New Jersey Resources Highlights Sustainability Agenda at Annual Shareowners Meeting
Strengthens Commitment with Net-Zero by 2050 Operational Emissions Goal
WALL, N.J.–(BUSINESS WIRE)–At its 69th Annual Shareowners Meeting, New Jersey Resources (NYSE: NJR) highlighted the significant progress the company has made in advancing its sustainability agenda, including the establishment of a Net-Zero by 2050 greenhouse gas emissions reduction goal for its New Jersey operations.
Driven by its commitment to operate world-class, environmentally sound energy infrastructure, NJR plans to achieve this carbon reduction goal through strategies focused on reducing fleet emissions, continued distribution system improvements and investments in innovation and next-generation clean energy sources like green hydrogen and renewable natural gas.
“New Jersey Resources continues to be at the forefront of advancing sustainability and investing to build the clean energy future,” said Steve Westhoven, president and CEO of New Jersey Resources. “Our company has a strong record of reducing emissions, embracing innovation, including low- and zero-carbon technologies, and operating the most environmentally sound natural gas distribution network in New Jersey. Our leadership and strategic investments – like our milestone green hydrogen facility – are taking us even further and demonstrate how our high-quality energy infrastructure will play a critical role in reaching climate goals more quickly, more affordably and with the reliability families and businesses count on.”
Underscoring the company’s accomplishments, today NJR released its 2021 Corporate Sustainability Report, which documents the significant progress made across its environmental, social, governance, or ESG, and sustainability goals in fiscal 2021, including:
- Achieving a 55% reduction in carbon emissions from its New Jersey operations from its 2006 baseline.
- Defining its strategy for achieving net-zero emissions from its New Jersey operations by 2050.
- Advancing its innovation and decarbonization efforts with the completion of the first green hydrogen facility on the East Coast to blend zero-carbon energy into its fuel stream to serve customers.
- Launching a $259 million customer-focused, energy-efficiency program, the largest in company history.
- Increasing transparency and disclosure with reporting in line with the recommendations of the Task Force for Climate-related Financial Disclosures framework.
- Working with The Nature Conservancy in New Jersey to address climate impacts with saltwater tidal wetlands restoration efforts in New Jersey’s Barnegat Bay through NJR’s Coastal Climate Initiative™.
- Being named a Most Responsible Company by Newsweek for 2022, the third consecutive year of this recognition.
Stepping up its commitment to fight climate change in the communities it serves, NJR also announced $25,000 was raised for the Coastal Climate Initiative by customers with a company match. The additional funding supports NJR’s work with The Nature Conservancy in New Jersey, a leading environmental group, to restore and preserve saltwater marshes at the Jersey Shore.
“As a company headquartered at the Jersey Shore, we recognize local solutions are essential to help mitigate the effects of climate change,” Mr. Westhoven said. “New Jersey Resources is committed to protecting vital ecosystems and making a difference in our communities along the Jersey Shore through our Coastal Climate Initiative.”
Salt marshes and sea grass are a vital part of New Jersey’s coastal regions and serve a critical function in addressing climate change. Tidal wetlands are effective at removing carbon from the atmosphere and storing it in soil for thousands of years. They also are an important tool in fighting the effects of extreme weather – serving as a natural barrier against wave energy and storm surge, reducing their intensity to protect people and property.
For more information on NJR’s sustainability agenda, goals and progress, or to access the company’s 2021 Corporate Sustainability Report, visit NJRSustainability.com.
Forward-looking Statements:
Certain statements within this release are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. NJR cautions readers that the assumptions forming the basis for forward-looking statements include many factors that are beyond NJR’s ability to control or estimate precisely, such as estimates of future market conditions and the behavior of other market participants. Words such as “anticipates,” “estimates,” “expects,” “projects,” “may,” “will,” “intends,” “plans,” “believes,” “should” and similar expressions may identify forward-looking statements and such forward-looking statements are made based upon management’s current expectations, assumptions and beliefs as of this date concerning future developments and their potential effect upon NJR. There can be no assurance that future developments will be in accordance with management’s expectations, assumptions and beliefs or that the effect of future developments on NJR will be those anticipated by management. Forward-looking statements in this release include, but are not limited to, certain statements regarding NJR’s environmental, sustainability, emission reduction and clean energy goals, future capital expenditures, infrastructure programs, system improvements and investments, NJR’s goal of reducing fleet emissions, and improvements and investments in decarbonized fuels, such as renewable natural gas and green hydrogen.
Additional information and factors that could cause actual results to differ materially from NJR’s expectations are contained in NJR’s filings with the U.S. Securities and Exchange Commission (“SEC”), including NJR’s Annual Reports on Form 10-K and subsequent Quarterly Reports on Form 10-Q, recent Current Reports on Form 8-K, and other SEC filings, which are available at the SEC’s web site, http://www.sec.gov. Information included in this release is representative as of today only and while NJR periodically reassesses material trends and uncertainties affecting NJR’s results of operations and financial condition in connection with its preparation of management’s discussion and analysis of results of operations and financial condition contained in its Quarterly and Annual Reports filed with the SEC, NJR does not, by including this statement, assume any obligation to review or revise any particular forward-looking statement referenced herein in light of future events.
About New Jersey Resources
New Jersey Resources (NYSE: NJR) is a Fortune 1000 company that, through its subsidiaries, provides safe and reliable natural gas and clean energy services, including transportation, distribution, asset management and home services. NJR is composed of five primary businesses:
- New Jersey Natural Gas, NJR’s principal subsidiary, operates and maintains over 7,600 miles of natural gas transportation and distribution infrastructure to serve over half a million customers in New Jersey’s Monmouth, Ocean, Morris, Middlesex and Burlington counties.
- NJR Clean Energy Ventures invests in, owns and operates solar projects with a capacity of more than 365 megawatts, providing residential and commercial customers with low-carbon solutions.
- NJR Energy Services manages a diversified portfolio of natural gas transportation and storage assets and provides physical natural gas services and customized energy solutions to its customers across North America.
- Storage & Transportation serves customers from local distributors and producers to electric generators and wholesale marketers through its ownership of Leaf River Energy Center and the Adelphia Gateway Pipeline Project, as well as our 50 percent equity ownership in the Steckman Ridge natural gas storage facility.
- NJR Home Services provides service contracts as well as heating, central air conditioning, water heaters, standby generators, solar and other indoor and outdoor comfort products to residential homes throughout New Jersey.
NJR and its more than 1,200 employees are committed to helping customers save energy and money by promoting conservation and encouraging efficiency through Conserve to Preserve® and initiatives such as The SAVEGREEN Project® and The Sunlight Advantage®. For more information about NJR:
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Contacts
Media:
Michael Kinney
732-938-1031
mkinney@njresources.com
Investors:
Dennis Puma
732-938-1229
dpuma@njresources.com