New Jersey Resources (NYSE: NJR) released its fiscal 2022 Corporate Sustainability Report in conjunction with its 70th Annual Shareowners Meeting, highlighting advancements made in the company’s environmental, social, and governance initiatives, including emission reduction targets and decarbonization priorities.
According to Steve Westhoven, president and chief executive officer of New Jersey Resources, “New Jersey Resources continues to generate outstanding results for our stakeholders as a pioneer in the energy business and sustainability.”
“The discussion about energy in America and how to guarantee that it remains available, dependable, inexpensive, and clean has undergone a significant transition over the past year.
As 2023 approaches, we are upbeat and laser-focused on a course that will advance sustainability objectives, spur greater innovation and action, and have a good influence on our communities.
NJR’s 2022 Corporate Sustainability Report features the following highlights:
- Obtained a 59% decrease in operational emissions in New Jersey from the baseline level in 2006, moving NJR closer to its target of a 60% reduction by 2030.
- cast iron and bare, unprotected steel were taken out of the NJNG (New Jersey Natural Gas) distribution system. The state’s most environmentally friendly natural gas supply system, with the fewest leaks per mile, is currently run by NJNG, the first gas utility in New Jersey to accomplish this.
- completed its first year of operation, demonstrating the practical utility of its pipeline infrastructure for integrating, storing, transporting, and delivering blended green hydrogen. NJNG’s landmark green hydrogen blending facility is a key component of the company’s green energy strategy. A major focus of federal policy and recently passed legislation, clean hydrogen has become an essential instrument in reaching emissions reduction goals in several sectors.
- remained a leader in energy efficiency with over $53 million in energy-efficiency projects, which was NJNG’s greatest yearly investment in The SAVEGREEN Project® to yet.
- A win-win situation is created for participating homeowners and companies as a result of the energy-efficiency initiatives, which help provide immediate emissions reduction by cutting energy usage, regardless of fuel source. The program is crucial to achieving New Jersey’s 2050 carbon reduction targets as well as NJNG’s decarbonization policy.
- The development of two projects of national importance—Canoe Brook floating solar, the largest floating solar array in the country, and Mount Olive, one of North America’s largest capped landfill installations—will advance NJR’s leadership in renewable energy. Both projects are in New Jersey.
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In addition, NJR disclosed that $20 million in financing given to its charitable foundations over the previous two years will create an endowment to sustain the company’s philanthropic activities for years to come, with an emphasis on community impact and environmental sustainability.
With plans to donate up to $2 million over the next five years to support activities like environmental protection, restoration, enhancement, education, and research, NJR is reaffirming its commitment to the environment through its charitable foundations.
NJR will concentrate its support on eco-friendly climate solutions that strengthen regional ecosystems and increase community resilience through its Coastal Climate Initiative.
Mr. Westhoven added, “We all have a responsibility to play in combating climate change and enhancing our communities. We will continue to face this challenge head-on with this targeted financing to help secure a better, more durable, and more sustainable future for all of us.
Future-looking Propositions:
According to 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, this announcement contains forward-looking statements.
NJR cautions readers that forward-looking statements are dependent on numerous assumptions, including future market conditions and market participant behavior, that NJR cannot control or estimate. Words like “anticipates,” “estimates,” “expects,” “projects,” “may,” “will,” “intends,” “plans,” “believes,” and “should” can be found in forward-looking statements.
Forward-looking statements are based on management’s current estimates, assumptions, and opinions concerning future events and NJR’s possible impact. Future events might not have the intended effects on NJR or match management’s expectations, assumptions, or beliefs.
This press release includes forward-looking statements about NJR’s environmental, sustainability, emission-reduction, and clean energy goals, as well as future capital investments, charitable endowments, infrastructure programs and developments, such as Mount Olive and Canoe Brook, as well as advancements and initiatives through programs like the Coast Climate Initiative and investments in decarbonized fuels like r.
The most recent Current Reports on Form 8-K, Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, and other SEC filings by NJR are all accessible at http://www.sec.gov.
Although NJR regularly reevaluates significant trends and uncertainties affecting NJR’s results of operations and financial condition in connection with the preparation of management’s discussion and analysis in its quarterly and annual reports filed with the SEC, NJR does not, by including this statement, assume any obligation to review or withdraw this statement.
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Resources for New Jersey
The Fortune 1000 firm New Jersey Resources (NYSE: NJR) offers safe and dependable natural gas and renewable energy services, including transportation, distribution, asset management, and home services, through its subsidiaries. NJR is made up of five main companies:
- For more than 569,300 customers in New Jersey’s Monmouth, Ocean, and portions of Morris, Middlesex, Sussex, and Burlington counties, New Jersey Natural Gas, the major subsidiary of NJR, runs and maintains a network of over 7,700 miles of natural gas distribution and transportation infrastructure.
- To offer residential and business customers low-carbon solutions, Clean Energy Ventures invests in, owns, and operates solar projects with a combined capacity of more than 386 megawatts.
- Energy Services oversees a diverse network of natural gas transportation and storage assets and offers its clients in North America physical natural gas services as well as specialized energy solutions.
- With its ownership of Leaf River, the Adelphia Gateway Pipeline, and its 50% equity stake in the Steckman Ridge natural gas storage facility, Storage and Transportation provides services to clients ranging from regional distributors and producers to electric generators and wholesale marketers.
- Residential residences in New Jersey can purchase service contracts from Home Services along with heating, central air conditioning, water heaters, standby generators, solar, and other indoor and outdoor comfort supplies.
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Through programs like Conserve to Preserve® and campaigns like The SAVEGREEN Project® and The Sunlight Advantage®, NJR and its more than 1,300 employees are dedicated to assisting clients in saving energy and money.
