Working together, we all can effect change

by | May 26, 2022 | Stories

PSEG is proud to participate in and support the Climate Leadership Conference’s work in showcasing exemplary leadership in response to climate change. 

From droughts to floods, our planet continues to break climate crisis records according to the recently released UN World Meteorological Organization State of the Global Climate report. Recently, Ralph Izzo addressed the New Jersey Senate’s Environment and Energy Committee and New Jersey’s tech community where he spelled out a five-point list of actions we — not just PSEG — can all take to mitigate the most damaging impacts of our changing climate. All of these are immediately actionable — and, importantly, can keep energy affordable while creating jobs of the future and driving growth in our economy. They are:

  • Enabling greater energy efficiency: Residential and commercial buildings account for more than one-third of the carbon emissions America releases each year, while consuming 40% of the nation’s energy and 75% of its electricity. The technology to save energy without sacrificing lifestyle exists today — in the form of high-efficiency appliances, insulation, smart thermostats and even the lowly lightbulb. Energy efficiency is a win-win-win: Its programs can cut carbon emissions, help customers save on their monthly energy bills, while also creating clean energy jobs.
  • Developing renewable energy resources, at scale: For New Jersey, this includes supporting the state’s goal of developing 7,500 megawatts of offshore wind generation by 2035. And we are heartened that the Biden administration also recognizes the opportunity for offshore wind in the U.S., setting a goal of 30 gigawatts by 2030.
  • Electrifying the economy, starting with transportation: The No. 1 source of greenhouse gas emissions in New Jersey and throughout the U.S. is transportation. Electrifying the transportation sector has the potential to have the greatest impact on reducing carbon emissions by reducing the number of vehicles powered by gasoline — a fossil fuel.
  • Preserving our existing nuclear fleet, our greatest source of carbon-free power generation. A recent report from Princeton notes that supporting continued operation of New Jersey’s nuclear generation is consistently among the lowest-cost options for in-state carbon-free generation. Outside of New Jersey, nuclear generation provides more than half of the nation’s carbon-free energy. Federal support would help ensure that the nation’s nuclear plants don’t prematurely retire, and alleviate some of the burden New Jersey bears.
  • Last, enacting an economy-wide price on carbon or at the very least viewing items 1 – 4 through an economic lens that maximizes environmental benefit while minimizing customer costs. This will unleash the creativity of the market and allow the most cost-effective carbon-reduction solutions to rise to the top.

In addition to these important steps, there is one more critical measure: passage of the clean energy tax credits, which would kick-start a domestic clean energy industry. The clean energy tax credits could reduce U.S. emissions 45% to 51% below 2005 levels by 2030 when combined with regulations and state and corporate actions, according to a recent analysis from Rhodium Group

The state of New Jersey, which PSEG serves, is on the front lines of climate change. That’s why energy efficiency and clean energy are a priority for PSEG. Our company has also accelerated our net-zero climate vision, setting a goal of achieving net-zero emissions (Scopes 1 and 2) in our operations by 2030. We have closed over 4,000 MW of fossil generation and divested nearly all our remaining fossil-fueled power plants. And we signed onto the Business Ambition for 1.5 C campaign, which enlists organizations to set science-based targets in the effort to achieve economy-wide decarbonization by mid-century.

Working together, we all can effect change.