Xcel Energy — First U.S. Utility to Set 100% Carbon Reduction Target
FOR IMMEDIATE RELEASE
MEDIA CONTACT: Stefanie Spear, [email protected], 216-387-1609
Oakland, California—Dec. 5, 2018—Xcel Energy took an important step Tuesday to act on the dire problem of climate change, announcing that it will reduce its carbon emissions 100% by 2050, with an interim target of 80% by 2030.
As You Sow fully supports this ground-breaking step. Lila Holzman, energy program manager of As You Sow, had this to say about the announcement:
“Investors applaud this important step toward addressing Xcel’s climate impact and transitioning to a more sustainable business model. Xcel’s leadership shows that it is feasible for the power sector to reduce its greenhouse gas emissions in line with the Intergovernmental Panel on Climate Change goals to avoid catastrophic climate change. By committing to such ambitious reductions, Xcel is positioning itself to thrive in the coming low-carbon energy economy.”
As governments work to combat climate change, the risk to high carbon companies also grows. Whether companies are proactive or reactive on climate change and its impacts, affects shareholder value. Energy companies in particular face important choices. Those that choose to continue investing in using fossil fuel resources and infrastructure increase their risk of stranded assets, known as Carbon Asset Risk. Those companies that choose to diversify away from fossil fuels and expand energy efficiency and use of renewable energy sources are positioning themselves to prosper in the new energy economy.
As You Sow works to address the challenges and risks of climate change by working with shareholders and energy companies to facilitate a transition to Paris-compliant business models. As You Sow has worked with Xcel Energy over the past several years, successfully reaching withdrawal agreements after filing shareholder resolutions in 2011 and 2017, and is currently engaging with the company through the Climate Action 100+ investor initiative.
To learn more about As You Sow’s work on climate change, click here.
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As You Sow is a nonprofit organization that promotes environmental and social corporate responsibility through shareholder advocacy, coalition building, and innovative legal strategies. See our resolutions here.