New York-based utility Con Edison has announced an expanded Clean Energy Commitment, which rests on five pillars, namely building a grid of the future, empowering customers to achieve climate goals, reimagining the gas system, partnering with stakeholders and reducing its own emissions.
The energy firm has already cut its own (Scope 1) emissions by over 50% since 2005 and the expanded commitment includes a goal to achieve net-zero carbon emissions at its own facilities and operations by 2040. Other targets outlined in the expanded commitment include electrification of its entire light-duty vehicle fleet by 2035 and delivering 100% clean power by 2040.
To achieve its goal, Con Edison will make investments, including:
· $100 million on research and development on long-duration energy storage and hydrogen
· $1 billion on large wind and solar projects by 2023
· $1 billion on electric transmission lines by 2030 to supply green power to customers
· Billions of dollars to decarbonize buildings via electrification of water and space heating systems and energy-efficiency upgrades.
The firm will also:
· Build “Clean Energy Hubs” to connect offshore wind and other resources for power delivery, contributing to its goal of 9,000MW of offshore wind by 2035
· Encourage the installation of 1,000MW of battery storage capacity.
· Support the installation of 400,000 chargers for EVs by 2035 and over 1mn by 2050
· Develop a portfolio of low-carbon fuels.
“The challenge of climate change demands new ways of producing, delivering and using energy. From connecting offshore wind farms, to making it easier for our customers to install solar panels or switch to electric vehicles, we are building clean, flexible and resilient energy infrastructure in New York and across the country,” said Tim Cawley, president and CEO of Con Edison.
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