Energy Procurement, GHG Emissions - April 15, 2022
PPL Updates 2021 Goals
Energy company PPL set a new goal to achieve net zero carbon emissions by 2050. The company plans to reach interim reduction targets of 70% by 2035 and 80% by 2040 and has committed to not burning unabated coal by 2050.
The goals were announced with the release of PPL's 2021 ESG report, which also revealed that the company is adding ESG metrics as a performance measurement to long-term executive compensation.
The company is involved in industry efforts focused on advancing research in several key technology areas, including joining Energy Impact Partners' global investment platform, serving as an anchor sponsor of the Low Carbon Resources Initiative, and launching an innovative partnership with the University of Kentucky's Center for Applied Research to study the capture of carbon dioxide emissions at natural gas combined cycle power plants.
"The past year was transformational for PPL Corporation as we took significant steps to strategically reposition our company for the future, while making progress on our environmental, social and governance strategy and performance," said Vincent Sorgi, president and chief executive officer of PPL Corporation in a statement. "This report tracks our progress as we pursue a long-term strategy that seeks to create value for all stakeholders. PPL has set goals and commitments to address climate change; make the grid more reliable and resilient; boost diversity, equity and inclusion; and make a long-term, positive impact in the communities we serve."