HOUSTON–(BUSINESS WIRE)–NRG Energy, Inc. (NYSE:NRG), North America’s leading integrated energy and home services company published its eleventh annual sustainability report today. The company has reduced its carbon footprint by 55 percent from its 2014 baseline, exceeding its 50 percent reduction goal five years ahead of plan. The reduction in NRG’s emissions by 35.6 million metric tons of CO2 equivalent is comparable to avoiding almost 90 billion miles driven by an average passenger vehicle1. The report also highlights the company’s commitments to safety, well-being, and community during an unprecedented year, building on more than a decade of leadership in each of the five pillars of NRG’s comprehensive sustainability framework, encompassing its business, customers, workplace, operations, and supply chain. The report can be found in its entirety at nrg.com/sustainability.
“I’m proud to introduce my first Sustainability Report with NRG—it is a great privilege to build on the company’s long track record of leadership in sustainability”
NRG’s CO2 equivalent emissions reductions contribute to its commitment to achieving a 50 percent reduction of absolute greenhouse gas (GHG) emissions by 2025 from its 2014 baseline and reaching net-zero GHG emissions by 2050. To achieve these goals, the company has implemented a holistic, four-pronged decarbonization strategy comprised of decarbonizing existing business lines, diversifying into low emissions businesses, including renewables, retiring or divesting non-core higher-emissions assets, and capturing residual emissions.
“I’m proud to introduce my first Sustainability Report with NRG—it is a great privilege to build on the company’s long track record of leadership in sustainability,” said Jeanne-Mey Sun, Vice President of Sustainability at NRG Energy. “Our journey to net-zero will take collective action, innovation, and hard work, and we are proud of the significant accomplishments detailed in this year’s Sustainability Report.”
Other notable highlights include:
- The first power company in North America to have its climate goals validated by the Science Based Targets initiative as 1.5 degree Celsius-aligned.
- As of December 31, 2020, contracted more than 1.8 GW of new renewable energy through power purchase agreements with renewable project developers, continuing the advancement of the company’s “asset-light” approach to renewable energy.
- The first North American company in any sector to issue a sustainability-linked bond, tying carbon emissions reductions to beneficial financing.
- New 100 percent electrification goal by 2030 for NRG’s light-duty vehicle fleet.
- The achievement of consistent, top decile safety performance.
- Over $5.75 million committed in charitable contributions and non-profit partnerships, which included providing needed resources and funding for those on the front lines of the COVID-19 pandemic and over $1 million to combat racial injustice.
- The formation of a 21-member, cross-functional diversity, equity, and inclusion taskforce under the leadership of President and CEO Mauricio Gutierrez.
- 100 percent employee completion of unconscious bias training, and continued expansion of employee training on diversity, equity, and inclusion.
- Completion of NRG’s first gender and race pay equity study, which showed equitable pay practices after accounting for education, experience, performance, and location.
- 64 percent diversity of Board of Directors including 36 percent gender and 27 percent ethnic diversity.
- 91 percent independent Board2.
- Continued full Board oversight of Sustainability with in-depth reviews at committee level.
- Continued engagement with stockholders representing more than 30 percent of shares outstanding and with diverse group of stakeholders on ESG issues.
The Report adheres to the most widely accepted standards and frameworks, including those of the Sustainability Accounting Standards Board (SASB) and the Task Force on Climate-related Financial Disclosures (TCFD), continuing NRG’s commitment to transparent reporting practices.
This news release contains 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. Forward-looking statements are subject to certain risks, uncertainties and assumptions and typically can be identified by the use of words such as “expect,” “estimate,” “should,” “anticipate,” “forecast,” “plan,” “guidance,” “outlook,” “believe” and similar terms. Although NRG believes that the 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. The foregoing review of factors that could cause NRG’s actual results to differ materially from those contemplated in the forward-looking statements included in this news release should be considered in connection with information regarding risks and uncertainties that may affect NRG’s future results included in NRG’s filings with the SEC at www.sec.gov.
At NRG, we’re bringing the power of energy to people and organizations by putting customers at the center of everything we do. We generate electricity and provide energy solutions and natural gas to millions of 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, 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.
1 Calculated using the U.S. Environmental Protection Agency Greenhouse Gas Equivalencies Calculator, https://www.epa.gov/energy/greenhouse-gas-equivalencies-calculator, June 2021.
2 All Directors except CEO.
Kevin L. Cole, CFA