Recognizing the urgent need to address climate change, Portland General Electric (NYSE: POR) today (Nov 18) announced a new companywide goal of achieving net zero greenhouse gas emissions by 2040. PGE also announced a new goal to meet customer expectations for clean energy, pledging to reduce greenhouse gas emissions associated with the power served to customers by 80% by 20301, and setting an aspirational goal for zero greenhouse gas emissions associated with the power served to customers by 2040.
"Our future depends on taking immediate action to address climate change by reducing greenhouse gas emissions," said Maria Pope, President and CEO of Portland General Electric. "Today, we placed a new milestone: aiming to achieve companywide net zero greenhouse gas emissions by 2040. To meet this goal, we will touch every part of our business: from the power we supply to our customers, to the vehicles we drive, to how we operate our buildings. Along the way, we will continue to keep electricity reliable and affordable. We're confident that, working with our customers and communities, we will reduce emissions and continue building Oregon's clean energy future."
To reach the goal of companywide net zero greenhouse gas emissions by 2040, PGE will focus on three areas:
Reducing emissions associated with the power serving customers: Oregonians want to use clean energy, which is why PGE is setting a new, accelerated goal to reduce greenhouse gas emissions associated with the power supplied to customers by at least 80% by 2030 (from 2010 levels). Ending operations at coal plants, like the one PGE recently closed in Boardman, Oregon, and adding more renewable generating facilities through wind and solar, as well as battery storage, like the new Wheatridge facility, will help reach that goal. PGE is also setting an aspirational goal of zero greenhouse emissions associated with the electricity served to customers by 2040. Reaching that goal will require policy, regulatory and technology advancements to fully eliminate emissions from the power supply.
Reducing emissions in operations: The companywide net zero greenhouse gas goal means finding ways to reduce emissions in every part of the business. With transportation accounting for 40% of Oregon's greenhouse gas emissions, one way to make progress is through electrifying more than 60% of PGE's fleet by 2030, including 100% of Class 1 vehicles like sedans, SUVs, and small pickups, as well as forklifts, by 2025.
Reducing emissions through evolving customers' energy choices: PGE customers are already #1 in choosing PGE's current renewable energy programs, but many customers want to move further, faster. PGE will continue to create new, innovative programs, like our Green Future products that offer a variety of choices to customers looking for clean, green energy options to power their homes and businesses.
Follow PGE's work towards these goals at portlandgeneral.com/climate. For more information on PGE's Environmental, Social and Governance commitments and reporting, please visit investors.portlandgeneral.com/esg.
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