Public Service Enterprise Group (PSEG) has announced it has committed $35 million to funds managed by Energy Impact Partners (EIP). EIP, a global venture capital firm, and its funds target early-stage, innovative technologies aimed at combatting climate change. In addition to supporting financial returns, PSEG’s investment aims to help accelerate the transition to net-zero greenhouse gas (GHG) emissions and a clean energy future while enhancing our own insights and strategies.
Participating in these funds enables PSEG to gain valuable insights into cutting-edge technologies from across EIP’s portfolio of companies to help accelerate our sustainability roadmap and more rapidly advance our environmental, social and governance (ESG) objectives, strengthening our ESG leadership.
“PSEG is committed to addressing the causes and impacts of global climate change, but no one company can find all the solutions alone,” PSEG Chairman, President and CEO Ralph Izzo said. “While we continue to focus on delivering safe, reliable, sustainable and increasingly cleaner power to our customers, this investment partnership allows us to support innovative research, technology and a variety of early-stage companies – including those run by or focused on the advancement of underrepresented people – that can help accelerate the transition to a clean energy future.”
“We are excited for PSEG to join our coalition focused on creating a sustainable future,” said Hans Kobler, Founder and Managing Partner of EIP. “Tackling climate change is a major challenge and opportunity that can only be solved by working together.”
PSEG climate leadership includes our 2030 net-zero climate vision and our participation in the U.N.-backed Race to Zero campaign. Since 2005, PSEG has achieved a more than 54% reduction in GHG emissions, including retiring more than 4,000 megawatts of fossil generation in the past decade. PSEG also announced the sale of PSEG Fossil’s 6,750 MW portfolio located in NJ, MD, CT and NY.
In addition to clean energy and deep decarbonization, PSEG is committed to sustainability and ESG principles. Details on PSEG policies that support social responsibility, diversity, equity and inclusion (DEI) and other ESG metrics can be found in our 2021 Sustainability and Climate Report and our 2021 DEI report.