Southern Company gets high marks for environmental transparency

Rhea-AI Summary

Southern Company received an A- score from the CDP for environmental transparency, maintaining its position for the second consecutive year, up from a B in 2019. The company aims for net zero greenhouse gas emissions by 2050 and a 50% reduction by 2030, expecting to exceed this goal by achieving over 50% reductions by 2025. CDP's assessment highlights Southern Company's commitment to sustainability and transparency.

Positive

• Achieved A- score from CDP for environmental transparency for 2021.
• Set long-term goal of net zero greenhouse gas emissions by 2050.
• Projected to exceed 50% reduction in greenhouse gas emissions by 2025.

Negative

• None.

ATLANTA, Jan. 10, 2022 /PRNewswire/ -- Southern Company earned a score of A- from the CDP for its environmental transparency and leadership within the North America region and electric utilities sector. 2021 marked the second consecutive year Southern Company received an A-, up from a B in 2019.

The CDP, formally the Carbon Disclosure Project, is a global nonprofit that releases annual scores to incentivize and guide companies and municipalities in becoming leaders in environmental transparency and action. By completing CDP's annual request for climate change disclosure, Southern Company is demonstrating the transparency and accountability vital to tracking progress toward a thriving, sustainable future. 

"As Southern Company works to achieve a net zero carbon future, we remain committed to our core principles of providing clean, safe, reliable and affordable energy to our customers and communities. We are also committed to being transparent in this process and in how we plan for the future," said Jeff Burleson, Southern Company senior vice president, environmental and system planning. "We are pleased our 2021 score of A- once again places Southern Company among the top companies utilizing current best practices in climate disclosure." 

In Southern Company's most recent in-depth climate report, Implementation and Action Toward Net Zero, Southern Company set a long-term goal of achieving net zero greenhouse gas (GHG) emissions by 2050 and reaffirmed its interim goal of reducing GHG emissions 50% by 2030, as compared to 2007 levels. Southern Company expects to consistently achieve GHG reductions of greater than 50% by 2025, a full five years earlier than its 2030 goal.  

Southern Company also issued the 2019/2020 Corporate Responsibility Executive Summary last year, highlighting key areas of interest to help stakeholders access environmental, social and governance disclosures and other information on topics like GHG emissions and diversity, equity and inclusion efforts.

About Southern Company
Southern Company (NYSE: SO) is a leading energy company serving 9 million customers through its subsidiaries. The company provides clean, safe, reliable and affordable energy through electric operating companies in three states, natural gas distribution companies in four states, a competitive generation company serving wholesale customers across America, a leading distributed energy infrastructure company, a fiber optics network and telecommunications services. Southern Company brands are known for excellent customer service, high reliability and affordable prices below the national average. For more than a century, we have been building the future of energy and developing the full portfolio of energy resources, including carbon-free nuclear, advanced carbon capture technologies, natural gas, renewables, energy efficiency and storage technology. Through an industry-leading commitment to innovation and a low-carbon future, Southern Company and its subsidiaries develop the customized energy solutions our customers and communities require to drive growth and prosperity. Our uncompromising values ensure we put the needs of those we serve at the center of everything we do and govern our business to the benefit of our world. Our corporate culture and hiring practices have been recognized nationally by the U.S. Department of Defense, G.I. Jobs magazine, DiversityInc, Black Enterprise, Forbes and the Women's Choice Award. To learn more, visit southerncompany.com/.

About CDP 
CDP is a global non-profit that runs the world's environmental disclosure system for companies, cities, states and regions. Founded in 2000 and working with more than 590 investors with over $110 trillion in assets and over 200 purchasers with $US5.5 trillion in buying power, CDP pioneered using capital markets and corporate procurement to motivate companies to disclose their environmental impacts, and to reduce greenhouse gas emissions, safeguard water resources and protect forests.

Over 14,000 organizations around the world disclosed data through CDP in 2021, including more than 13,000 companies worth over 64% of global market capitalization, and over 1,100 cities, states and regions. Fully TCFD-aligned, CDP holds the largest environmental database in the world, and CDP scores are widely used to drive investment and procurement decisions toward a net-zero, sustainable and resilient economy. Visit cdp.net or follow us @CDP to find out more.

