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Edison International has published its Sustainability Report for 2020, detailing progress toward meeting long-term sustainability goals, successes and challenges faced in executing its clean energy strategy, its commitment and approach to advancing diversity, equity and inclusion and other disclosures and metrics of interest to investors, regulators, customers and other stakeholders. The company has also published its Sustainable Financing Framework, outlining its commitment to sustainability and its intention to continue aligning capital-raising activities with sustainability principles.
“Our framework underscores the strong link between our strategy and financing activities,” said Pedro J. Pizarro, president and CEO of Edison International. “The broad spectrum of financing tools enabled by the framework are part of our effort to keep costs affordable for customers while achieving our sustainability goals, including reducing the greenhouse gas emissions that contribute to climate change.”
Edison International’s framework is aligned with the International Capital Market Association’s Green Bond Principles 2018 and Social Bond Principles 2020 and has received a second-party opinion from Vigeo Eiris. The financings will generate proceeds to finance new or to refinance existing projects in four environmental categories (renewable energy, clean transportation, energy efficiency and carbon reduction, or climate change adaptation) or one social category (socioeconomic advancement and empowerment).
The company’s 2020 Sustainability Report describes its commitment to addressing the impacts of climate change and, in particular, outlines Southern California Edison’s continued work to deliver 100% carbon-free power in terms of retail sales by 2045 and to accelerate the electrification of the economy to most affordably meet California’s ambitious economywide net-zero goal. Read more about the report on Energized by Edison.
Among other accomplishments in 2020, Edison International’s primary subsidiary, SCE, procured 1,360 megawatts of energy storage and installed 1,442 new vehicle charging ports through its Charge Ready program. SCE maintained the lowest system average rate among California’s investor-owned utilities, and its rates have grown less than Los Angeles area inflation for the past 30 years.
Addressing climate change involves everyone — utilities and energy users, including large companies. Edison Energy, the company’s nonregulated competitive business, partners with leading commercial, institutional and industrial clients, including 15 of the Fortune 50, to help them navigate and manage three of the biggest challenges of today: cost, carbon and the increasingly complex choices in energy. Edison Energy advised clients on 2.2 gigawatts of renewable energy agreements in 2020.
“We continue to adapt our business to the changing climate and its impacts as we invest in the electric grid that is critical to resiliency and meeting California’s carbon-free power objectives,” said Pizarro. “Further, our commitment to diversity, equity and inclusion reflects the rich diversity of the areas we serve. We believe our ability to lead the transformation of the electric power industry toward a clean energy future relies on the diversity of our team and a society that enables all people to thrive.”