WEC Energy Group's Climate Report and Corporate Responsibility Report highlight sustainable progress

Rhea-AI Summary

WEC Energy Group (NYSE: WEC) released its 2021 Corporate Responsibility and Climate Reports, showcasing progress in environmental, social, and governance (ESG) initiatives. The reports outline the company's targets of a 60% reduction in carbon emissions by 2025 and 80% reduction by 2030, along with a carbon-neutral electric generation fleet by 2050. With a $17.7 billion ESG Progress Plan, WEC is investing significantly in renewable energy and infrastructure. The company also emphasizes diversity and inclusion, achieving notable advancements in leadership demographics.

Positive

• Targeting a 60% reduction in carbon emissions by 2025 and 80% by 2030, below 2005 levels.
• Plans for a carbon-neutral electric generation fleet by 2050.
• Announced a $17.7 billion investment in sustainability and growth over five years.
• Awarded for diverse supplier spending of $270.3 million in 2021.

Negative

• None.

MILWAUKEE, Aug. 29, 2022 /PRNewswire/ -- WEC Energy Group (NYSE: WEC) today released its 2021 Corporate Responsibility Report and Climate Report. The Corporate Responsibility Report provides a comprehensive overview of the company's environmental, social and governance (ESG) performance, while the Climate Report further describes the company's governance, strategy and risk management related to climate change. Together, the reports demonstrate progress made by WEC Energy Group and its family of companies on major projects and the company's aggressive sustainability goals.

The reports highlight the company's national leadership in the decarbonization effort and commitment to deliver affordable, reliable and clean energy, while maintaining safe, resilient infrastructure.

"As we look to the future of WEC Energy Group, we see sustainability as a key pillar for our success," said Gale Klappa, executive chairman. "For more than a century, we have served the Midwest with a strong commitment to our stakeholders. Our focus on sustainable growth and corporate citizenship is at the heart of how we conduct business."

Report highlights

The reports highlight 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 for 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 reports highlight the company's ESG Progress Plan, a $17.7 billion plan to invest in sustainability, growth and efficiency. The five-year capital plan has $5.4 billion allocated for renewables and $8.4 billion for grid and fleet modernization and reliability.

WEC Energy Group underscored its commitment to ensuring a diverse and inclusive workplace. In 2021, the company made measurable progress in advancing women and racial minorities in leadership positions and refined plans to ensure all talent development and engagement efforts align with diversity, equity and inclusion goals.

Additional highlights from the reports include:

• Named one of America's most responsible companies by Newsweek magazine.
• We Energies, the company's largest utility, received an Edison Electric Institute Emergency Response Award for restoring power to more than 210,000 customers after severe storms hit Wisconsin in August 2021.
• Announced a plan to exit from coal for power generation by the end of 2035, with minimal use by the end of 2030.
• Spent $270.3 million in 2021 with diverse suppliers.
• Provided $20 million of grants and donations to nonprofit organizations.
• Increased customer access to electric vehicle charging and advanced plans to electrify the company's own motor vehicle fleet.

The 2021 Corporate Responsibility Report, Climate Report and additional information on WEC Energy Group's ESG efforts can be found online at https://wecenergygroup.com/csr/.

WEC Energy Group (NYSE: WEC), based in Milwaukee, is one of the nation's premier energy companies, serving 4.6 million customers in Wisconsin, Illinois, Michigan and Minnesota.

The company's principal utilities are We Energies, Wisconsin Public Service, Peoples Gas, North Shore Gas, Michigan Gas Utilities, Minnesota Energy Resources and Upper Michigan Energy Resources. Another major subsidiary, We Power, designs, builds and owns electric generating plants. In addition, WEC Infrastructure LLC owns a growing fleet of renewable generation facilities in the Midwest.

WEC Energy Group (wecenergygroup.com) is a Fortune 500 company and a component of the S&P 500. The company has 38,000 stockholders of record, 7,000 employees and more than $39 billion of assets.

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SOURCE WEC Energy Group

FAQ

What sustainability targets has WEC Energy Group set for 2025 and 2030?

WEC Energy Group aims for a 60% reduction in carbon emissions by 2025 and 80% by 2030, relative to 2005 levels.

What is WEC Energy Group's plan for carbon neutrality?

The company plans to achieve a carbon-neutral electric generation fleet by 2050.

How much is WEC Energy Group investing in sustainability?

WEC Energy Group's ESG Progress Plan includes a $17.7 billion investment over five years.

What recognition did WEC Energy Group receive regarding corporate responsibility?

WEC Energy Group was named one of America's most responsible companies by Newsweek magazine.