Exelon Joins Ceres’ Network of Companies
Exelon, one of the nation’s largest energy companies, has been approved as a Ceres network company by the Ceres board of directors. Exelon is among more than 25 Fortune 500 companies and eight electric power companies that have joined Ceres, a leading coalition of investors, environmental groups and public interest organizations working with companies to address sustainability challenges such as global climate change.
Exelon has an environmental policy and has been producing annual progress reports on environment, safety and community since 2001. Exelon also has a clear governance and accountability system for environmental issues that runs from the board to management. The company has committed to reduce its greenhouse gas emissions (GHGs) by 8 percent from 2001 levels by year-end 2008. In addition, under Exelon 2020: A Low-Carbon Roadmap, CEO John W. Rowe, who also serves as chief environmental officer, set a new goal to reduce, offset, or displace the equivalent of Exelon’s current annual carbon footprint (15 million metric tons of GHGs) by 2020.
Exelon recognizes a number of key issues in its annual progress report, including climate change, energy efficiency, safety and nuclear issues. Ceres will be working with Exelon to advance its sustainability performance and is well positioned to help with these challenges, including improving Exelon’s use of the Global Reporting Initiative (GRI) in its progress reporting, use of an engagement process with outside stakeholders, and ongoing interactions on the company’s approaches to climate change, energy efficiency and nuclear energy.
“We are proud that Ceres has recognized Exelon’s sustainability efforts as well as our commitment to address climate change by asking us to join their network,” Rowe said. “We will need the input of organizations like Ceres as we work to meet future energy needs and reduce greenhouse gas emissions as cost effectively as possible.”
Ceres recognizes that Exelon has a large fleet of nuclear power plants and is considering building new nuclear generation. Ceres and its diverse coalition have wide-ranging concerns about nuclear power, and acceptance of Exelon into the Ceres network is not an indication of Ceres’ support for the nuclear industry or for new nuclear generation. Similarly, Exelon’s involvement with Ceres will not change its commitment to nuclear power.
“As energy becomes more expensive and the risks of climate change become more immediate and severe, new and better solutions to our nation’s energy demands are becoming more urgent,” said Mindy S. Lubber, president of Ceres. “Nuclear power is and will continue to be an important part of the energy discussion. This reality makes engagement and honest dialogue between stakeholders and energy companies of all kinds both more challenging and increasingly important.”
Companies that join Ceres must make continuous strides in improving their sustainability performance and reporting practices by engaging with investors, environmental groups, and other stakeholders.
Founded in 1989, Ceres is a leading network of investors, environmental groups and other public interest organizations working with companies to address sustainability challenges. Ceres also directs the Investor Network on Climate Risk (www.incr.com), comprised of more than 65 institutional investors who collectively manage over $5 trillion in assets. For more information, visit www.ceres.org.
Exelon Corporation is one of the nation’s largest electric utilities with nearly $19 billion in annual revenues. The company has one of the industry’s largest portfolios of electricity generation capacity, with a nationwide reach and strong positions in the Midwest and Mid-Atlantic. Exelon distributes electricity to approximately 5.4 million customers in northern Illinois and Pennsylvania and natural gas to 480,000 customers in the Philadelphia area. Exelon is headquartered in Chicago and trades on the NYSE under the ticker EXC.