Highlights progress on climate change, ED&I, and Reconciliation
TORONTO, Aug. 18, 2022 /CNW/ - Ontario Power Generation (OPG) has released its inaugural Environmental, Social, and Governance (ESG) Report, outlining the company's 2021 ESG performance and practices, including its industry-leading climate change initiatives, progress toward becoming a more equitable, inclusive, and diverse employer, as well as the actions underway as part of its Reconciliation Action Plan.
Recently approved by OPG's Board of Directors, the report also highlights the wide range of direct and indirect contributions to the province's economy, community wellbeing and social fabric. Other key elements covered under the ESG pillars include:
How OPG is leading the clean energy transition through power generation, new technology development, electrification initiatives, and operational excellence, while ensuring strong environmental protection and enhancement, and biodiversity stewardship;
How OPG works to be a safety leader and a trusted partner, neighbour, advocate, employer, and steward of resources;
How the company conducts itself with honesty and integrity, carries out business with transparency, protects critical infrastructure, and ensures diligent oversight of systems and processes.
The report is based on a snapshot in time, covering the 2021 calendar year, but includes links to www.opg.com where current data, performance, and real-life stories can be accessed and are regularly updated.
Many of OPG's priorities in ESG areas are laid out in plans released over the past two years, including:
OPG's Climate Change Plan, released in 2020, an ambitious blueprint which sets out two goals: to become a net-zero company by 2040 and help the economies in which OPG operates achieve net-zero by 2050;
OPG's Reconciliation Action Plan, which guides OPG's work with Indigenous communities, businesses and organizations to advance Reconciliation in a meaningful way, including a commitment to grow our economic impact for Indigenous communities and businesses to $1 billion over the next 10 years; and,
OPG's ED&I Strategy, which outlines OPG's goal to become one of Canada's best diversity employers by 2023 and a global leader in ED&I best practices by 2030. While much work remains, OPG has made progress across the organization, including at the leadership tables: currently more than 60 per cent of the company's Board of Directors and 50 per cent of its executive team are made up of leaders representing designated groups, including women and racialized people.
"Ensuring strong ESG performance is not just a priority for OPG – it's a core value," said OPG Board Chair Wendy Kei. "That's why we've integrated ESG principles into our corporate strategy, business model, risk management framework, policy requirements and performance targets. This is how OPG will help address the challenge of our lifetime – climate change – while ensuring OPG remains a sustainable, socially responsible, and beneficial company for communities and Indigenous partners."
"OPG takes great pride in producing reliable, clean and low-cost electricity in a safe and sustainable manner," said President and CEO Ken Hartwick. "This report details how we do that while continuing our journey to becoming a more equitable, inclusive, diverse and socially responsible company. This is not just good business – it's the foundation to building a brighter tomorrow."
"While OPG has significant, ongoing initiatives that incorporate ESG into our business and corporate strategy, we've also incorporated ESG practices into our everyday decision-making," said Carlton Mathias, OPG's incoming Chief Legal, ESG and Governance Officer. "The company has made good strides but there is much work still to be done and we are committed to being transparent on our progress."
As a climate change leader and the largest electricity generator in the province, OPG and its family of companies are helping lead the charge to a post-carbon economy.
SOURCE Ontario Power Generation Inc.
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