'Climate Positive’ by 2050: PG&E’s New Climate Strategy Report Outlines Targets and Milestones on Path to Net Zero Emissions and Beyond

Rhea-AI Summary

Pacific Gas and Electric (PG&E) unveiled new commitments under its Climate Strategy Report aimed at reducing carbon emissions and achieving net zero emissions by 2040. Notably, PG&E plans to have 70% of its electric power from renewable sources by 2030 and aims to fuel 3 million electric vehicles, which could cut carbon emissions by 58 million metric tons. Additionally, the company is transitioning to cleaner gas and will assess gas projects for electrification alternatives, emphasizing equity and inclusion throughout the process.

Positive

• Targeting 70% renewable energy in electric mix by 2030, exceeding California's 60% mandate.
• Aiming to fuel 3 million electric vehicles by 2030, leading to 58 million metric tons of reduced carbon emissions.
• Plans for building electrification expected to cut 48 million metric tons of lifecycle carbon emissions by 2030.

Negative

• None.

Energy Company Accelerates 2030 Targets on Renewable Energy Adoption, Clean Transportation Infrastructure, Building Electrification and More in Effort to Help Heal Our Planet

OAKLAND, Calif.--(BUSINESS WIRE)-- Today, Pacific Gas and Electric Company (PG&E) unveiled breakthrough commitments to help reduce carbon emissions, reverse the impacts of climate change and heal the planet as part of its comprehensive Climate Strategy Report.

The report, which is available at www.pge.com/climate, outlines the company’s path to become “climate positive,” or going beyond net zero emissions and actively removing more greenhouse gases from the environment than it emits, by 2050.

Along the way, PG&E plans to reach net zero greenhouse gas emissions by 2040, five years ahead of California’s current carbon neutrality target, and has detailed clear milestones it plans to meet by 2030 in reducing emissions, adopting renewable energy, investing in clean transportation infrastructure and transitioning its natural gas system.

PG&E’s 2040 and 2050 commitments represent a major step in delivering upon its stand that a healthy environment and carbon-neutral energy system shall be the reality for all Californians.

These commitments are also designed to ensure equity and inclusion remain at the forefront of California’s energy transition by not only helping curb the devastating impacts of climate change felt by communities but also providing a pathway to a more equitable and affordable energy future.

PG&E is committed to partnering with a broad spectrum of stakeholders, including customers, coworkers and community organizations, to co-create plans that will help ensure equity, and to delivering on these climate commitments in a cost-effective way, with minimal incremental impact to customer bills.

“At first glance, meeting these milestones may look to be an extraordinary challenge. But extraordinary times call for extraordinary measures,” said Patti Poppe, CEO of PG&E Corporation. “As recent events have made clear, California is not just on the frontline for acting on climate change but also on the frontline of its destructive effects. We can no longer be content with merely adapting to those harms. We need to put the climate machine into reverse and begin undoing the damage. This report represents PG&E’s bold plan to do just that and will be our guiding document in the years ahead.”

2030: Immediate Climate Action

PG&E recognizes that right now is a critical time for meaningful climate change action and is committed to doing its part.

PG&E has laid out plans to dramatically reduce emissions attributable to the company and its customers by 2030—reductions from its operations and energy delivery (Scope 1, 2 and 3 emissions) equivalent to taking more than 3.2 million passenger vehicles off the road for one year. To drive this effort, the company has set targets that include:

• Renewable Energy Adoption: By 2030, PG&E plans to have 70% of its electric power mix consist of state-eligible renewable resources such as wind and solar. This target exceeds the state’s mandate of 60% for that same year and will be met in a way that is affordable to all.
• Accelerate Electric Transportation: PG&E plans to be the industry’s global model by fueling at least 3 million electric vehicles (EVs) in its service area by 2030—leading to a cumulative reduction of at least 58 million metric tons of carbon emissions. Additionally, PG&E plans to prepare the grid to enable 2 million EVs to participate in vehicle-grid integration applications, allowing EVs to be a cornerstone of energy reliability and resilience efforts.
• Building Electrification and Natural Gas Transition: PG&E plans to achieve 48 million metric tons of lifecycle carbon emissions reductions by 2030 through an increased focus on energy efficiency and building electrification. To support this goal, PG&E will be evaluating all gas capital projects for electrification alternatives and will pursue electrification for projects deemed feasible and cost-effective.
• “Green” the Gas Supply for Hard-to-Electrify Customers: By 2030, PG&E expects that renewable natural gas will make up 15% of the gas flowing through PG&E’s pipelines to core residential and commercial customers, and the company is launching a pilot to maximize readiness for hydrogen blending. PG&E also plans to reduce cumulative carbon emissions by 2.5 million metric tons by proactively converting industrial and large commercial customers unable to electrify to cleaner natural gas.

