Energy Efficiency, Energy Procurement, Solar, Sourcing Renewables, Wind - November 19, 2021
ConEd to Reach Net Zero by 2040
Con Edison, Inc., a New York utility provider, established a goal to reach net zero carbon emissions from its facilities and operations by 2040.
The company has already reduced its Scope 1 emissions by more than half since 2005 and plans to decarbonize New York City’s steam system, the largest district heating system in the country, by 2040.
Con Edison is also committed to providing 100% clean power to Con Edison’s facilities by 2030, completely electrify the company’s light-duty vehicle fleet by 2035 and delivering 100% clean power to its customers by 2040. The company supports New York’s ambition for a statewide net-zero economy by mid-century, in line with the Paris Agreement.
“The challenge of climate change demands new ways of producing, delivering and using energy,” said Tim Cawley, president and CEO of Con Edison in a statement. “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.”
Con Edison’s utilities will invest $2 billion by 2030 to protect them from the severe weather caused by climate change. The company is committed to shrinking the amount of natural gas it delivers and will continue providing customers with financial incentives to make their buildings more energy efficient and to switch to cleaner heating alternatives, such as heat pumps and geothermal systems.
To help the shift to zero-carbon energy resources, Con Edison will spend $100 million on research and development by 2030, with a focus on long-duration energy storage and hydrogen.
Through its Clean Energy Businesses, the company plans to invest $1 billion by 2023 on large wind and solar projects. Con Edison is seeking authorization to own renewable plants in New York, leveraging its experience as a wind and solar developer to lower costs for the state’s energy consumers.
Through its Con Edison Transmission business, the company plans to invest another $1 billion by 2030 on electric transmission lines needed to bring green power to customers.
Con Edison plans to invest billions of dollars enabling the decarbonization of buildings, from deep energy-efficiency upgrades to electrifying space and/or water heating for more than 150,000 buildings by 2030.