Tag: 3BL

Tiffanie Wong, CFA| Director—Fixed Income Responsible Investing Portfolio Management; Director—US Investment-Grade Credit

Patrick O’Connell, CFA| Director—Fixed Income Responsible Investing Research

Markus Peters| Director of Fixed Income Business Development and Strategy—Responsible Investing

While companies such as clean energy providers and electric vehicle manufacturers bask in the limelight, an entire sector driving the shift to a sustainable world goes largely unnoticed. Step forward the world’s banks, indispensable providers of capital and crucial agents of change.

Ask a typical investor about the leading companies in sustainable progress, and chances are you’ll hear a string of technology and consumer products names in reply. That’s only natural, as many of the stock markets’ standout performers feature in these sectors. But for fixed-income investors, the world’s banks should rank high on the priority list too.

Banks Are Central to Sustainable Development

Financial companies are large issuers in global debt markets and hence big constituents in fixed-income benchmarks. That makes them a key part of most fixed-income portfolios. Fixed-income investors have an array of bond instruments to choose from across a bank’s capital structure (unlike the relatively limited choice of bank equity for shareholders). Sustainable fixed-income investors can select from banks’ conventional bonds—via both senior and subordinated debt—and their green, social or sustainability (GSS) bonds.

Banks provide capital for specific green or social projects linked to sustainable objectives, and regularly opt to finance them using GSS bonds, with a whopping US$367 billion issued globally at the end of 2022, Bloomberg reports.

In most countries, it is typically banks—not capital markets—that are the main source of credit. This makes the banks central not only to the clean energy transition and to carbon-reducing initiatives, but also to wider positive social changes.

Banks’ Drive to Sustainability Is a Global Phenomenon

While European banks have led the way in sustainable financing initiatives and the issuance of GSS bonds, these examples show how sustainable lending best practices have spread across the banking world:

Empowering women. Canada’s Bank of Montreal (BMO) pioneered bonds that support female entrepreneurship, issuing in 2021 a Women-in-Business social bond aligned with: UN Sustainable Development Goal (SDG) 5, “Gender Equality”; SDG 8, “Decent Work and Economic Growth”; and SDG 10, “Reduced Inequalities.” Proceeds are allocated to women-owned enterprises, including micro, small and medium-sized businesses, based on a stated aim of supporting an inclusive society with zero barriers and a thriving economy by doubling support for women-owned businesses in Canada.

Driving global development. Itaú, a major retail and commercial bank in Brazil, has been an early emerging-market adopter of GSS bonds. Its Sustainable Bond is flexible and funds renewable energy, micro enterprises and middle-sized enterprises in Brazil’s poorest regions. This bond is used as a template for a partnership between Itaú and the International Finance Corporation (a division of the World Bank) to channel additional socially focused funds into Brazil. The bond strongly aligns with SDG 8, “Decent Work and Economic Growth.”

Transitioning from bank lending to green bonds. There are many examples worldwide of renewable projects that are first financed by banks, then refinanced in the bond markets. For instance, since the late 1990s, Citibank supported CMI Energía (the largest renewable power generator across Central America) with bank loans in the initial stages of the company’s renewable journey. Renewable plants are relatively small, and individually their financing needs cannot justify a green bond issue. After issuing a series of loans to CMI Energía, in 2021 Citibank underwrote a US$700 million green bond deal in the capital markets. This allowed the bank to free up its balance sheet, enabling continued lending for sustainable purposes both to CMI Energía and to other businesses.

Sustainability Begins at Home

Environmentally aware banks are leading in decarbonizing both their own operations and their loan books, and in advising and financing their clients’ sustainable developments. Dutch banks have assumed a pioneering role in many respects.

For example, Netherlands lender Rabobank now has explicit criteria for providing green financing. The bank insists that buildings built before 2020 must “belong to the top 15% of national building stock based on primary energy demand” or, if built after 2020, must have an energy consumption score “at least 10% lower than the threshold set for the nearly zero-energy building (‘NZEB’) requirements in the local market.” Rabobank’s very direct and specific rules contrast with more nebulous use-of-proceeds requirements that we’re seeing in recent green bond issues from industrial companies.

