Con Ed to Deliver 100% Clean Power by 2040
New York City-based utility company Con Edison announced today a series of sustainability commitments and initiatives, including a goal to deliver 100% clean power to customers by 2040.
Launched as part of an expansion of its Clean Energy Commitment, the new goals also include providing 100% clean power to its facilities by 2030, and completely electrifying its light-duty vehicle fleet by 2035, supporting New York’s s ambition to achieve a net-zero economy by 2050.
Tim Cawley, President and Chief Executive Officer of Con Edison, said:
“The challenge of climate change demands new ways of producing, delivering, and using energy. From connecting offshore wind farms to making it easier for our customers to install solar panels or switch to electric vehicles, we are building clean, flexible, and resilient energy infrastructure in New York and across the country.”
As part of its expanded commitments, Con Edison stated that its utilities will invest $2 billion by 2030 to fortify its energy-delivery systems. The company is also committing to shrinking the amount of natural gas it delivers and will spend $100 million on research and development by 2030, with a focus on long-duration energy storage and hydrogen.
“We are aggressively transitioning away from fossil fuels to a net-zero economy by 2050. The nation has begun a clean energy transformation that will bring profound economic, social, and environmental benefits. Con Edison is well-positioned and eager to create our clean energy future today.”
The Company’s Clean Energy Commitment is supported by five key pillars, including building the grid of the future, empowering all customers to meet their climate goal, reimagining the gas system, leading by reducing the company’s carbon footprint, and partnering with stakeholders.
The first pillar of the company’s commitment is to build the grid of the future that delivers 100% clean power by 2040, a keystone to decarbonizing New York’s economy. The company is investing in the Reliable Clean City projects, and it has proposed to build “Clean Energy Hubs”, where offshore wind and other sources can deliver power to help the state meet its goal of 9000 MW of offshore wind by 2035.
To generate and deliver renewable energy, the company plans to invest $1 billion by 2023 on large wind and solar projects and is seeking authorization to own renewable plants in New York. In addition, through its Con Edison Transmission business, the firm plans to invest another $1 billion by 2030 on electric transmission lines needed to bring green power to customers.
To electrify its transportation, Con Edison’s utilities will support the installation of 400,000 chargers for EVs by 2035, and more than 1 million chargers by 2050. Con Edison will also purchase only electric vehicles for its own light-duty fleet, on the way to fully electrifying that fleet by 2035.
According to Con Edison, buildings are the largest source of New York’s carbon emissions. As part of its commitment to reimagining the gas system, the firm plans to invest billions to enable the decarbonization of more than 150,000 buildings by 2030. For hard-to-electrify buildings, the company stated that it is developing a portfolio of low-carbon fuels.
To build climate resilience, the company is partnering with Columbia University and other stakeholders to assess climate risk. The $2 billion the company expects to invest by 2030 in further climate resiliency measures will cover a range of approaches, including selective undergrounding of overhead power lines. The company also aims to deepen its collaboration with customers, regulators, policymakers, and other stakeholders.
Susanne DesRoches, Regulatory Director, Energy Policy, New York City Office of Climate and Sustainability, said:
“The City of New York is pleased to see the release of Con Edison’s expanded Clean Energy Commitment which aligns with our goal for carbon neutrality by 2050. As a global leader in the fight against climate change, we know our partnership with utilities is key to equitable decarbonization. We look forward to continuing to work with Con Edison and support their efforts to transition to a clean energy future that is affordable and resilient.”