WEC Energy Group, the parent company of Minnesota Energy Resources, released its 2022 Corporate Responsibility Report. The report provides a comprehensive overview of the company’s environmental, social and governance (ESG) performance. The report outlines the progress made by WEC Energy Group and its family of companies on major projects and the company’s commitment to the environment and the economies of the areas it serves.
The report also examines the company’s climate strategy and the research and development of emerging technologies such as hydrogen power and long-duration battery storage.
“We’re pleased to report that we’re well on our way to achieving some of the most aggressive targets in our industry for reducing carbon and methane emissions. An important step in our plan is to eliminate coal as an energy source by the end of 2035,” said Gale Klappa, executive chairman. “We have served the people of the Midwest for more than a century. Today, from our perspective, the future has never been brighter.”
The report highlights how WEC Energy Group’s investments in sustainable technology — including zero-carbon energy and renewable natural gas — are helping the company meet its aggressive carbon and methane reduction goals. The company is targeting a 60 percent reduction in carbon emissions from electric generation by the end of 2025 and an 80 percent reduction by the end of 2030, both below 2005 levels. The company is also planning to eliminate coal as an energy source by the end of 2035 and have a carbon-neutral electric generation fleet by 2050.
WEC Energy Group also has a goal to achieve net-zero methane emissions across its natural gas distribution operations by the end of 2030.
The report details the company’s ESG Progress Plan, a $20.1 billion plan to invest in efficiency, sustainability and growth. The five-year capital plan has $7.3 billion allocated for renewables and $7.3 billion for grid and fleet modernization and reliability.
Additional highlights in the report:
- Conducted a comprehensive Scope 3 emissions study in accordance with the GHG Protocol Corporate Accounting and Reporting Standard.
- Spent nearly $300 million in 2022 with diverse suppliers.
- Announced the company updated its diversity and inclusion mission statement and Commitment to Diversity and Inclusion business competency to include equity — a focus on fairness and removing barriers to success.
- Unveiled a new timeline in the “Climate strategy” section to highlight key initiatives and progress in the transition of the company’s power generation fleet.
The 2022 Corporate Responsibility Report and additional information on WEC Energy Group’s ESG efforts can be found online at www.wecenergygroup.com/csr/.