ARLINGTON, Va.--(BUSINESS WIRE)--The AES Corporation (NYSE: AES) today announced its commitment to adopt the recommendations of the Task Force on Climate-related Disclosures (TCFD or Task Force), including an analysis of the impacts of a 2° Celsius scenario on the Company’s strategy and business.
“Our commitment to adopt the recommendations of the Task Force represents the next step in our climate-related disclosures. Over the years, we have been recognized as a leading company with respect to our sustainability efforts and reporting by third parties, including by CDP, FTSE4Good and RobecoSam,” said Andrés Gluski, AES President and Chief Executive Officer. “Bolstering our climate-related disclosures, and including them in our financial reports, will allow investors to enhance their analysis of risks and opportunities associated with climate change.”
AES recently established a goal to reduce its carbon intensity (tons of carbon dioxide/MWh) by 50% from 2016 to 2030. The Company has already taken steps that are expected to reduce its carbon intensity by 25%, or 20 million tons of carbon dioxide emissions, from 2016 to 2020, including:
- The sale or retirement of 4.3 GW of merchant coal-fired generation, representing 37% of the Company’s coal-fired capacity;
- The acquisition of 2.3 GW of renewable generation capacity with long-term contracts, including sPower, the largest independent solar developer in the United States; and
- The formation of the Fluence energy storage joint venture with Siemens.
To underscore the importance of this commitment, AES has formed a high-level committee with members of the Company’s Executive Leadership Team, including Legal, Corporate Strategy and Risk, and Finance, with the responsibility of adopting the recommendations of the TCFD.
The AES Corporation (NYSE: AES) is a Fortune 200 global power company. We provide affordable, sustainable energy to 15 countries through our diverse portfolio of distribution businesses as well as thermal and renewable generation facilities. Our workforce is committed to operational excellence and meeting the world’s changing power needs. Our 2017 revenues were $11 billion and we own and manage $33 billion in total assets. To learn more, please visit www.aes.com. Follow AES on Twitter @TheAESCorp.
Safe Harbor Disclosure
This news release contains forward-looking statements within the meaning of the Securities Act of 1933 and of the Securities Exchange Act of 1934. Such forward-looking statements include, but are not limited to, those related to future earnings, growth and financial and operating performance. Forward-looking statements are not intended to be a guarantee of future results, but instead constitute AES’ current expectations based on reasonable assumptions. Forecasted financial information is based on certain material assumptions. These assumptions include, but are not limited to, our accurate projections of future interest rates, commodity price and foreign currency pricing, continued normal levels of operating performance and electricity volume at our distribution companies and operational performance at our generation businesses consistent with historical levels, as well as achievements of planned productivity improvements and incremental growth investments at normalized investment levels and rates of return consistent with prior experience.
Actual results could differ materially from those projected in our forward-looking statements due to risks, uncertainties and other factors. Important factors that could affect actual results are discussed in AES’ filings with the Securities and Exchange Commission (the “SEC”), including, but not limited to, the risks discussed under Item 1A “Risk Factors” and Item 7: Management’s Discussion & Analysis in AES’ 2017 Annual Report on Form 10-K and in subsequent reports filed with the SEC. Readers are encouraged to read AES’ filings to learn more about the risk factors associated with AES’ business. AES undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Any Stockholder who desires a copy of the Company’s 2017 Annual Report on Form 10-K dated on or about February 27, 2018 with the SEC may obtain a copy (excluding Exhibits) without charge by addressing a request to the Office of the Corporate Secretary, The AES Corporation, 4300 Wilson Boulevard, Arlington, Virginia 22203. Exhibits also may be requested, but a charge equal to the reproduction cost thereof will be made. A copy of the Form 10-K may be obtained by visiting the Company’s website at www.aes.com.