WEC Energy Group has unveiled aggressive new carbon dioxide and methane reduction goals this week. The company is committing to a 60 percent reduction in carbon emissions by 2025 from its electric generation fleet and an 80 percent reduction by the end of 2030. The company also announced plans to achieve net-zero methane emissions from its natural gas distribution system by the end of 2030.
The goals – which are outlined in a new company report – 2021 Pathway to a Cleaner Energy Future – are among the strongest environmental goals in the utility industry.
“As we plan for a bright, sustainable future, our priorities can be summed up in three words – affordable, reliable and clean,” said Gale Klappa, executive chairman. “The goals we announced today support national and international efforts, including the Paris Climate Agreement. We’re confident we can achieve these milestones while continuing to be a leader in reliability, customer satisfaction and financial performance.”
The report notes that WEC Energy Group is transforming its power generation fleet and modernizing its delivery networks. “As we continue to execute our investment plan, we expect the percentage of our revenue and assets tied to coal will drop to less than 10 percent at the end of 2025,” added Kevin Fletcher, president and CEO.
- Carbon emission reductions – electric generation
- 60 percent by 2025, compared to 2005 levels.
- 80 percent by the end of 2030, compared to 2005 levels.
- Net-zero electric generation fleet by 2050.
- Methane emission reductions
- Net-zero methane emissions from natural gas distribution operations by the end of 2030.
- As part of its 2021-2025 capital plan, WEC Energy Group expects to invest more than $4 billion on clean energy projects.
- Business and climate strategy
- The company will continue to work with stakeholders to minimize the impact of plant retirements and will look to the recommendations of the “Just Transition” framework, to inform engagement and decision-making.
WEC Energy Group (NYSE: WEC), based in Milwaukee, is one of the nation’s premier energy companies, serving 4.6 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 the Midwest.
WEC Energy Group (wecenergygroup.com) is a Fortune 500 company and a component of the S&P 500. The company has approximately 42,000 stockholders of record, 7,200 employees and more than $37 billion of assets.