MILWAUKEE, August 29, 2022 /PRNewswire/ — WEC Energy Group (NYSE: WEC) today released its 2021 Corporate Responsibility Report and Climate Report. The Corporate Responsibility Report provides a comprehensive overview of environmental performance , social and governance (ESG) of the company, while the climate report describes in more detail the governance, strategy and management of the company’s risks related to climate change. Together, the reports demonstrate the progress made by WEC Energy Group and its family of companies on major projects and the company’s ambitious sustainability goals.
The reports highlight the company’s national leadership in the decarbonization effort and its commitment to providing affordable, reliable and clean energy, while maintaining a safe and resilient infrastructure.
“As we look to the future of the WEC Energy Group, we see sustainability as a key pillar to our success,” said Scabies Klappa, Executive Chairman. “For more than a century, we’ve served the Midwest with a strong commitment to our stakeholders. Our focus on sustainable growth and corporate citizenship is at the heart of how we do business.”
The reports highlight how WEC Energy Group’s investments in sustainable technologies, including carbon-free energy and renewable natural gas, are helping the company meet its ambitious carbon and methane reduction targets. The company is targeting a 60% reduction in carbon emissions from power generation by the end of 2025 and an 80% reduction by the end of 2030, both below 2005 levels. The company is also planning a carbon-neutral power generation fleet by 2050.
WEC Energy Group also aims to achieve net zero methane emissions across all of its natural gas distribution operations by the end of 2030.
The reports highlight the company’s ESG progress plan, a $17.7 billion plan to invest in sustainability, growth and efficiency. The five-year capital plan has $5.4 billion allocated to renewable energies and $8.4 billion for the modernization and reliability of the network and the fleet.
WEC Energy Group highlighted its commitment to ensuring a diverse and inclusive workplace. In 2021, the company made measurable progress in advancing women and racial minorities into leadership roles and refined plans to ensure all talent development and engagement efforts align with goals diversity, equity and inclusion.
Additional highlights from the reports include:
- Named one of America’s Most Responsible Companies by Newsweek magazine.
- We Energies, the company’s largest utility, received an emergency response award from the Edison Electric Institute for restoring power to more than 210,000 customers after severe storms. Wisconsin in August 2021.
- Announced a coal phase-out plan for power generation by the end of 2035, with minimal use by the end of 2030.
- Spent $270.3 million in 2021 with various suppliers.
- Provided $20 million grants and donations to non-profit organizations.
- Increased customer access to electric vehicle charging and advanced plans to electrify the company’s automotive fleet.
The 2021 Corporate Responsibility Report, Climate Report and additional information on WEC Energy Group’s ESG efforts are available online at https://wecenergygroup.com/csr/.
WEC Energy Group (NYSE: WEC), based in Milwaukeeis one of the country’s leading 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 power plants. In addition, WEC Infrastructure LLC has a growing fleet of renewable energy generation facilities in the Midwest.
WEC Energy Group (wecenergygroup.com) is a Fortune 500 company and a constituent of the S&P 500. The company has 38,000 registered shareholders, 7,000 employees and more than $39 billion of assets.
SOURCEWEC Energy Group