Press release
AEP RELEASES 2023 CORPORATE SUSTAINABILITY REPORT
COLUMBUS, Ohio, May 17, 2023 /PRNewswire/ -- American Electric Power (Nasdaq: AEP) issued the 2023 Corporate Sustainability Report, an annual assessment of
About this update from American Electric Power Company, Inc.
[{"type":"text","content":"COLUMBUS, Ohio, May 17, 2023 /PRNewswire/ -- American Electric Power (Nasdaq: AEP) issued the 2023 Corporate Sustainability Report, an annual assessment of its performance as a public company and community partner. This report marks AEP's 17th year of environmental, social and governance (ESG) disclosure, demonstrating its commitment to reporting the company's progress toward a sustainable energy future.\nThe report's theme, \"Delivering the Power of Opportunity\", reflects AEP's sustainable growth strategy, which is focused on a clean and just transition; environmental compliance and stewardship; employee well-being and engagement; social justice and equity; and strong and effective corporate governance.\nIn 2022, AEP adjusted its near-term carbon dioxide emission reduction target from a 2000 baseline to a 2005 baseline, upgraded its 80% reduction by 2030 target to include full Scope 1 emissions and accelerated its net zero goal by five years to 2045. The company plans to reach net zero emissions by investing in renewable generation and energy storage, supporting expanded grid development, exploring emerging low- and zero-emission generation technologies, and steadily reducing emissions over time.\n\"Our goal to achieve net zero greenhouse gas emissions by 2045 will require an \"all of the above\" strategy that is focused on investing in our people, our communities and the grid. We are already making significant progress. We've achieved a 66% reduction in Scope 1 GHG emissions since 2005 and retired or sold nearly 13,500 megawatts of coal-fueled generation over the past decade,\" said Julie Sloat, AEP's president and chief executive officer, in the report's introduction.\nThe company also is capitalizing on federal support for clean energy investments, which include the bipartisan Infrastructure Investment and Jobs Act and the Inflation Reduction Act. These grants will help support AEP's efforts to upgrade infrastructure and improve resilience, expand access to high-speed broadband for rural communities and invest in clean energy technologies.\nAEP is committed to capacity building and economic diversification to create long-term sustainable growth for its customers, communities and the company. In 2022, AEP helped attract 101 new customer projects and $28 billion in capital investment across its 11-state service territory.\n\"...