Decarbonization Targets for the Largest U.S. Utilities
The U.S. recently rejoined the Paris Climate Agreement and decarbonization is back on the minds of government officials and companies alike.
Though every sector plays a major role on the path to net zero carbon emissions, none are as impactful as the energy sector. In 2016, almost three-quarters of global GHG emissions came from energy consumption. With organizations looking to either curb energy consumption or transition to cleaner forms of energy, the pressure is on utilities to decarbonize and offer green alternatives.
How are U.S. utilities responding?
This infographic from the National Public Utility Council highlights the decarbonization targets of the largest investor-owned and public U.S. utilities.
U.S. Utility Decarbonization Targets Through 2035
The American energy sector has many players, but the largest utilities account for the bulk of production.
For each state, we looked at the largest investor-owned and public electric utilities by retail sales as tracked by the U.S. Energy Information Administration. Decarbonization targets were taken from each utility’s stated goals or sustainability report.
After narrowing down from 3,328 different entities and subsidiaries, the final list of 60 utilities accounted for 60% of U.S. energy sales in 2019 at just under 1.93 trillion MWh (megawatt hours).
Many companies on the list have multiple goals spread across different timeframes, but they can be grouped into a few distinct categories:
- Reducing carbon dioxide (CO2) or greenhouse gas (GHG) emissions: These measures are either percentage-based or flat reductions, and also include becoming carbon neutral or “net zero” by balancing reduced emissions with carbon offsets.
- Reducing carbon intensity: These measures work on reducing the impact of electricity generated by fossil fuels, rather than reducing the amount directly.
- Increasing renewable energy production: These measures focus on adding renewable energy with a lower carbon footprint to the production mix and can be either percentage-based or flat additions.
- Increasing clean electricity production: These measures are centered around ensuring that electricity produced is 100% carbon free.
Utilities with decarbonization targets set for 2035 and earlier vary wildly in scope, from completely carbon neutral to minimal reductions.
|Entity||State (Largest Provider)||Decarbonization Goal||Target Year|
|City of Seattle||WA||Carbon neutral||2005 (since)|
|ALLETE||MN||△50% Renewable energy||2021|
|Exelon||DC, DE, IL, MD, NJ, PA||▽15% GHG emissions||2022|
|Otter Tail Power||ND||▽30% CO2 emissions, △30% Renewable energy||2022|
|Avangrid||CT, ME||▽35% GHG emissions||2025|
|Emera (Tampa Electric)||FL||▽55% CO2 emissions||2025|
|Green Mountain Power||VT||▽100% CO2 emissions||2025|
|NextEra Energy||FL||▽67% CO2 emissions||2025|
|NiSource||IN||▽50% GHG emissions||2025|
|NRG||TX||▽50% CO2 emissions||2025|
|Avista Corp||ID, WA||Carbon neutral||2027|
|AES||IN||▽70% Carbon intensity||2030|
|Alliant||IA, WI||▽50% CO2 emissions||2030|
|Ameren||IL, MO||▽50% CO2 emissions||2030|
|American Electric Power||AR, KY, LA, MI, OK, OH, VA, WV||▽70% CO2 emissions||2030|
|Arizona Public Service||AZ||△65% Clean electricity||2030|
|Black Hills||SD, WY||▽40% GHG emissions||2030|
|City of Colorado Springs||CO||▽80% CO2 emissions||2030|
|DTE Electric Company||MI||▽50% CO2 emissions||2030|
|Duke Energy||FL, IN, NC, OH, SC||▽50% CO2 emissions||2030|
|Entergy||AR, LA, MS||▽50% CO2 emissions||2030|
|Eversource||CT, MA, NH||Carbon neutral||2030|
|FirstEnergy||MD, NJ, OH, PA||▽30% GHG emissions||2030|
|Green Mountain Power||VT||△100% Renewable energy||2030|
|Long Island Power Authority||NY||▽40% GHG emissions||2030|
|MDU Resources||ND||▽45% GHG emissions||2030|
|National Grid||MA, NY, RI||▽80% GHG emissions||2030|
|NiSource||IN||▽90% GHG emissions||2030|
|NV Energy||NV||△50% Renewable energy||2030|
|OGE Electric||OK||▽50% CO2 emissions||2030|
|Pacific Gas & Electric||CA||△60% Renewable energy||2030|
|PacifiCorp||ID, OR, UT, WY||▽60% CO2 emissions||2030|
|PSEG||NJ||▽13 million tons CO2 emissions||2030|
|Puget Sound Energy||WA||Carbon neutral||2030|
|Southern California Edison||CA||△60% Renewable energy||2030|
|Southern Company||AL, GA, MS||▽50% CO2 emissions||2030|
|Tennessee Valley Authority||TN||▽70% CO2 emissions||2030|
|Vistra (TXU Energy Retail)||TX||▽60% CO2 emissions||2030|
|WEC Energy||WI||▽40% CO2 emissions||2030|
|Xcel Energy||CO, MN, ND, NM, SD||▽80% CO2 emissions||2030|
|Avangrid||CT, ME||Carbon neutral||2035|
|Salt River Project||AZ||▽65% Carbon intensity, ▽30% CO2 emissions||2035|
|Tucson Electric Power||AZ||▽80% CO2 emissions, △70% Renewable energy||2035|
It’s also important to note that carbon emission reductions are not equal across the board.