Another Netherlands-based lender, ING, has comprehensive sustainable policies both for helping its clients and for its own loan book, backed by specific targets: a 50% increase in new financing commitments for renewable energy by year-end 2025 compared with 2021; 100% of its commercial real estate portfolio to have an A energy label by 2030; and the total loan book to reach net zero by 2050 or earlier.

As a further example, ABN AMRO has been a pioneer in reducing the cost of borrowing for its counterparties who borrow money for environmental purposes. The bank commits to transfer the “greenium” (that is, the cost savings from issuing green and other ESG-labeled bonds at advantageous yields) to the underlying borrowers, which reduces their overall project costs.

Much Accomplished, but Much Still to Be Done

To be sure, other financial services providers are also making major contributions to sustainable development. But global banks are central to the global economy and are systemically important stabilizers across both emerging and developed markets. And the banks have unrivalled reach: publicly owned commercial banks can support regional enterprises too small for capital markets, while multilateral development banks, operating without public equity, can provide low or no-cost loans to developing nations and/or for sustainable purposes. The recent marine conservation Galapagos Bond (“blue bond”), issued as a debt-for-nature debt restructuring swap by Ecuador and supported by a guarantee from the Inter-American Development Bank and political-risk insurance from the U.S. Development Finance Corporation, is a case in point.

While environmentally aware banks have set the pace in driving sustainable progress, much still needs to be done to spread best practices across the sector globally. Investors who seek a sustainable world must engage with banks’ management to encourage faster progress.

The views expressed herein do not constitute research, investment advice or trade recommendations and do not necessarily represent the views of all AB portfolio-management teams. Views are subject to change over time.

Learn more about AB’s approach to responsibility here

Originally published by Packaging Europe

Next in our Finalist Interview series for the Sustainability Awards is SEE (formerly Sealed Air) with its TempGuard insulated bag for chilled food products. We spoke to the company about this entry, nominated in the commercialized Recyclable Packaging category.

You’re a finalist in the Sustainability Awards 2023. Congratulations! To start off, could you summarize your entry, in less than 50 words?

Our entry is the Sealed Air® TempGuard gusset bag, a 100% paper based insulating pouch that keeps perishable food products fresh and chilled during transit, offering full curbside recyclability and a more efficient pack-out process. It is an alternative to non-recyclable plastic that often ends up in landfills.

Continue reading here

3BL is excited to bring our Network Effect series to Subaru of America’s headquarters on October 5 from 9 to 11:00 am! These events have been hosted all across the country, sparking impactful conversations on pressing sustainability and social impact issues and showcasing meaningful corporate initiatives.

Join us for Network Effect: PHL where senior leaders from a range of industries will come together to discuss:

How to foster community partnerships to elevate the impact of your organization’s initiativesWhy operationalizing ESG is imperative for a company to create positive change and how to break down silos to do soThe essentials of communicating ESG progress, including data, storytelling, measurable goals, reporting and more

The morning will close with an opportunity to deepen your network with other like-minded professionals driving meaningful change.

Register today at no cost! Breakfast is included.

At Cisco, we believe in powering an inclusive future for all by bringing communities together and creating meaningful change for everyone, including our planet. This is also clearly reflected in our culture of giving back. Each employee gets paid time off called Time2Give which they can use to volunteer for a cause that matters to them. I used one of these days last year to participate in a cleanup event in the Netherlands during World Cleanup Day.

Doing good for the planet does not only have to involve big actions, like buying an electric vehicle or switching to solar. Small actions are also impactful, especially when people work together.

The various actions you can take during World Cleanup Day every mid-September are a great example. On World Cleanup Day, millions of people from all around the world come together with their communities to make the world a bit cleaner. The event originated in Estonia in 2018, when 50,000 people united to clean up their country in just a few hours. This sparked a global movement and the idea spread fast.

Now, many different events are organized worldwide, and lots of locals are contributing by cleaning up their own neighborhood.

During last year’s World Cleanup Day, 15 million people participated in 190 different countries. The beauty of the event is that we’re not only making the earth a bit cleaner, but also the cooperation and collaboration between different communities is wonderful to see as well. It’s a great opportunity to reflect on all the litter in your area and how it got there. You’ll be surprised by all the things you can find while cleaning up your neighborhood.

