SoCalGas Highlights Several Milestones Advancing the Company's ASPIRE 2045 Sustainability Strategy in 2022 Corporate Sustainability Report
The report highlights the progress SoCalGas has made to accelerate the transition to clean energy, improve local air quality, increase clean energy access and affordability, and advance a diverse, equitable, and inclusive culture while achieving world class safety.
LOS ANGELES, May 23, 2023 /PRNewswire/ -- Southern California Gas Company (SoCalGas) today published its section of parent company Sempra's 2022 Corporate Sustainability Report detailing SoCalGas' dedication towards advancing the clean energy transition, environmental benefits, social equity, as well as the safety and well-being of its customers, employees, and the communities it serves. SoCalGas' ASPIRE 2045 sustainability strategy also closely aligns with Sempra's key sustainability pillars: enabling the energy transition, driving resilient operations, championing people, and achieving world-class safety.
"Every Californian deserves a clean, affordable, safe, and resilient energy future and our ASPIRE 2045 sustainability strategy sets the path to achieve that future through innovation, collaboration and decarbonization," says Jawaad Malik, chief strategy, and sustainability officer at SoCalGas. "Over the last year, our progress continues to drive better business outcomes, create new opportunities for our skilled employees, and build stronger and more resilient communities across our service territory."
Enabling the Energy Transition
Additionally, SoCalGas unveiled the [H2] Innovation Experience that is constructed to Leadership in Energy and Environmental Design (LEED) Platinum standards and demonstrates how a renewable hydrogen microgrid can provide a resilient and reliable source of power. This technology could allow neighborhoods to operate independently from electric grids that may subject customers to power loss or interruptions in service on days when grid reliability is compromised by heatwaves, wildfires, rain, persistent cloud cover, and other types of severe weather or equipment failure.
"As we work toward achieving California's ambitious clean energy goals, SoCalGas' forward-thinking solutions, at scale and in collaboration with state and federal partners, offer real promise on paving the way for the essential role clean energy sources like hydrogen will play in meeting future energy demand," says Senator Josh Newman (D-Fullerton). "As we make the necessary plans and investments in the infrastructure for a clean energy economy, innovative solutions like the ones under development at SoCalGas can breathe new life into existing infrastructure systems, helping our state decarbonize affordably while providing Californians the energy supply necessary to power one of the world's largest and most dynamic economies."
In 2022, SoCalGas also became the first gas-only utility in the U.S. to issue green bonds in a public offering. Following Sempra's Sustainable Financing Framework, SoCalGas raised $600 million in bonds to support specified projects within its sustainability initiatives. The net proceeds from the fixed-rate green bonds will finance and/or refinance sustainability investments in pollution prevention and control, green buildings, and clean transportation.
Driving Resilient Operations
Additionally, as of the end of 2022, 36% of the company's over-the-road fleet are alternative fuel vehicles. The company has an interim goal to convert 50% of its fleet to zero emissions vehicles by 2025 and aims to reach 100% zero emissions vehicles by 2035. SoCalGas is also using renewable power from the grid at eligible facilities, underscoring its aim to achieve net-zero greenhouse gas emissions in its operations and delivery of energy by 2045.
"SoCalGas' investments are vital to the health and longevity of our local communities their guidance provides clarity to the everyday obstacles that underserved small businesses face," says Gene Hale, chairman for the Greater Los Angeles African Chamber of Commerce. "We are grateful for the resources, assistance, and pathway to long term economic success that SoCalGas provides which are essential for a sustainable future."
SoCalGas also partners with organizations like the Utility Workers Union of America to train veterans and invests in community grant programs that provide underserved populations with technical trainings and customer service skills. As part of SoCalGas' Equity Action Plan, the company launched Employee Resource Groups (ERGs), which are voluntary, employee-led groups that fosters diversity and inclusion, professional development support, and a sense of community.
Achieve World Class Safety
Read the full 2022 Corporat Sustainability Report here. For more information on SoCalGas' transformation and support of California's clean energy goals, read our ASPIRE 2045 Sustainability Strategy here.
Headquartered in Los Angeles, SoCalGas® is the largest gas distribution utility in the United States. SoCalGas delivers affordable, reliable, and increasingly renewable gas service to over 21 million consumers across 24,000 square miles of Central and Southern California. Gas delivered through the company's pipelines will continue to play a key role in California's clean energy transition—providing electric grid reliability and supporting wind and solar energy deployment.
SoCalGas' mission is to build the cleanest, safest and most innovative energy infrastructure company in America. In support of that mission, SoCalGas aspires to achieve net-zero greenhouse gas emissions in its operations and delivery of energy by 2045 and to replacing 20 percent of its traditional natural gas supply to core customers with renewable natural gas (RNG) by 2030. Renewable natural gas is made from waste created by landfills and wastewater treatment plants. SoCalGas is also committed to investing in its gas delivery infrastructure while keeping bills affordable for customers. SoCalGas is a subsidiary of Sempra (NYSE: SRE), an energy infrastructure company based in San Diego.