Reduction is traditionally based on a base-year measurement (usually 2000 or 2005) that changes for each utility, and a small reduction at a major energy producer can be more impactful than 100% clean energy at a small local utility.
U.S. Utility Decarbonization Targets 2040 and Beyond
From 2040 and beyond, the decarbonization efforts become more ambitious.
In line with many states and the federal government making sweeping clean energy commitments, most of the utility companies with decarbonization targets from 2040 to 2050 are aimed at either carbon neutrality or significant reductions.
For some companies these are their first and only targets, while others are building on smaller goals from earlier years. In the case of the few utility companies marked *N/A, a decarbonization target goal couldn’t be found.
|Entity||State (Largest Provider)||Decarbonization Goal||Target Year|
|Ameren||IL, MO||▽85% CO2 emissions||2040|
|Black Hills||SD, WY||▽70% GHG emissions||2040|
|City of Colorado Springs||CO||▽90% CO2 emissions||2040|
|City of San Antonio||TX||▽80% CO2 emissions||2040|
|CMS Energy||MI||Carbon neutral, △90% Clean electricity||2040|
|Consolidated Edison||NY||△100% Clean electricity||2040|
|Emera (Tampa Electric)||FL||▽80% CO2 emissions||2040|
|Lincoln Electric System||NE||Carbon neutral||2040|
|National Grid||MA, NY, RI||▽90% GHG emissions||2040|
|PNM Resources||NM||▽100% CO2 emissions||2040|
|Portland General Electric||OR||Carbon neutral||2040|
|PPL||KY, PA||▽70% CO2 emissions||2040|
|Avista Corp||ID, WA||△100% Clean electricity||2045|
|Hawaiian Electric Industries||HI||Carbon neutral, △100% Renewable energy||2045|
|Idaho Power||ID||△100% Clean electricity||2045|
|NorthWestern Energy||MT, SD||▽90% Carbon intensity||2045|
|Pacific Gas & Electric||CA||△100% Clean electricity||2045|
|Puget Sound Energy||WA||△100% Clean electricity||2045|
|Sempra||CA||△100% Clean electricity||2045|
|Southern California Edison||CA||△100% Clean electricity||2045|
|PSEG||NJ||▽80% CO2 emissions||2046|
|Alliant||IA, WI||Carbon neutral||2050|
|Ameren||IL, MO||Carbon neutral||2050|
|American Electric Power||AR, KY, LA, MI, OK, OH, VA, WV||▽80% CO2 emissions||2050|
|Arizona Public Service||AZ||△100% Clean electricity||2050|
|City of San Antonio||TX||Carbon neutral||2050|
|Dominion Energy||NC, SC, VA||Carbon neutral||2050|
|DTE Electric Company||MI||Carbon neutral||2050|
|Duke Energy||FL, IN, NC, OH, SC||Carbon neutral||2050|
|Emera (Tampa Electric)||FL||Carbon neutral||2050|
|Entergy||AR, LA, MS||Carbon neutral||2050|
|Evergy||KS, MO||▽80% CO2 emissions||2050|
|FirstEnergy||MD, NJ, OH, PA||Carbon neutral||2050|
|Long Island Power Authority||NY||▽85% GHG emissions||2050|
|National Grid||MA, NY, RI||Carbon neutral||2050|
|NV Energy||NV||△100% Clean electricity||2050|
|Omaha Public Power District||NE||Carbon neutral||2050|
|PacifiCorp||ID, OR, UT, WY||▽80% CO2 emissions||2050|
|PPL||KY, PA||▽80% CO2 emissions||2050|
|Salt River Project||AZ||▽90% Carbon intensity||2050|
|Southern Company||AL, GA, MS||Carbon neutral||2050|
|Vistra (TXU Energy Retail)||TX||Carbon neutral||2050|
|WEC Energy||WI||▽80% CO2 emissions||2050|
|Xcel Energy||CO, MN, ND, NM, SD||Carbon neutral||2050|
|MidAmerican Energy||IA, IL||△100% Renewable energy||N/A|
|ENMAX (Versant Power)||ME||N/A||N/A|
|Nebraska Public Power District||NE||N/A||N/A|
|PUD 1 of Snohomish County||WA||N/A||N/A|
|Unitil Energy Systems||NH||N/A||N/A|
While the targets set above are significant, they are also a long time away from being met. With pressure to decarbonize increasing across the board, utility companies may need to reassess the impact or timeliness of their decarbonization targets.
