HEI Releases 2021 Consolidated Environmental, Social and Governance (ESG) Report

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04/22/2021 - 03:00 PM

HONOLULU, April 22, 2021 /PRNewswire/ -- Hawaiian Electric Industries, Inc. (HEI) (NYSE: HE) today released an updated consolidated report describing its policies, actions and performance with respect to a number of environmental, social and governance (ESG) matters, including climate-related risks and opportunities.

HEI's 2021 ESG report includes the company's first Task Force on Climate-related Financial Disclosures (TCFD)-aligned reporting. It also includes the results of HEI's first consolidated ESG priorities assessment. As with HEI's inaugural ESG report last year, the 2021 report presents data aligned with Sustainability Accounting Standards Board (SASB) guidelines for HEI's utility and bank subsidiaries.

"With all of our operations in the middle of the Pacific Ocean, we know that our company's long-term health is inextricably linked with the strength of the economy, communities, and environment of the Hawaiian Islands. That's why ESG and sustainability considerations are at the core of our mission to be a catalyst for a better Hawai'i," said Connie Lau, HEI president and CEO.

"Since issuing our inaugural ESG report last fall, we have continued our cross-enterprise work to further integrate ESG and climate-related factors into our governance, strategies, risk management and reporting. This second consolidated ESG report provides an update on our ESG efforts and reflects our commitment to continuous improvement, transparency and accountability surrounding these very important issues," said Lau.

HEI's top ESG priorities identified in the report include decarbonization; economic health and affordability; reliability and resilience; secure digitalization; diversity, equity and inclusion; employee engagement; and climate-related risks and opportunities. These priorities reflect the essential connection between the health of Hawai'i's environment, economy and communities and HEI's success as a company. Future reports will continue to track the company's progress as it works to address these interests.

Among the highlights:

Hawaiian Electric

Reached a renewable portfolio standard (RPS) of 35% in 2020, surpassing the state's requirement of 30%.
Continued to lead the nation in rooftop solar penetration, with 20% of residential customers and 36% of single-family homes on O'ahu with rooftop solar in 2020.
Aggressively advanced its utility-scale renewable energy and storage procurement efforts, with proposed projects expected to add ~650 MW of solar and ~3 GWh of storage to the system.
Committed that by 2035, every passenger car, SUV, light pickup truck and minivan in its fleet will be an electric vehicle.

American Savings Bank

Partnered with the State of Hawai'i to launch the Hawaii Restaurant Card to support the unemployed, the restaurant industry and the supply chain during the pandemic, helping funnel more than $71 million into the Hawai'i economy.
Became the first company in Hawai'i to earn the WELL Health-Safety Rating for its ASB Campus, validating the priority it places on the health and safety of its employees in the context of a global pandemic.
Launched a free, comprehensive online financial education resource center to increase financial literacy.

Pacific Current

Continued to grow its portfolio of sustainable infrastructure assets, including with the acquisition of the 6-megawatt Port Allen Solar Facility on Kaua'i, and expanded the use of locally sourced biodiesel at its Hāmākua generation facility in Honoka'a, Hawai'i.
Helped University of Hawai'i (UH) campuses achieve their net-zero goals with three Pacific Current-owned solar-plus-storage projects that are now online at Leeward Community College, Windward Community College and UH Maui College. Two more are expected to begin operation in 2021.
Continued to expand electric vehicle charging in the state through its joint venture with EverCharge, providing smart, power-optimized electric vehicle charging solutions for property owners and managers.

To review the HEI 2021 ESG report, visit www.hei.com/esgonline2021.

HEI supplies power to approximately 95% of Hawai'i's population through its electric utility, Hawaiian Electric; provides a wide array of banking and other financial services to consumers and businesses through American Savings Bank, one of Hawai'i's largest financial institutions; and helps advance Hawai'i's clean energy and sustainability goals through investments by its non-regulated subsidiary, Pacific Current.

Investor Contact	Media Contact
Julie Smolinski	AJ Halagao
VP, Investor Relations & Corporate Sustainability	VP, Corporate & Community Advancement
ir@hei.com	info@hei.com
(808) 543-7300	(808) 543-7625