WALL, NJ–(COMMERCIAL THREAD)–In conjunction with his 70th Annual Shareowners Meeting, New Jersey Resources (NYSE: NJR) released its FY 2022 Corporate Sustainability Report, highlighting progress in its sustainability agenda that spans environmental, social and governance initiatives, including emissions and decarbonisation priorities, across the company.
“As an industry leader in energy and sustainability, New Jersey Resources continues to deliver excellent results for our stakeholders,” said Steve Westhoven, president and CEO of New Jersey Resources. “The past year has seen a huge shift in the conversation about energy in America and how to ensure it remains accessible, reliable, affordable and clean. As we approach 2023, we are optimistic and strongly focused on a path that will advance sustainability goals and drive more innovation, action and positive impacts in our communities.”
Highlights of NJR’s 2022 Corporate Sustainability Report include:
Achieved a 59% reduction in New Jersey operating emissions compared to the 2006 baseline, advancing NJR’s goal of achieving a 60% reduction by 2030.
Eliminated both bare unprotected steel and pig iron from the New Jersey Natural Gas Distribution (NJNG) system. NJNG is the first natural gas company in New Jersey to achieve this goal and currently operates the most environmentally friendly natural gas supply system with the fewest losses per mile in the state.
Completed first year of operation of NJNG’s landmark green hydrogen blending facility, showcasing the real value of its pipeline infrastructure to integrate, store, transport and deliver blended green hydrogen. Clean hydrogen has emerged as a critical tool for meeting emissions reduction goals in a variety of industries and is a key focus of federal policy and recently passed legislation.
Continued its track record of energy efficiency leadership with more than $53 million in energy efficiency initiatives, which was NJNG’s largest annual investment to date in the SAVEGREEN project®. Energy efficiency offerings help deliver immediate emissions reductions by reducing energy use, regardless of fuel type, and reducing energy bills, creating a winning proposition for participating homeowners and businesses. The program is an essential component of NJNG’s decarbonization strategy and is critical to achieving New Jersey’s 2050 carbon reduction goals.
Advanced NJR leadership in renewable energy through development of two nationally significant projects: Mount Olive, one of the largest covered landfill installations in North America, and Canoe Brook floating solar, the nation’s largest floating solar facility, both located in the New Jersey.
NJR also announced $20 million in funding provided to its charitable foundations over the past two years, which will constitute an endowment that will support the company’s philanthropic work into the future, with a focus on community impact and environmental protection. environment.
Through its charitable foundations, NJR is solidifying its commitment to the environment with plans to invest up to $2 million over the next five years to support initiatives such as environmental conservation, restoration, improvement, education and research. Through its Coastal Climate Initiative, NJR will focus its support on nature-based climate solutions that improve local ecosystems and add resilience to local communities.
“We all have a part to play in tackling climate change and strengthening our communities,” Westhoven said. “With this dedicated funding, we will continue to meet this challenge head-on to help ensure a better, more resilient and more sustainable future for all of us.”
To read the full sustainability report, visit our website: www.njrsustainability.com.
Certain statements in this release are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. NJR cautions readers that the assumptions that form the basis for forward-looking statements include many factors beyond NJR’s ability to control or accurately estimate, such as estimates of future market conditions and the behavior of other market participants. Words such as “anticipates”, “estimates”, “expects”, “plans”, “may”, “will”, “intends”, “plans”, “believes”, “should” and similar expressions can identify forward-looking statements and such forward-looking statements are made based on management’s current expectations, assumptions and beliefs as of this date regarding future developments and their potential effect on NJR. There can be no assurance that future developments will conform to management’s expectations, assumptions and beliefs or that the effect of future developments on NJR will be as anticipated by management. Forward-looking statements in this release include, but are not limited to, certain statements regarding NJR’s environmental, sustainability, emissions reduction and clean energy goals, future capital expenditures, including charitable donations, programs and infrastructure developments, including Mount Olive and Canoe Brook, improvements and initiatives through programs including the Coast Climate Initiative, improvements and investments in decarbonised fuels, such as renewable natural gas and green hydrogen.
Additional information and factors that could cause actual results to differ materially from NJR’s expectations are contained in NJR’s filings with the United States Securities and Exchange Commission (“SEC”), including NJR’s annual reports on Form 10- K and subsequent quarterly reports on Form 10-Q, recent current reports on Form 8-K, and other SEC filings, available on the SEC website, http://www.sec.gov. The information included in this release is representative only as of today’s date and while NJR periodically reviews material trends and uncertainties affecting NJR’s results of operations and financial condition in connection with the preparation of management’s discussion and analysis of the results of operations and financial condition contained in its Quarterly Report and Annual Reports filed with the SEC, NJR, including this statement, undertakes no obligation to revise or revise any particular forward-looking statement referenced herein in light of future events.
New Jersey Resource Information
New Jersey Resources (NYSE: NJR) is a Fortune 1000 company that, through its subsidiaries, provides safe and reliable natural gas and clean energy services, including transportation, distribution, asset management and home services. NJR consists of five main businesses:
- New Jersey natural gas, The main branch of NJR, operates and maintains more than 7,700 miles of natural gas transportation and distribution infrastructure to serve more than 569,300 customers in Monmouth, Ocean and parts of Morris, Middlesex, Sussex and Burlington counties in New Jersey.
- Clean energy companies invests in, owns and operates solar projects with a total capacity of more than 386 megawatts, providing residential and commercial customers with low-carbon solutions.
- Energy services operates a diverse portfolio of natural gas transportation and storage businesses and provides physical natural gas services and customized energy solutions to its customers throughout North America.
- Storage and transport serves customers from local distributors and manufacturers to electric generators and wholesalers through its ownership of the Leaf River and Adelphia Gateway Pipeline, as well as our 50% interest in the Steckman Ridge Natural Gas Storage Facility.
- Home services provides service contracts, as well as heating, central air conditioning, water heaters, backup generators, solar products, and other indoor and outdoor comfort products to residential homes throughout New Jersey.
NJR and its more than 1,300 employees are committed to helping customers save energy and money by promoting conservation and encouraging efficiency through Preserve to Preserve® and initiatives such as the SAVEGREEN project® and The Advantage of Sunlight®.
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