The Cisco Amsterdam office has participated in this event for the past four years. Cisco Netherlands has raised thousands of euros for their charity partner the Plastic Soup Foundation. For the past three years we’ve been donating to this charity when we hold cleanup events, because the mission of this charity aligns with the mission of World Cleanup Day; to stop plastic pollution.

The Cisco Netherland’s team marked World Cleanup Day in 2022 through multiple cleanup activities. Over a four-day period, Cisco colleagues gathered in five different places across the Netherlands to clean up litter.

From gathering litter around the office area, to different cities like Amsterdam, Alkmaar, The Hague and Haarlem, nearly one-hundred people in total joined the cleanup activities!

Volunteering to pick up litter is not only impactful for your local community but can also be a fun group activity to get to know people, or in this case your colleagues.

I joined the cleanup event in the city of Hague. This was the first time that I participated in a cleanup activity since joining Cisco. After hearing about World Cleanup Day, I researched about litter in my country and the results shocked me. It is estimated that every year in the Netherlands, 50 million kilo of litter end up on the streets or the environment (source)! This made me think twice about all the litter that’s probably out on the streets in my area and motivated me even more to join the cleanup.

It was a very pleasant experience; I met new people and had great conversations with them while cleaning up. We had a lot to talk about since we ended up finding a lot of weird items, like an abandoned backpack with cigars. Guessing the background story of random items was a fun activity. We finished the day together with a snack to celebrate. It left me with a great feeling, and I knew I wanted to do activities like this more often. I now realize that doing it together with people is what makes an activity like this such a great experience.

Are you planning on participating in the next World Cleanup Day on September 16th? Here are some easy ways to get involved:

Gather your friends, family, or colleagues and unite to clean up your communityHelp make your own environment a bit cleaner by picking up any litter you come across while taking a walk or even running errandsSpread the word! Be an advocate for this great initiative by talking about it with others and sharing information about your cleanups on social media

View original content here.

Originally published in Crown Holding’s 2022 Sustainability Report

This year, we again hold ourselves accountable to the commitments we have made to stakeholders to move Crown’s Twentyby30™ program forward. Now, more than two years into that journey, we need to speak to those commitments and to the progress we have made to this point.

You will see in this report that we are open about where we have progressed and where there is still work to be done. We acknowledge that achieving the aggressive goals we have set, both as a Company and as an industry, takes collective effort. That collaboration cannot be achieved without transparency and communication.

Since launching Twentyby30™ in 2020, our priority has been not just to set goals, but to actively roadmap our work to execute them. It is easy to establish targets, but the challenge is to continue to make progress toward those goals. While that progress cannot always be linear, we are furthering our efforts and are confident in our ability to ultimately meet our goals by 2030. Additionally, as we move through this decade, we are determined to pursue our targets in a way that is thoughtful, manageable and effective.

In 2022, we were able to demonstrate progress against several key areas of the Twentyby30™ program. For example, to support the goals in our Climate Action pillar, we continue to seek out opportunities for renewable energy sources, add major solar installations to existing and new plants and procure large-scale renewable projects. On the topic of circularity, we co-hosted the first Global Aluminium Can Sustainability Summit in partnership with the Can Manufacturers Institute (CMI) and the International Aluminium Institute, which kickstarted important industry conversations. The event brought together all parts of the aluminum supply chain to discuss tactics for driving actionable progress toward the industry’s sustainability goals.

We are committed to being mindful in the procurement of our raw materials, and in 2022, we took steps to receive certification from the Aluminium Stewardship Initiative (ASI) for our beverage can operations in Mexico, validating that we are operating ethically within the supply chain as we source our materials. This verification comes after our Brazilian operations’ ASI certification and will be followed by similar efforts in several of our operating regions.

In addition, we have elevated our involvement with key organizations to actively support the global progress against climate change. We made commitments to both the United Nations Global Compact (UNGC) and the CEO Water Mandate, which will hold us accountable for implementing more resourceful efficiency measures within our organization and working with our partners on larger goals.