2040 and 2050: Net Zero Emissions and Climate-Positive Energy Future

Building upon the 2030 goals, PG&E will work to achieve net zero greenhouse gas emissions by 2040 by eliminating or reducing emissions and then removing remaining carbon from the atmosphere. By 2050, the company plans to be removing more greenhouse gases than it emits.

As a dual commodity utility – both gas and electric – PG&E is uniquely positioned to lead this transition with customers at the center. PG&E’s vision is to evolve the gas system to be an affordable, safe, and reliable net zero energy delivery platform. To make the transition, PG&E expects a diverse mix of resources to be available—from broad electrification to cleaner fuels such as renewable natural gas and hydrogen to nature-based solutions and carbon capture, storage, and utilization.

“We’re excited about the opportunities to co-create this future together with our many stakeholders,” said Carla Peterman, PG&E’s Executive Vice President, Corporate Affairs and Chief Sustainability Officer. “Importantly, PG&E is focused on making this transition in an equitable and viable manner that leaves no one behind. We will continue to look for ways to prioritize support for disadvantaged and vulnerable communities and the workforce in a just transition to net zero and beyond.”

Continued Focus on Climate Resilience

In addition to establishing PG&E’s net zero and climate-positive targets and milestones, the Climate Strategy Report reiterates PG&E’s overall efforts to build an energy system that is resilient to the physical impacts of climate change. These efforts include data- and science-informed decision making, undergrounding 10,000 miles of powerlines in high fire-threat areas, and implementing Enhanced Powerline Safety Settings in those same areas. These efforts, which are also detailed in PG&E’s Wildfire Mitigation Plan, demonstrate PG&E’s commitment to live up to its stands that catastrophic wildfires shall stop and that everyone and everything is always safe.

About PG&E

Pacific Gas and Electric Company, a subsidiary of PG&E Corporation (NYSE:PCG), is a combined natural gas and electric utility serving more than 16 million people across 70,000 square miles in Northern and Central California. For more information, visit pge.com and pge.com/news.

Forward-Looking Statements

This news release contains forward-looking statements that are not historical facts, including statements about the beliefs, expectations, estimates, future plans and strategies of PG&E Corporation and the Utility, including but not limited to PG&E’s Climate Strategy Report and climate-related commitments. These statements are based on current expectations and assumptions, which management believes are reasonable, and on information currently available to management, but are necessarily subject to various risks and uncertainties. In addition to the risk that these assumptions prove to be inaccurate, factors that could cause actual results to differ materially from those contemplated by the forward-looking statements include factors disclosed in PG&E Corporation and the Utility's joint annual report on Form 10-K for the year ended December 31, 2021, their most recent quarterly report on Form 10-Q for the quarter ended March 31, 2022, and other reports filed with the SEC, which are available on PG&E Corporation's website at www.pgecorp.com and on the SEC website at www.sec.gov. PG&E Corporation and PG&E undertake no obligation to publicly update or revise any forward-looking statements, whether due to new information, future events or otherwise, except to the extent required by law.

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Source: Pacific Gas and Electric Company

FAQ

What are PG&E's renewable energy targets for 2030?

PG&E aims to have 70% of its electric power mix consist of state-eligible renewable resources by 2030.

How many electric vehicles does PG&E plan to support by 2030?

PG&E plans to fuel at least 3 million electric vehicles in its service area by 2030.

When does PG&E expect to achieve net zero emissions?

PG&E aims to achieve net zero greenhouse gas emissions by 2040.

What are PG&E's carbon emissions reduction goals?

PG&E's targets include reducing emissions equivalent to taking over 3.2 million passenger vehicles off the road for one year by 2030.

How does PG&E plan to address climate change impacts?

PG&E's strategy includes significant milestones in clean energy adoption and building electrification to combat climate change.