Sempra Launches Sustainable Financing Framework Aligned With Company's ESG Initiatives
Aug 5, 2021
SAN DIEGO, Aug. 5, 2021 /PRNewswire/ -- Sempra (NYSE: SRE) (BMV: SRE) today published its Sustainable Financing Framework, outlining its criteria and other parameters for any issuances by Sempra, San Diego Gas & Electric Co. (SDG&E) or Southern California Gas Co. (SoCalGas) of sustainable financing instruments, including its intent to allocate net proceeds to finance projects aligned with the company's environmental, social and governance (ESG) strategy and as specifically described in the framework. Eligible projects include investments in the following categories: clean transportation, climate change adaptation, energy efficiency, clean energy solutions, green buildings, pollution prevention and control, and socio-economic advancement and empowerment.
"At Sempra, we are excited about our role in advancing clean, safe and resilient energy systems for today, and for the future," said Lisa Alexander, senior vice president of corporate affairs and chief sustainability officer for Sempra. "Across our companies, we are working to capture new opportunities to grow our transmission and distribution business for the betterment of all our stakeholders, with a focus on investments in safety, as well as decarbonization, diversification and digitalization of our energy systems. Our new Sustainable Financing Framework furthers our commitment to meet the evolving needs of our investors, customers and communities."
Sempra received a second-party opinion from Vigeo Eris (V.E), an independent global provider of ESG research and ratings, for its Sustainable Financing Framework highlighting that it is in alignment with the four components of the 2021 Green Bond Principles and the 2021 Social Bond Principles.
Shaping a Net-Zero Future
Sempra is advancing the energy transition by enabling the delivery of lower-carbon energy in every market it serves. For two decades, Sempra has been on a sustained path to decarbonize its business operations and the markets it serves with a goal of transitioning to net-zero greenhouse gas (GHG) emissions. Earlier this year, Sempra set a target to reach net-zero GHG emissions across all three scopes by 2050, with an interim target of 50% reduction in its California utilities and Mexico (non-LNG) scopes 1 and 2 emissions by 2030, compared to a 2019 baseline. Sempra's California utilities, SDG&E and SoCalGas, have also set individual net-zero goals across all three scopes in line with California's goal to be net-zero economy-wide by 2045. Sempra and its family of companies also have critical goals towards achieving world-class safety, driving resilient operations and championing people. View the 2020 Sustainability Report for more information about the company's goals, key performance indicators and progress.
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 in any forward-looking statements. 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 other factors.
In this press release, forward-looking statements can be identified by words such as "believes," "expects," "anticipates," "plans," "estimates," "projects," "forecasts," "should," "could," "would," "will," "confident," "may," "can," "potential," "possible," "proposed," "in process," "under construction," "in development," "target," "outlook," "maintain," "continue," "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 described in any forward-looking statements include risks and uncertainties relating to: California wildfires, including the risks that we may be found liable for damages regardless of fault and that we may not be able to recover costs from insurance, the wildfire fund established by California Assembly Bill 1054 or in rates from customers; decisions, investigations, regulations, issuances or revocations of permits and other authorizations, renewals of franchises, and other actions by (i) the Comisión Federal de Electricidad, California Public Utilities Commission (CPUC), U.S. Department of Energy, U.S. Federal Energy Regulatory Commission, Public Utility Commission of Texas, and other regulatory and governmental bodies and (ii) states, counties, cities and other jurisdictions in the U.S., Mexico and other countries in which we do business; the success of business development efforts, construction projects and acquisitions and divestitures, including risks in (i) the ability to make a final investment decision, (ii) completing construction projects or other transactions on schedule and budget, (iii) the ability to realize anticipated benefits from any of these efforts if completed, and (iv) obtaining the consent of partners or other third parties; the resolution of civil and criminal litigation, regulatory inquiries, investigations and proceedings, and arbitrations, including, among others, those related to the natural gas leak at Southern California Gas Company's (SoCalGas) Aliso Canyon natural gas storage facility; actions by credit rating agencies to downgrade our credit ratings or to place those ratings on negative outlook and our ability to borrow on favorable terms and meet our substantial debt service obligations; actions to reduce or eliminate reliance on natural gas, including any deterioration of or increased uncertainty in the political or regulatory environment for local natural gas distribution companies operating in California; weather, natural disasters, pandemics, accidents, equipment failures, explosions, acts of terrorism, information system outages or other events that disrupt our operations, damage our facilities and systems, cause the release of harmful materials, cause fires or subject us to liability for property damage or personal injuries, fines and penalties, some of which may not be covered by insurance, may be disputed by insurers or may otherwise not be recoverable through regulatory mechanisms or may impact our ability to obtain satisfactory levels of affordable insurance; the availability of electric power and natural gas and natural gas storage capacity, including disruptions caused by failures in the transmission grid or limitations on the withdrawal of natural gas from storage facilities; the impact of the COVID-19 pandemic on capital projects, regulatory approvals, and the execution of our operations; cybersecurity threats to the energy grid, storage and pipeline infrastructure, information and systems used to operate our businesses, and confidentiality of our proprietary information and personal information of our customers and employees, including ransomware attacks on our systems and the systems of third-party vendors and other parties with which we conduct business; expropriation of assets, failure of foreign governments and state-owned entities to honor their contracts, and property disputes; the impact at San Diego Gas & Electric Company (SDG&E) on competitive customer rates and reliability due to the growth in distributed and local power generation, including from departing retail load resulting from customers transferring to Direct Access and Community Choice Aggregation, and the risk of nonrecovery for stranded assets and contractual obligations; Oncor Electric Delivery Company LLC's (Oncor) ability to eliminate or reduce its quarterly dividends due to regulatory and governance requirements and commitments, including by actions of Oncor's independent directors or a minority member director; volatility in foreign currency exchange, inflation and interest rates and commodity prices and our ability to effectively hedge these risks; changes in tax and trade policies, laws and regulations, including tariffs and revisions to international trade agreements that may increase our costs, reduce our competitiveness, or impair our ability to resolve trade disputes; and other uncertainties, some of which may be difficult to predict and are beyond our control.
These risks and uncertainties are further discussed in the reports that Sempra 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 North American Infrastructure, Sempra LNG, Sempra Mexico, Sempra Texas Utilities, Oncor and Infraestructura Energética Nova, S.A.B. de C.V. (IEnova) are not the same companies as the California utilities, SDG&E or SoCalGas, and Sempra North American Infrastructure, Sempra LNG, Sempra Mexico, Sempra Texas Utilities, Oncor and IEnova are not regulated by the CPUC.
None of the website references in this press release are active hyperlinks, and the information contained on, or that can be accessed through, any such website is not, and shall not be deemed to be, part of this document.
For further information: Media Contact: Linda Pazin, Sempra, (877) 340-8875, firstname.lastname@example.org, Financial Contact: Lindsay Gartner, Sempra, (877) 736-7727, email@example.com