Sempra highlights its commitment to a ‘lower carbon future’ in its annual sustainability report

San Diego-based utility holding company Sempra renewed its commitment to a “low-carbon future” backed by a $48 billion capital investment strategy in an annual sustainability report Thursday.

“Our goal is to help drive the transition – and the world – to a lower-carbon future, a future that balances the need for cleaner energy with the need for reliability and resilience for a rapidly changing world,” said Jeffrey W .Martin, Chairman and DIRECTOR.

The report cites Sempra’s support for renewable energy, electric vehicles, energy storage and clean hydrogen fuel, backed by a commitment to spend $48 billion over five years “to help deliver cleaner forms of energy to our stakeholders in California and Texas and to
our international partners.”

For San Diego, this commitment will result in Sempra’s San Diego Gas & Electric unit reaching 50% renewable energy by 2023.

Also detailed in the 150-page document is the company’s support for safety, good governance, community involvement and overall environmental goals.

Sempra’s commitments come at a time when conservative voices in the financial world have criticized its “environmental, social and governance goals,” and some states — most notably Texas — have distanced themselves from banks that support such goals.

Lisa Larroque Alexander, Sempra senior vice president of corporate affairs
Chief Sustainability Officer, said the company’s focus on sustainability was inspired by California and has proven compelling in other markets

“Thanks to our roots in California, we have been privileged to be at the forefront of many trends,” she said. “When we are in Texas, translating sustainability into value for both shareholders and stakeholders resonates very well there.”

She called climate change a global problem and noted in her written introduction to the report that Sempra is committed to adapting.

“We envision a future that is increasingly resilient to severe weather, where businesses and people of all ages and backgrounds thrive with access to safe, affordable and cleaner energy,” she wrote.

The company’s increasing use of renewable energy in the United States comes as its Sempra Infrastructure unit has emerged as a major supplier of liquefied natural gas to global markets. Alexander pointed out that LNG is much cleaner than the coal it replaces and can serve as a reliable backup energy source as renewables expand.

The report was released in conjunction with the company’s annual shareholder meeting, where climate action group SanDiego350 planned a protest outside Sempra’s headquarters over LNG exports.