power consumption; energy and environmental conservation efforts; natural gas reduction or electrification initiatives, mandates and other efforts to reduce the use of natural gas; the company’s ability to successfully acquire and/or dispose of assets and projects and to execute on its capital plan; terrorist, physical or cyber-security threats or attacks and data security breaches; construction risks; equity and bond market fluctuations; changes in the company’s and its subsidiaries’ ability to access the capital markets; changes in tax legislation or our ability to use certain tax benefits and carryforwards; federal, state, and local legislative and regulatory changes, including changes to environmental standards, the enforcement of these laws and regulations and changes in the interpretation of regulations by regulatory agencies; supply chain disruptions; inflation; political or geopolitical developments, including impacts on the global economy, supply chain and fuel prices, generally, from the ongoing conflict between Russia and Ukraine; the impact from any health crises, including epidemics and pandemics; current and future litigation and regulatory investigations, proceedings or inquiries; changes in accounting standards; the financial performance of American Transmission Company as well as projects in which the company’s energy infrastructure business invests; the ability of the company to obtain additional generating capacity at competitive prices; goodwill and its possible impairment; and other factors described under the heading “Factors Affecting Results, Liquidity and Capital Resources” in Management’s Discussion and Analysis of Financial Condition and Results of Operations and under the headings “Cautionary Statement Regarding Forward-Looking Information” and “Risk Factors” contained in the company’s Form 10-K for the year ended December 31, 2022, and in subsequent reports filed with the Securities and Exchange Commission. Except as may be required by law, the company expressly disclaims any obligation to publicly update or revise any forward-looking information.
SOURCE WEC Energy Group