The National Public Utilities Council is the go-to resource for all things decarbonization in the utilities industry. Learn more.
5 Trends Shaping the Future of eCommerce
eCommerce is evolving almost as fast as it’s growing. Here’s a look at five major trends that are shaping the future of the eCommerce market.
5 Trends Shaping the Future of eCommerce
The global eCommerce market is growing at a rapid pace.
By 2025, it’s expected to reach $4.2 trillion in revenue. But the fast-growing eCommerce market is evolving just as quickly as it’s expanding. And because of rapid innovation in this space, tomorrow’s eCommerce landscape could look vastly different from today’s.
While we can’t predict the future, there are some telling signs of what’s to come. This graphic sponsored by Logiq explores five emerging trends that are transforming the future of eCommerce.
#1: Omnichannel Shopping
These days, a majority of consumers research a brand online before they set foot in a physical store. Because the customer journey now has a myriad of touchpoints across various devices, it’s important that businesses fully integrate their channels to provide a frictionless, holistic shopping experience.
That’s what omnichannel shopping aims to do—seamlessly integrate a company’s physical and online channels. When done correctly, omnichannel strategies can be valuable revenue drivers. In fact, according to research by Google, omnichannel strategies can help generate an estimated 80% of a business’s in-store visits.
#2: AI and AR
Artificial intelligence (AI) and Augmented Reality (AR) are transforming the online shopping experience, with things like:
- AI-enabled chatbots
- Virtual assistants
- AI-enabled personalized shopping
- AR-apps that help replicate the physical world online
Ideally, these applications provide an easier, more enjoyable shopping experience for consumers. AI and AR technologies are impressive on their own, but when combined, they leverage each other’s strengths to provide an elevated shopping experience.
For instance, an AI and AR-enabled app could use speech recognition to listen to what you’re saying, and then render an image right in front of your eyes.
#3: New Payment Options
In general, technological innovation is aimed at making the online shopping experience as seamless as possible. And payment is an important part of that process, which is why it’s crucial that businesses provide customers a variety of payment options at checkout, to reduce cart abandonment. Some payment options include:
- Digital wallets
- Mobile payments
Cryptocurrency is especially trendy, as companies become increasingly more open to blockchain tech and cryptocurrency as payment.
#4: Rise of Visual Commerce
We’re living in a world of information overload, meaning brands are constantly competing for consumers’ attention. That’s why visual communication is more important than ever.
Businesses are using visual tactics like high-quality photography, videos, and AR to keep customers engaged.
Just like omnichannel strategies, visual commerce can help significantly increase revenue. According to research by Shopify, customers that viewed a product in AR were 65% more likely to make a purchase.
#5: Data-Driven, Dynamic Pricing
Dynamic pricing is when businesses adjust pricing to reflect consumer demand. While it’s not a new phenomenon, AI and new technology have made it more accurate, and accessible.
