The electric utility company that serves millions of New Jersey customers is pledging to reach net-zero carbon emissions within the next 26 years.
In a press release, PSE&G said its goal is to cut carbon emissions by 80% - compared to its 2005 levels -by 2046 and to reach net-zero by 2050. To help reach those goals, the company said it "has no plans to build or acquire new fossil-fueled power plants."
In the United States, the electricity sector accounted for 27.5% of total greenhouse gas emissions in 2017, partly due to the burning of fossil fuels like coal, oil and natural gas during the electricity-generating process, according to the Environmental Protection Agency.
Ralph Izzo, PSE&G's chairman, president and CEO, said his company is committed to doing its part to reduce its carbon footprint.
"We know that climate change and the need to decarbonize our economy mean that this company and others like it must work toward a greener future," Izzo said.
PSE&G serves some 1.8 million gas customer and 2.2 million electric customers in New Jersey, according to its latest investor report. Starting next year, the company said it would track its progress by submitting annual sustainability and climate reports using the Task Force on Climate-related Financial Disclosures guidelines.