These efforts were noticed by our sustainability peers this year, earning us recognition by Newsweek as one of America’s Most Responsible Companies, as well as being included among the 100 Best Corporate Citizens of 2022 by 3BL Media and Forbes’ inaugural World’s Top Female-Friendly Companies. We are also especially proud to report that Sustainalytics ranked us as a leader in the top 3% of the containers and packaging industry for the third year in a row out of more than 100 global companies reviewed.

As always, I would like to express my gratitude for our teams around the world who are fostering this impactful change and helping us progress toward each of our sustainability goals. It is all of you who, through your creativity, ingenuity, passion and determination, have done the work to advance the Twentyby30™ program. I am proud to share that, although we are a few years from crossing the finish line, we are on the right path and we are not idle. We are progress in motion.

Thank you,

Tim Donahue

President, CEO & Chairman of the Board

To learn more about Crown Holdings’s commitment to sustainability, visit our sustainability webpage.

For full details about Crown Holdings’s 2022 Sustainability Report, visit here.

Gifting season is just around the corner, and in the impact space, it’s particularly important to gift thoughtfully. Need a plan for how you can avoid more “stuff” being relegated to the donate or regift bin? Want to be sure to give gifts that surprise and delight your recipients? Join the Impact Relations Institute, in partnership with 3BL Media, on Wed, Sep 27 at 12pm ET / 9am PT for a conversation with the CEOs from Gifts for Good, TisBest and Grateful, for a discussion about different approaches to gifting with impact.

Panel:

Simeon Cathey, CEO of TisBestLaura Hertz, CEO of Gifts for GoodMatt Ostanik, CEO of Grateful GivingBrad MacAfee, CEO of Mission + Cause (moderator)

Meet your speakers:

Simeon Cathey

Simeon Cathey is a technology visionary, entrepreneur and the co-founder of TisBest Philanthropy, a way for people to replace the gifts of stuff with gifts of good.

Laura Hertz

Laura is the CEO and Co-Founder of Gifts for Good— an e-commerce site making thoughtfulness and philanthropy easier for all. Gifts for Good curates and customizes premium business gifts that support charitable causes in 50 states and 72 countries.

Matt Ostanik

Matt is an architect, entrepreneur, creator and builder whose current company, Grateful, helps socially good businesses participate in “Grateful Giving” by donating to their customers’ and employees’ favorite nonprofits.

Send us a note at hello@impactrelations.org to share your questions for our panel.

National Grid’s Project C community commitment initiative kicks off its third year by expanding the company’s annual day of service to a week of service with more than 2,000 company employee volunteers engaging in 200 events taking place in neighborhoods across New York. This year’s theme – Live together. Grow together. – highlights the importance of creating meaningful change and lasting bonds.

“I am excited to join with colleagues in our local neighborhoods alongside our incredible community partners to kick off our third year of Project C with a full week of service across New York,” said Rudy Wynter, President, National Grid New York. “I am amazed at the impact we’ve had over the past two years — from helping beautify parks to providing access to technology to exposing students and young adults to STEM and clean energy careers to connecting small businesses to resources. All of our work is rooted in our deep commitment to New York, and we look forward to doing even more.”

Project C, funded by National Grid’s shareholders, supports people and communities in collaboration with local partners by revitalizing neighborhoods, investing in beautification programs for nonprofits, faith-based, arts and cultural institutions; supporting climate justice and social equity programs; and by assisting small businesses and local families. This year marks the third anniversary of what has previously been a day of service. Due to its positive reception in communities across the state, and overwhelming support from partners and engagement of National Grid employee volunteers, the program is expanding to a week of service.

Dedicated groups of National Grid employees have spent months planning and partnering with nonprofits, schools, community centers, parks and other groups to deliver the activities scheduled for Sept. 11 to Sept. 15. In addition, employees are pledging to complete Acts of Kindness throughout the Week of Service, including collecting and donating books, food and clothing to a local charity, and donating blood to a blood bank.

In New York City: Building upon a long-standing partnership with CityParks Foundation “It’s My Park,” volunteers are cleaning up, caring for flower beds, planting trees, painting fences and benches, and maintaining handball courts at various parks, including Brooklyn’s Nehemiah Park in Brownsville and Lenape Playground, in Marine Park, and in Queens Flushing Meadows Corona Park. Volunteers will also join the Staten Island Zoo staff on improvement and maintenance projects for the Children’s Center.

