HALIFAX - Emera Inc. (TSX: EMA) today published its latest sustainability report which is now available at www.emera.com/sustainability.
For more than 15 years, Emera's strategy has been rooted in its Environmental, Social and Governance (ESG) commitments. This year's sustainability report highlights Emera's continued commitment to investing in cleaner and renewable energy, while focusing on increasing reliability and maintaining customer affordability.
Some of the achievements highlighted in this year's report include (as of Dec. 31, 2019, unless otherwise indicated): A 35% reduction in greenhouse gas (GHG) emissions across Emera's operations from 2005 levels
An increase in installed renewable capacity across Emera from 832 MW in 2018, to 1,107 MW
An 18% reduction in the rate of injury across the company
$13.4 million invested in our communities in 2019
More than $4 million contributed to COVID-19 relief funds
38% of executives across the business are women
36% of board directors are women (as of Sep 30, 2020)
'We're pleased to share our ESG progress in this year's report,' says Scott Balfour, President and CEO, Emera Inc. 'The COVID-19 pandemic has highlighted the critical nature of our business and the importance of organizations like ours to be able to adapt in the face of rapidly emerging risks and challenges.'
Decarbonization is central to Emera's strategy, work that started in its home province. Nova Scotia Power has delivered one of the fastest transitions to cleaner energy in Canada and has already achieved greenhouse gas reductions that exceed the targets set by Canada in the COP 21 Paris Agreement. The utility boasts one of the highest integrations of wind energy in North America at 18 per cent of total generation. Emera also completed the $1.7 billion Maritime Link project, enabling clean hydro energy to flow between Newfoundland and Labrador and Nova Scotia in 2021.
In Florida, Emera has increased its solar capacity at Tampa Electric from nearly zero just a few years ago, to approximately 600MW today, with another 650MW to be installed by 2023. Additionally, the $850 million Big Bend modernization project is underway to significantly reduce the use of coal at the facility by repowering one coal unit with natural gas and retiring a second coal unit.
Of Emera's $7.5 billion capital spending plan through to 2022, 60 per cent is committed to initiatives to make energy cleaner and more reliable.
'Our decarbonization initiatives are central to our strategy and key drivers of our growth, which in turn, creates value for our shareholders,' says Balfour. 'We're committed to delivering the information our investors and other stakeholders are looking for by enhancing our ESG disclosure related to the critical areas of our business.'
In addition to the Global Reporting Index (GRI), Emera added two important disclosure frameworks to its reporting this year- the Sustainability Accounting Standards Board (SASB) that addresses sector-specific financial impacts, and the Task Force on Climate-related Financial Disclosure (TCFD) which focuses on financial risk associated with climate change. These frameworks are emerging as best practice and help Emera provide the most relevant information to investors and other stakeholders.
Emera Inc. is a geographically diverse energy and services company headquartered in Halifax, Nova Scotia, with approximately $32 billion in assets and 2019 revenues of more than $6.1 billion. The company primarily invests in regulated electricity generation and electricity and gas transmission and distribution with a strategic focus on transformation from high carbon to low carbon energy sources. Emera has investments throughout North America, and in four Caribbean countries. Emera's common and preferred shares are listed on the Toronto Stock Exchange and trade respectively under the symbol EMA, EMA.PR.A, EMA.PR.B, EMA.PR.C, EMA.PR.E, EMA.PR.F and EMA.PR.H. Depositary receipts representing common shares of Emera are listed on the Barbados Stock Exchange under the symbol EMABDR and on The Bahamas International Securities Exchange under the symbol EMAB.