Con Edison Uses Climate-Change Projections for Decision-Making, Assures It Will ‘Remain Resilient’
Businesses supplied with electricity from Con Edison can be assured that the utility will “remain resilient in the face of climate change,” the company said in its annual sustainability report. Con Edison, which has committed to supplying its customers with 100% clean electricity by 2040, has recently won approval to build transmission lines that will ultimately help bring offshore wind into New York City, and announced plans for a large battery storage plant in Astoria, Queens.
Con Edison is using climate-change projections for decision-making and planning purposes, and has established a new executive-level committee focused on climate risk and resilience. To reduce customers’ overall energy use, it is offering rebates and incentives that will total $1.5 billion by 2025.
Through its Clean Energy Businesses, Con Edison is the second-largest generator of solar power in North America and the seventh largest worldwide. The company invested $600 million in large-scale renewables in 2020, and intends to continue growing this side of its business.
Closer to home, the company is supporting smaller, distributed solar and battery projects within its own service territory.
At the same time, Con Edison is investing $1.5 billion in energy efficiency improvements by 2025; the company says this will help customers save money, reduce emissions and create buildings that are more attractive places to live and work. Efficiency upgrades also help slow energy demand growth as the modern world increasingly depends on electricity. According to the US Department of Energy, buildings account for 40% of US greenhouse gas emissions.
Con Edison successfully issued Green Bonds in 2020 and 2021, addressing a rising demand for clean-energy investments. The approximately $2.375 billion of proceeds were used primarily to support Con Edison’s smart meter and energy-efficiency programs.
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