After relying on fossil fuels for 116 years, New Jersey’s largest utility company, PSEG, has committed to cut carbon emissions by 80% by 2046 and go net-zero emissions by 2050.
PSEG plans to divest from coal assets, invest in major offshore wind projects, and maintain its nuclear power portfolio to achieve net-zero emissions. The utility plans to shut down its last coal-powered power plant within the next 18 months.
"We believe climate change is real. There is this crescendo that's building," PSEG CEO Ralph Izzo told CNN Business. “Climate change represents the pre-eminent challenge of our generation... it's far past time we moved beyond simply 'heeding warnings' to acting on them."