Dominion Energy Announces Support for Task Force on Climate-related Financial Disclosures
Dominion Energy (NYSE: D) has officially declared its support for the Task Force on Climate-related Financial Disclosures (TCFD), aimed at enhancing transparency regarding climate-related risks and opportunities. CEO Robert M. Blue emphasized that such transparency provides a competitive edge and aligns with the company's goal of achieving net zero emissions by 2050. Dominion has been recognized as a 'Trendsetter' in political disclosure for three consecutive years. The company plans to release a new climate report in 2021, outlining its roadmap to net zero emissions and aligning with TCFD recommendations.
- Dominion Energy supports TCFD, enhancing transparency on climate risks.
- Company aims for net zero emissions by 2050, providing a long-term strategy.
- Recognized as a 'Trendsetter' in political disclosure for three years.
- Plans to release a new climate report in 2021, detailing its roadmap to net zero.
- None.
RICHMOND, Va., Nov. 9, 2020 /PRNewswire/ -- Dominion Energy (NYSE: D) has declared its support for the Task Force on Climate-related Financial Disclosures (TCFD), which provides guidance to organizations on providing information to investors, lenders, insurers, and others on the business risks and opportunities presented by climate change.
"Greater transparency regarding climate-related risks and opportunities is a competitive advantage," said president and chief executive officer Robert M. Blue. "It enables shareholders, customers, and other stakeholders to see alignment among our strategy of building a clean and sustainable energy future, our goal of achieving net zero emissions by 2050, and the opportunities arising from a shift to a low-carbon world. These disclosures also demonstrate our efforts to provide investors with consistency when evaluating and quantifying the impact of climate change on our business."
Dominion Energy's support for the TCFD is consistent with its overall commitment to transparency. For three years in a row, the company has been named a "Trendsetter" for political disclosure and accountability by the Center for Political Accountability and the Zicklin Center for Business Ethics and Research at the University of Pennsylvania. In addition, its recently released Sustainability and Corporate Responsibility Report (www.sustainability.domionionenergy.com) — a comprehensive review of the company's 2019 activities related to safety, environmental stewardship, customer support, employee welfare, diversity, and more — maps sustainability disclosures to standards published by the Global Reporting Initiative, the Sustainability Accounting Standards Board, and the United Nations Sustainable Development Goals.
Dominion Energy expects to release a new climate report in 2021 that will detail its roadmap to net zero emissions, explore the risks and opportunities associated with climate change, and follow the disclosure recommendations of the TCFD.
Chaired by Michael R. Bloomberg, the TCFD is composed of more than 1,500 organizations around the globe. It makes recommendations whose adoption provides investors, lenders, and insurance underwriters with clear, consistent, and relevant information about climate-related risks and opportunities across economic sectors and geographic regions, making the financial system more resilient to the disruptive effects of climate change.
For more information about the TCFD, please visit www.fsb-tcfd.org.
More than 7 million customers in 16 states energize their homes and businesses with electricity or natural gas from Dominion Energy (NYSE: D), headquartered in Richmond, Va. The company is committed to sustainable, reliable, affordable and safe energy and to achieving net zero carbon dioxide and methane emissions from its power generation and gas infrastructure operations by 2050. Please visit DominionEnergy.com to learn more.
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