Additionally, employees will volunteer their time to prepare, serve, and deliver meals in collaboration with Florence E. Smith Senior Services Center in Astoria, Queens, and the Brooklyn Community Food Distribution Center for Campaign Against Hunger, NYC. Other activities include partnering with the NYC Administration of Children’s Services, Family Enrichment Centers to organize inventory in community pantries and help with garden maintenance in preparation for community-planned activities. Also, at the Brooklyn Central Public Library, volunteers will greet patrons, help provide program support and handout giveaways, and, NIA Brooklyn will host National Grid volunteers to distribute backpacks and school supplies to support 110 local students and their families.

On Long Island: Employees will volunteer at the United Veterans Beacon House, which provides compassionate care, clean and safe housing, and meaningful services for veterans and veteran families with physical disabilities, PTSD, traumatic brain injury, mental health issues, and addiction. Volunteers will beautify the exterior of a veteran’s home by planting flowers, trimming trees, removing bushes, and pressure-washing the house. Employees will also help clean and wash service dogs with America’s VetDogs. The organization trains dogs to provide enhanced mobility and independence for veterans.

Volunteers will support ‘Washing Cars for a Cause’ to benefit the Safe Center, which empowers women who are victims of domestic and family violence. Additional volunteers will help build a new home for Habitat for Humanity of Long Island in an eastern Long Island community where housing is needed. Partnering with Pink Tie volunteers will sort, pack and deliver food to local pantries, working to feed families in need. Volunteers will also work at the Cornell Cooperative Suffolk County Farm gardening and building a wheelchair ramp.

Employees will also complete an Act of Kindness providing handwritten cards for veterans with General Needs Ltd. which provides clothing, shoes and food for veterans. Every box of shoes donated to a veteran includes a handwritten note. This is a continuation of National Grid’s ongoing partnership with General Needs Ltd. at the Suffolk County Veterans Stand Down event held earlier this month.

In Western New York: The week of service will kick off on Sept. 11 at Buffalo Naval and Military Park, where employees will use their expertise in a variety of ways, including welding and electrical work, as well as scraping and painting as part of continuing efforts to recondition the historic ships docked there.

Throughout the week, employees will deliver Meals on Wheels in Erie and Niagara counties and partake in maintenance and landscaping work at various sites across the region, including the Buffalo Zoo. They also will prepare meals across Erie County with staff members from FeedMore WNY and at St. Luke’s Mission of Mercy. Additional volunteers will be on hand to do the same in Niagara County at hunger relief and social services agency Heart, Love and Soul.

Additionally, employees will be collaborating with Buffalo City Mission, the Tool Library, Habitat for Humanity, the Teacher’s Desk and Back to Basics Ministries, all with an eye toward helping those agencies achieve their goals and provide resources to those in need.

In Central New York: Company volunteers will help to restore the steps at Jesuit Landing, a historic area of Onondaga Lake Park in Liverpool that was once lost to nature.

Keeping with beautification efforts, volunteers in northern New York will participate in riverfront cleanups at Higley Flow State Park and on the St. Lawrence Seaway at Wellesley Island. In the Mohawk Valley, National Grid volunteers will give their time to property beautification projects at House of Good Shepherd and Hope House.

Other volunteer teams will prepare and serve meals with local soup kitchens and Meals On Wheels, beautify the grounds at animal rescue shelters and group homes, and help nonprofits with logistics and preparations for upcoming special events.

A volunteer team led by National Grid’s Veterans Employee Resource Group will work on the grounds at Clear Path for Veterans, an organization that provides supportive services to local veterans.

In Eastern New York: National Grid’s Schenectady location on Broadway will host safety and robotic maintenance demonstrations as well as career exploration opportunities for students from several regional educational programs including: BOCES, the Schenectady SEAT Center, Girls, Inc., Northern Rivers and the Schenectady School District. Students will explore career paths in electric and gas operations, engineering, design, customer and community engagement and more.

“We value our partnership with National Grid and for the networking and other opportunities that they provide to our students, who learn about careers available to them through events like the Week of Service,” said Capital Region BOCES Senior Executive Officer Joseph P. Dragone, Ph.D.