Cautionary Note Regarding Forward-Looking Statements
Certain information contained in this presentation is forward–looking information based on current expectations and plans that involve risks and uncertainties. Forward–looking information includes, among other things, statements concerning expected achievement of emission reduction goals. Southern Company cautions that there are certain factors that can cause actual results to differ materially from the forward–looking information that has been provided. The reader is cautioned not to put undue reliance on this forward–looking information, which is not a guarantee of future performance and is subject to a number of uncertainties and other factors, many of which are outside the control of Southern Company and its subsidiaries; accordingly, there can be no assurance that such suggested results will be realized. The following factors, in addition to those discussed in Southern Company's Annual Report on Form 10–K for the year ended December 31, 2020, Quarterly Reports on Form 10-Q for the quarters ended March 31, 2021, June 30, 3031 and September 30, 2021 and subsequent securities filings, could cause actual results to differ materially from management expectations as suggested by such forward–looking information: the impact of recent and future federal and state regulatory changes, including tax, environmental and  other laws and regulations to which Southern Company and its subsidiaries are subject, as well as changes in application of existing laws and regulations; the potential effects of the continued COVID-19 pandemic; the extent and timing of costs and legal requirements related to coal combustion residuals; current and future litigation or regulatory investigations, proceedings, or inquiries, including litigation and other disputes related to the Kemper County energy facility; the effects, extent, and timing of the entry of additional competition in the markets in which Southern Company's subsidiaries operate, including from the development and deployment of alternative energy sources; variations in demand for electricity and natural gas; available sources and costs of natural gas and other fuels; the ability to complete necessary or desirable pipeline expansion or infrastructure projects, limits on pipeline capacity, and operational interruptions to natural gas distribution and transmission activities; transmission constraints; effects of inflation; the ability to control costs and avoid cost and schedule overruns during the development, construction, and operation of facilities or other projects; legal proceedings and regulatory approvals and actions related to construction projects, such as Plant Vogtle Units 3 and 4 and Plant Barry Unit 8, including Public Service Commission approvals and Federal Energy Regulatory Commission and Nuclear Regulatory Commission actions; under certain specified circumstances, a decision by holders of more than 10% of the ownership interests of Plant Vogtle Units 3 and 4 not to proceed with construction, and the ability of other Vogtle owners to tender a portion of their ownership interests to Georgia Power following certain construction cost increases; in the event Georgia Power becomes obligated to provide funding to Municipal Electric Authority of Georgia ("MEAG") with respect to the portion of MEAG's ownership interest in Plant Vogtle Units 3 and 4 involving Jacksonville Electric Authority, any inability of Georgia Power to receive repayment of such funding; the ability to construct facilities in accordance with the requirements of permits and licenses (including satisfaction of NRC requirements), to satisfy any environmental performance standards and the requirements of tax credits and other incentives, and to integrate facilities into the Southern Company system upon completion of construction; advances in technology, including the pace and extent of development of low- to no-carbon energy technologies and negative carbon concepts; performance of counterparties under ongoing renewable energy partnerships and development agreements; state and federal rate regulations and the impact of pending and future rate cases and negotiations, including rate actions relating to return on equity, equity ratios, additional generating capacity and fuel and other cost recovery mechanisms; the ability to successfully operate the electric utilities' generating, transmission, and distribution facilities and Southern Company Gas' natural gas distribution and storage facilities and the successful performance of necessary corporate functions; the inherent risks involved in operating and constructing nuclear generating facilities; the inherent risks involved in transporting and storing natural gas; the performance of projects undertaken by the non-utility businesses and the success of efforts to invest in and develop new opportunities; internal restructuring or other restructuring options that may be pursued; potential business strategies, including acquisitions or dispositions of assets or businesses, which cannot be assured to be completed or beneficial to Southern Company or its subsidiaries; the ability of counterparties of Southern Company and its subsidiaries to make payments as and when due and to perform as required; the ability to obtain new short- and long-term contracts with wholesale customers; the direct or indirect effect on the Southern Company system's business resulting from cyber intrusion or physical attack and the threat of physical attacks; interest rate fluctuations and financial market conditions and the results of financing efforts; access to capital markets and other financing sources; changes in Southern Company's and any of its subsidiaries' credit ratings; changes in the method of determining LIBOR or the replacement of LIBOR with an alternative reference rate; the ability of Southern Company's electric utilities to obtain additional generating capacity (or sell excess generating capacity) at competitive prices; catastrophic events such as fires, earthquakes, explosions, floods, tornadoes, hurricanes and other storms, droughts, pandemic health events, political unrest or other similar occurrences; the direct or indirect effects on the Southern Company system's business resulting from incidents affecting the U.S. electric grid, natural gas pipeline infrastructure, or operation of generating or storage resources; impairments of goodwill or long-lived assets; and the effect of accounting pronouncements issued periodically by standard-setting bodies. Southern Company expressly disclaims any obligation to update any forward–looking information.

 

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SOURCE Southern Company

FAQ

What is Southern Company's CDP score for 2021?

Southern Company received an A- score for environmental transparency from the CDP for 2021.

What are Southern Company's greenhouse gas emissions reduction goals?

Southern Company aims for net zero greenhouse gas emissions by 2050 and a 50% reduction by 2030.

How did Southern Company's CDP score change since 2019?

Southern Company's score improved from B in 2019 to A- in 2021.

What is Southern Company's interim goal regarding emissions?

Southern Company plans to achieve more than 50% reductions in greenhouse gas emissions by 2025.