For more information visit socalgas.com/newsroom or connect with SoCalGas on Twitter (@SoCalGas), Instagram (@SoCalGas) and Facebook.
This press release contains statements that constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on assumptions with respect to the future, involve risks and uncertainties, and are not guarantees. Future results may differ materially from those expressed or implied in any forward-looking statement. These forward-looking statements represent our estimates and assumptions only as of the date of this press release. We assume no obligation to update or revise any forward-looking statement as a result of new information, future events or otherwise.
In this press release, forward-looking statements can be identified by words such as "believes," "expects," "intends," "anticipates," "contemplates," "plans," "estimates," "projects," "forecasts," "should," "could," "would," "will," "confident," "may," "can," "potential," "possible," "proposed," "in process," "construct," "develop," "opportunity," "initiative," "target," "outlook," "optimistic," "poised," "maintain," "continue," "progress," "advance," "goal," "aim," "commit," or similar expressions, or when we discuss our guidance, priorities, strategy, goals, vision, mission, opportunities, projections, intentions or expectations.
Factors, among others, that could cause actual results and events to differ materially from those expressed or implied in any forward-looking statement include risks and uncertainties relating to: decisions, investigations, inquiries, regulations, issuances or revocations of permits, consents, approvals or other authorizations, renewals of franchises, and other actions by (i) the California Public Utilities Commission (CPUC), U.S. Department of Energy, and other governmental and regulatory bodies and (ii) the U.S. and states, counties, cities and other jurisdictions therein in which we do business; the success of business development efforts and construction projects, including risks in (i) completing construction projects or other transactions on schedule and budget, (ii) realizing anticipated benefits from any of these efforts if completed, and (iii) obtaining the consent or approval of third parties; litigation, arbitrations and other proceedings, and changes to laws and regulations; cybersecurity threats, including by state and state-sponsored actors, of ransomware or other attacks on our systems or the systems of third-parties with which we conduct business, including the energy grid or other energy infrastructure, all of which have become more pronounced due to recent geopolitical events; our ability to borrow money on favorable terms and meet our obligations, including due to (i) actions by credit rating agencies to downgrade our credit ratings or place those ratings on negative outlook or (ii) rising interest rates and inflation; failure of our counterparties to honor their contracts and commitments; the impact on affordability of our customer rates and our cost of capital and on our ability to pass through higher costs to customers due to (i) volatility in inflation, interest rates and commodity prices, and (ii) the cost of the clean energy transition in California; the impact of climate and sustainability policies, laws, rules, regulations, disclosures and trends, including actions to reduce or eliminate reliance on natural gas, increased uncertainty in the political or regulatory environment for California natural gas distribution companies, the risk of nonrecovery for stranded assets, and our ability to incorporate new technologies; weather, natural disasters, pandemics, accidents, equipment failures, explosions, terrorism, information system outages or other events that disrupt our operations, damage our facilities or systems, cause the release of harmful materials or fires or subject us to liability for damages, fines and penalties, some of which may not be recoverable through regulatory mechanisms or insurance or may impact our ability to obtain satisfactory levels of affordable insurance; the availability of natural gas and natural gas storage capacity, including disruptions caused by failures in the pipeline system or limitations on the withdrawal of natural gas from storage facilities; changes in tax and trade policies, laws and regulations, including tariffs, revisions to international trade agreements and sanctions, such as those imposed in connection with the war in Ukraine, any of which may increase our costs, reduce our competitiveness, impact our ability to do business with certain counterparties, or impair our ability to resolve trade disputes; and other uncertainties, some of which are difficult to predict and beyond our control.
These risks and uncertainties are further discussed in the reports that the company has filed with the U.S. Securities and Exchange Commission (SEC). These reports are available through the EDGAR system free-of-charge on the SEC's website, www.sec.gov, and on Sempra's website, www.sempra.com. Investors should not rely unduly on any forward-looking statements.
Sempra Infrastructure, Sempra Infrastructure Partners, Sempra Texas, Sempra Texas Utilities, Oncor Electric Delivery Company LLC (Oncor) and Infraestructura Energética Nova, S.A.P.I. de C.V. (IEnova) are not the same companies as the California utilities, San Diego Gas & Electric Company or Southern California Gas Company, and Sempra Infrastructure, Sempra Infrastructure Partners, Sempra Texas, Sempra Mexico, Sempra Texas Utilities, Oncor and IEnova are not regulated by the CPUC.
View original content to download multimedia:https://www.prnewswire.com/news-releases/socalgas-highlights-several-milestones-advancing-the-companys-aspire-2045-sustainability-strategy-in-2022-corporate-sustainability-report-301830292.html
SOURCE Southern California Gas Company