In Troy, at Frear Park and Saratoga Springs’ Yaddo, volunteers will clean up trails and perform general maintenance. In Queensbury, employees will support the Cole’s Woods by trimming branches, installing new equipment and beautifying the area. Additional projects will support local community agencies including: the Mohawk Hudson Humane Society, Schenectady City Mission, Patroon Land Farm, Bring On The Spectrum and others.

Project C is National Grid’s Community Commitment to:

Build a better future by Connecting our communities to clean and sustainable energy.Care for our neighborhoods and their revitalization.Compassionately address the challenges our 
customers face, including environmental justice and social equity.Create the workforce that will help build New York’s 
clean energy delivery system.Collaborate with our customers, partners, stakeholders and so many others to deliver the clean, fair, resilient, and affordable energy future.

Since launching Project C in September 2021, National Grid has supported 100,000 local businesses, launched 1,000 community partnerships, planted or donated 2,300 trees, trained 3,400 workers to grow the clean energy workforce, and adopted 60 parks to revitalize gathering spaces. In addition, employees have volunteered more than 34,000 hours in their New York communities.

As part of the company’s Responsible Business Charter, National Grid has committed to amassing 500,000 volunteer hours by 2030. In addition, across New York state, the company contributes more than $5 million annually to community-based organizations through its Corporate Citizenship efforts, including the National Grid Foundation.

Along with volunteerism, Project C focuses on four key areas: clean energy and sustainability; workforce development; neighborhood investment and community engagement; and environmental justice and social equity. Click here for more about National Grid’s Project C.

About National Grid

National Grid (NYSE: NGG) is an electricity, natural gas, and clean energy delivery company serving more than 20 million people through our networks in New York and Massachusetts. National Grid is focused on building a smarter, stronger, cleaner energy future — transforming our networks with more reliable and resilient energy solutions to meet state climate goals and reduce greenhouse gas emissions.

For more information, please visit our website, follow us on Twitter, watch us on YouTube, like us on Facebook and find us on Instagram.

TARRANT COUNTY, TEXAS, September 11, 2023 /3BL/ – Green Mountain Energy and IDEA Public Schools hosted a ribbon-cutting last week for a new hydroponic farm and upcoming outdoor classroom at IDEA Achieve Academy and College Preparatory in Haltom City, Texas. The new shipping container facility, named ‘Freight Farm,’ was made possible thanks to a grant of more than $178,000 from Green Mountain Energy Sun Club.

For students at IDEA Achieve, the new hydroponic farm offers unique opportunities to explore concepts in engineering, chemistry, physics, and biology, through its use of specialized lighting, pH-controlled fertilizer injectors, computerized controls, and a controlled climate to support plant growth and development. The new hydroponic farm program will also be used in the school curriculum to teach these concepts, as well as all the practical skills associated with them. Outside of the curriculum, students will experience additional learning opportunities on campus farm operations, taste tests, composting, and more.

“This is our first and only hydroponic farm in the Tarrant County region, and thanks to Sun Club, over 1,000 students at IDEA Achieve will have access to hyperlocal produce that is sustainably produced year-round using only 5 gallons of water per day,” said Deborah Ray, the Child Nutrition Program Director of Farms for IDEA Public Schools. “This supports not only their physical nutrition but increases the diversity of academic and technical learning experiences for our students. The hydroponic farm will have lasting effects in the community, and we couldn’t be more excited to officially launch this program with the help of our partners, Sun Club.”

This project marks the second time IDEA has received a Sun Club grant. In 2018, the organization received $100,000 for a solar array to power the district headquarters building. Freight Farm will be used to expand IDEA Achieve’s existing farm program and will be considered the first hydroponic farm for the IDEA Tarrant County region. Eliminating seasonal and logistical barriers to sourcing fresh food, Freight Farm will produce nearly 500 heads of lettuce weekly for students to eat in the lunchroom.

“There’s something so fulfilling about contributing to the education of young students and teaching them how vital it is to take care of our planet,” said Mark Parsons, Vice President and General Manager of Green Mountain Energy. “With the addition of this hydroponic farm, we trust that IDEA Public Schools will continue to encourage students to incorporate sustainability into their lives at school and at home.”

