FirstEnergy’s Climate Report Released
April 2, 2019
On April 1, 2019, the company released FirstEnergy’s Climate Report, “Energy for a Brighter Future,” the culmination of a year-long effort to assess climate-related risks and opportunities to our business in a lower-carbon future. A growing number of investors, shareholders, customers and employees prefer to do business with companies that have a strong focus on Corporate Responsibility and are transparent in their actions and results. This Climate Report highlights our commitment to Corporate Responsibility as well as our progress toward our greenhouse gas reduction goal.
FirstEnergy’s report uses a 2-degree scenario analysis to assess the potential impacts of reducing carbon dioxide (CO2) emissions to levels consistent with limiting global temperature rise to less than 2 degrees Celsius. With the help of a consultant, the scenario was applied to understand potential implications to the states where we operate. The resulting data indicated two significant changes that would have to occur in our region to support such a drastic reduction in CO2emissions:
- The generation mix would need to change significantly so that by 2050, 75% of the region’s generation would be zero-carbon resources (not including nuclear).
- There would need to be a large increase in electrification, particularly within the transportation sector. By 2050, 90% of vehicles in use need to be completely electric.
While the scenario presents potential risks that the company would have to mitigate – such as impacts to customer cost and reliability – it also illuminates numerous opportunities. For example, we could have an opportunity to provide customers with options for new technologies including smart grid technology and electric vehicle chargers that support a lower-carbon future. In addition, our transmission and distribution systems could also serve to support the increased electrification load.
Stakeholders increasingly want companies to not only be aware of their impact on their customers, communities and the environment, but also have socially conscious programs and responsible practices in place to make a positive impact going forward. This report is a beneficial way to highlight our commitment toward Corporate Responsibility and conveys how our existing corporate strategies and strong governance structure position us well for the future.
To view the report, click here.