Companies like Amazon have already implemented tech that helps the company optimize its pricing strategies, and other businesses that follow suit could see a boost in earnings.
How Companies Can Stay Competitive
The eCommerce market is rapidly growing, and changing just as quickly. Because of this, companies don’t always have the resources to stay ahead of the curve. But Logiq can help.
Logiq is an American-based global provider of eCommerce solutions, helping companies step up their eCommerce offerings. Click here to learn more about Logiq.
The Genomic Revolution: Why Investors Are Paying Attention
Faster cancer detection. Tracking disease. Gene editing. All three are driven by the genomic revolution. Here’s why it’s important now.
The Genomic Revolution: Why Investors Are Paying Attention
At the center of the genomic revolution is big data and DNA.
The implications are vast. With recent advancements, faster cancer detection is within reach, potentially saving thousands of lives each year. An initial research study shows this technology could save 66,000 live annually in the U.S. alone.
What’s more, genomic innovation goes beyond just cancer detection. Today it spans a variety of innovations, from gene editing to anti-cancer drugs.
In this graphic from MSCI, we look at four reasons why the genomics sector is positioned for growth thanks to powerful applications in medicine.
What is the Genomic Revolution?
To start, the genomic revolution focuses on the study of the human genome, a human (or organism’s) complete set of DNA.
A human consists of 23 pairs of chromosomes and 24,000 genes. Taken together, the human genetic code equals three billion DNA letters. Since most ailments have a link to our genetic condition, genomics involves the editing, mapping, and function of a genome.
With genomic innovation, large-scale applications of diagnostics and decision-making tools are made possible for a wide range of diseases.
4 Ways the Genomic Revolution is Changing Medicine
Over the last century, the field of genomics has advanced faster than any other life sciences discipline.
The hallmark achievement is the Human Genome Project completed in 2001. Since then, scientists have analyzed thousands of people’s genes to identify the cause of heart disease, cancer, and other fatal afflictions.
Here are four areas where genomic innovation is making a big difference in the medical field.
1. Gene Editing
Gene editing enables scientists to alter someone’s DNA, such as eye color. Broadly speaking, gene editing involves cutting DNA at a certain point and adding to, removing, or replacing this DNA.
For instance, gene editing enables living drugs. As the name suggests, living drugs are made from living organisms that harness a body’s immune system or other bodily process, and uses them to fight disease.
Based on analysis from ARK Invest, living drugs have a potential $200 billion addressable market.
2. Cancer Detection
Multi-cancer screening, supported by genomic sequencing and liquid biopsies, is projected to prevent more deaths from cancer than any other medical innovation.
Through a single blood test, multiple types of cancer can be detected early through synthetic biology advancements. Scientists use genomic sequencing (also referred to as DNA sequencing) to identify the genetic makeup of an organism, or a change in a gene which may lead to cancer.
Critically, screening costs are dropping rapidly, from $30,000 in 2015 to $1,500 in 2021. The combination of these factors is spurring a potential $150 billion market. This could be revolutionary for healthcare by shifting from a treatment-based model to a more preventative one in the future.
3. DNA Sequencing
One modern form of DNA sequencing is long-read DNA sequencing. With long-read DNA sequencing, scientists can identify genetic sequences faster and more affordably.
For these reasons, long-read DNA sequencing is projected to grow to a $5 billion market, growing at a 82% annual rate.
4. Agricultural Biology
Finally, the genomic revolution is making strides in agricultural biology. Here, research is looking at how to reduce the cost of producing crops, improving plant breeding, and enhancing quality.
One study shows that genomic advances in agriculture have led to six-fold increases in income for some farmers.
Investing in the Genomic Revolution
A number of genomic-focused companies have shown promising returns.
This can be illustrated by the MSCI ACWI Genomic Innovation Index, which has outperformed the benchmark by nearly 50% since 2013. The index, which was developed with ARK Invest, comprises roughly 250 companies who are working in the field of genomic innovation. In 2020 alone, the index returned over 43%.
From diagnostics to prevention, the genomic revolution is breaking ground in scalable solutions for global health. Investment opportunities are expected to follow.
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