Sun Club, since its founding in 2002, has empowered local communities and donated over $13 million for sustainability projects with 156 nonprofit organizations, including 34 schools, across Texas and the Northeast. The charitable program supports projects promoting renewable energy, energy efficiency, resource conservation and environmental stewardship. Sun Club is funded by Green Mountain Energy, its customers, and its employees.

The Freight Farm is set to open in early September, more details to come. To learn more about the farm programming at IDEA Public Schools, please visit ideapublicschools.org/farm.

###

About Green Mountain Energy Sun Club

Green Mountain Energy is changing the way power is made and advancing sustainable communities through the work of Green Mountain Energy Sun Club. Since its founding in 2002, Sun Club® has donated more than $13 million to 156 nonprofit organizations across Texas and the Northeast. Sun Club collaborates with nonprofit organizations on projects that focus on renewable energy, energy efficiency, resource conservation, and environmental stewardship. To learn more about Green Mountain Energy and Sun Club or to apply for a Sun Club grant, visit greenmountain.com/sunclub.

About IDEA Public Schools

IDEA Public Schools believes that each child can go to college. Since 2000, IDEA Public Schools has grown from a small school with 150 students to a network of tuition-free, K-12 public charter schools in the United States. Currently, the network serves over 80,000 college-bound students in 143 schools across Texas and its affiliates. IDEA has been recognized in national rankings for The Washington Post, The U.S. Department of Education’s list of Blue Ribbon Schools, and U.S. News & World Report’s Top High Schools lists. For the last 16 years, IDEA has sent nearly 100% of its graduates to college and remains on track to uphold that legacy.

GME Media Contact 
Estefanía Joy 
713-537-5735 
media@greenmountain.com 
Twitter: @GreenMtnEnergy

IDEA Media Contact 
Lynnette Montemayor 
512-317-7864 
lynnette.montemayor@ideapublicschools.org

Enbridge acquires trio of U.S. companies from Dominion Energy Inc., creating North America’s largest natural gas utility franchise

About 7,000 employees.

Delivering more than 9 billion cubic feet a day of natural gas.

Destination? About 7 million customers.

That’s about the size of it—North America’s largest natural gas utility franchise, that is—following a trio of transactions announced today between Enbridge and Dominion Energy, Inc.

From Dominion Energy, for an aggregate purchase price of US$14 billion (C$19 billion), Enbridge is acquiring:

The East Ohio Gas Company, also known as Dominion East Ohio, which serves more than 1.2 million customers across more than 400 communities and 27 counties in Ohio.Questar Gas, which serves about 1.2 million customers across Utah—that’s about 97% of households in the state—as well as regions in southwestern Wyoming and Idaho, in addition to its related Wexpro companies.The Public Service Company of North Carolina, also known as PSNC Energy, which serves more than 600,000 customers across 28 counties in North Carolina.

With the delivery of 9.3 billion cubic feet per day (Bcf/d) of gas to customers in the U.S. and Canada, upon closing, Enbridge’s gas utility business will be the largest by volume in North America.

“Adding natural gas utilities of this scale and quality, at a historically attractive multiple, is a once-in-a-generation opportunity. The transaction also reinforces our position as the first-choice energy delivery company in North America,” says Greg Ebel, Enbridge’s President and CEO.

“The assets we are acquiring have long, useful lives—and natural gas utilities are ‘must-have’ infrastructure for providing safe, reliable and affordable energy,” adds Mr. Ebel. “The entire Enbridge team is committed to working with the EOG, Questar and PSNC teams, and to investing in the communities they serve. We look forward to serving our customers with dedication, and to providing them with safe, reliable and affordable energy service for years to come.”

With the addition of these gas utility operations in Ohio, Utah, North Carolina, Wyoming and Idaho, Enbridge now has a significant presence in the U.S. utility sector.

Enbridge’s primary gas utility, Enbridge Gas Inc., has a storied 175-year history, and serves about 75% of residents in the Canadian province of Ontario. Enbridge Gas and its affiliate, Gazifère, presently provide safe, reliable service through 3.9 million residential, commercial, institutional and industrial meter connections in Ontario and Quebec.

