PSEG CEO Ralph Izzo Attends COP26, Calls for Urgent Action on Climate

Izzo one of only three U.S. utility CEOs to attend historic climate conference in Glasgow
Published: Oct. 15, 2021 at 8:00 AM EDT|Updated: Nov. 5, 2021 at 8:00 AM EDT

NEWARK, N.J., Nov. 5, 2021 /PRNewswire/ -- PSEG Chairman, President and CEO Ralph Izzo is traveling to Glasgow, Scotland, to attend the 26th Conference of the Parties to the United Nations Framework Convention on Climate Change (COP26), where he will call for urgent action to address climate change.

Ralph Izzo
Ralph Izzo

"With more than 9 million residents, New Jersey is similar in size to many of the nations represented at COP26, and getting hit by the climate crisis means we need to take immediate action not only to address the causes of climate change, but also to reduce and reverse its long-term impacts," said Izzo, one of only three U.S. utility CEOs attending COP26. "New Jersey's rapid progress toward its clean energy and climate goals provides a role model for the rest of the U.S. and the world."

In Glasgow, Izzo is scheduled to meet with world government and industry leaders, including representatives of the global and U.S. power and utility sectors, to drive home the urgent need to establish aggressive goals for reducing carbon emissions – and then returning home to turn those goals into concrete actions.

"COP26 provides an extraordinary opportunity – at a pivotal moment in the climate change crisis – for government and business to work together to solve our greatest climate challenges while also strengthening economies and communities," Izzo said. "The transition to cleaner and more resilient energy resources needs to continue, and faster than it is today. Working together, utilities and other businesses can make progress to decarbonize the economy, while governments can set policies that accelerate the scale and pace of change. This transition presents enormous opportunities for business, and creates lasting benefits for people, economies and the climate."

"We have all the tools to decarbonize our economies, and now we need the collective will," Izzo said. "At PSEG, we've promoted a five-point outline – a list of actions we need to undertake to mitigate the most damaging impacts of our changing climate. These include: setting a price on carbon, fostering energy efficiency, preserving existing nuclear plants, developing renewables, and promoting economywide electrification. My aim for COP26 is that we cement that will into action."

Some of the most aggressive decarbonization efforts in history have been driven by energy utilities – the organizations with the expertise and the infrastructure to tackle climate change alongside a mission to support not only customers, but also communities and the economy. And because the mission of utilities is universal access to energy and all of its benefits, the solutions are available universally – to all customers, no matter who they are, where they live or their financial resources.

The clean energy transition also must advance equity:

"Climate change often hurts communities that have fewer resources and less support to prepare and recover from extreme weather events," Izzo said. "As government and industry invest in infrastructure and strengthen resiliency, all must act to protect communities and address inequities."

Climate change and the transition to a low-carbon economy present opportunities and risks for PSEG. PSEG's recent combined 2021 Sustainability and Climate Report dives into the potential physical and transitional risks of climate change to help PSEG better plan and prepare for the changes ahead, including actions taken to achieve the company's recently announced net-zero climate vision for 2030.

PSEG is an infrastructure company focused on a clean energy future, powered by a diverse, dedicated and highly skilled workforce. PSEG's Powering Progress vision continues to be for a future in which people use less energy, and that energy is cleaner and delivered more reliably than ever. PSEG's commitment to ESG and sustainability is reflected in our net-zero 2030 climate vision, our participation in the U.N. Race to Zero campaign and our business strategies aligned with the U.N.'s Sustainable Development Goals

Public Service Enterprise Group Inc. (PSEG) (NYSE: PEG) is a publicly traded diversified energy company with approximately 13,000 employees. Headquartered in Newark, N.J., PSEG's principal operating subsidiaries are: Public Service Electric and Gas Co. (PSE&G), PSEG Power and PSEG Long Island. PSEG is a Fortune 500 company included in the S&P 500 Index and has been named to the Dow Jones Sustainability Index for North America for 13 consecutive years. (https://corporate.pseg.com).

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The statements contained in this press release that are not purely historical are "forward-looking statements" within the meaning of The Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to risks and uncertainties, which could cause actual results to differ materially from those anticipated. Such statements are based on management's beliefs as well as assumptions made by and information currently available to management. Factors that may cause actual results to differ materially from those contemplated in any forward-looking statements made by us herein are discussed in our Annual Report on Form 10-K and subsequent reports on Form 10-Q and Form 8-K filed with the Securities and Exchange Commission (SEC), and available on our website: https://investor.pseg.com. All of the forward-looking statements made in this press release are qualified by these cautionary statements and we cannot assure you that the results or developments anticipated by management will be realized or even if realized, will have the expected consequences to, or effects on, us or our business, prospects, financial condition, results of operations or cash flows. Readers are cautioned not to place undue reliance on these forward-looking statements in making any investment decision. Forward-looking statements made in this press release apply only as of the date hereof. While we may elect to update forward-looking statements from time to time, we specifically disclaim any obligation to do so, even in light of new information or future events, unless otherwise required by applicable securities laws.

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Public Service Enterprise Group (PSEG) is a publicly traded diversified energy company. Its...
Public Service Enterprise Group (PSEG) is a publicly traded diversified energy company. Its operating subsidiaries are: PSEG Power, Public Service Electric and Gas Company (PSE&G) and PSEG Long Island.

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