Among the details of today’s acquisitions:

East Ohio Gas, which serves the cities of Cleveland, Akron, Canton and Youngstown, has about 22,000 miles of transmission, gathering and distribution pipelines, as well as 60 billion cubic feet (Bcf) of natural gas storage.Questar, which serves the Utah cities of Salt Lake City, Provo and St. George, has about 21,000 miles of transmission, gathering and distribution pipelines, and enjoys a unique regulated supply agreement with Wexpro, which can supply up to 65% of Questar’s gas needs without commodity exposure.The Public Service Company of North Carolina, which serves the cities of Raleigh, Durham and Asheville, has about 13,000 miles of transmission, gathering and distribution pipelines.

“Today, and for the long-term, natural gas will remain essential for achieving North America’s energy security, affordability and sustainability goals,” says Michele Harradence, Enbridge Executive Vice President and the President of our gas utility business. “We are excited to welcome more than 3,000 new employees into the Enbridge family. In addition, we intend to continue the robust social, community and diversity, equity and inclusion initiatives that each gas utility has committed to.”

Like Enbridge, all three of these companies have well-developed emission reduction plans, have committed to achieving net-zero greenhouse gas (GHG) emissions by 2050, and are already exploring leveraging the critical energy infrastructure they operate to transport low-carbon energy sources such as renewable natural gas and hydrogen.

“These gas utilities have each committed to achieving net-zero greenhouse gas emissions by 2050, and are expected to play a critical role in enabling a sustainable energy transition,” notes Mr. Ebel.

The acquisition of each gas utility is expected to close in 2024.

As a company that serves one of the most diverse regions in the country, it is critical to have a workforce that reflects the rich diversity of our customers and communities.

We strive to increase diverse representation at all levels of our workforce. One way we do this is by closely monitoring the demographic makeup of our workforce by age, race, ethnicity and gender. We also provide employees the opportunity to self-identify as a veteran, an individual with a disability and/or a member of the LGBTQ+ community through periodic Self-ID surveys. By gathering this valuable information, we’re able to understand our workforce better in order to make meaningful changes that help create a truly inclusive and empowering workplace for all.

Transparency is foundational to our commitment to DEI. That means a willingness to share areas where we excel and where there is room for improvement.”

MARIA RIGATTI | Executive Vice President and Chief Financial Officer, Edison International and Executive Sponsor of SCE Women’s Roundtable BRG

We’re committed to creating a bright future for women at Edison International. Women make up 32% of our workforce and play critical roles in everything from mitigating wildfires to driving our clean energy strategy. Our female colleagues comprise some of the top talent in our industry and are essential to our success.

In 2016, we set a goal to achieve gender parity in executive roles by 2030. By joining forces with the Paradigm for Parity® coalition, we’ve made tremendous progress. In just six years, the representation of women in executive positions has increased from 26.6% to 37.4%. In December 2021, our Edison International Managing Committee achieved gender parity, which was maintained through 2022. We also continue to conduct a pay equity review every year and led a Women’s Roundtable BRG session in 2022 that provided transparency into how our pay structure works. The majority of Board Directors are diverse in terms of gender, race, ethnicity and/or LGBTQ+ self-identification, with eight of 11 diverse in representation and gender parity achieved among independent directors in spring 2022.

In addition to our Women’s Roundtable BRG, we have women’s groups in our biggest OUs: CS Lean-In Teams, Women in Information Technology and T&D Women’s Network. These groups engage, support and help women advance in their respective organizations through lunch and learn events, networking and informal mentoring.

To continue our progress, we’re partnering with organizations that promote gender equity, including the Association of Women in Water, Energy and Environment, Catalyst and Fairygodboss. In 2022, we also joined the Workplacediversity.com network, which has 55% female membership. By working together with these partners, we’re striving to hire and retain the best and brightest women and set them up for success.

Note: Race/ethnicity data reported reflects staff working in the U.S., which comprises 98% of Edison International’s workforce; gender data reported reflects 100% of Edison International’s workforce.

Note: Information on this page includes Edison Energy*.

*Edison Energy is not the same company as Southern California Edison, the utility, and Edison Energy is not regulated by the California Public Utilities Commission.

View the full Edison International 2022 Diversity, Equity & Inclusion Report.