Bruce Power continues to advance its sustainability goals, further strengthening its leadership position in minimizing the environmental and ethical impacts of its business.
In August 2022, the company received its Environmental, Social and Governance (ESG) Risk Rating by the third-party ESG rating agency Morningstar Sustainalytics, with strong and improving ESG performance year over year. The latest ESG Risk Rating ranked the company a spot in the top 3 within its sub-industry on a global scale and sits in the top three per cent in the Utilities industry covered by Morningstar Sustainalytics.
The ESG Risk Rating report saw strong performance in a number of areas, including Community Involvement, Emergency Response, Diversity Programs, Waste Management and Environmental Programs and Policies.
“Bruce Power is committed to strengthening the community and protecting the environment for present and future generations,” said Kevin Kelly, Bruce Power’s Executive Vice President, Finance and Business Development. “As such, we strive to learn from others out there, we participate in these third-party assessments to better understand best practices and learn where we can improve and implement sustainable business practices, while continuing to provide clean, reliable energy for the province; supporting Ontario’s climate change goals.”
“Building and fostering a more diverse, equitable and inclusive workforce is a key driver in our ESG strategy,” Kelly added. “We are fostering strong connections with Indigenous communities and other under-represented groups through meaningful partnerships, employment for skilled workers, and training opportunities.”
Building on the integral role Bruce Power played in Ontario’s phase-out of coal-fired electricity in 2014 by returning Units 1-4 to service over the previous decade, the company has made a number of commitments to contribute to cleaner air for Ontarians.
This includes a commitment to Net Zero from site operations by 2027; increasing the generation output to produce upwards of 7,000 megawatts of carbon-free electricity for the 2030s; and establishing Bruce Power Net Zero Inc. to explore commercial opportunities for complementary technologies that leverage the carbon-free advantages of nuclear power, such as storage, carbon off-sets, renewables, hydrogen and electrified transportation. Further, in November 2021, the company announced the issuance of $500 million in Green Bonds, a global first for nuclear power and recognition of the critical role the technology plays in fighting climate change.
Bruce Power’s 2022 Sustainability Report provides clear, relevant disclosure of the company’s ESG commitments, with actions that drive tangible benefits in the near term.
An ESG Risk Rating is used to help companies evaluate their sustainability practices.
The ESG Risk Rating conducted by Morningstar Sustainalytics combines an assessment of a company’s exposure to industry specific ESG issues and how well a company is managing those risks. Morningstar Sustainalytics analyzed 10 material ESG issues (MEIs), and each has been assigned an exposure rating and management score that is used to calculate the overall total rating for each area.
The public rating for Bruce Power, conducted by Morningstar Sustainalytics can be found here.
About Bruce Power
Bruce Power is an electricity company based in Bruce County, Ontario. We are powered by our people. Our 4,200 employees are the foundation of our accomplishments and are proud of the role they play in safely delivering clean, reliable, low-cost nuclear power to families and businesses across the province and life-saving medical isotopes around the world. Bruce Power has worked hard to build strong roots in Ontario and is committed to protecting the environment and supporting the communities in which we live. Formed in 2001, Bruce Power is a Canadian-owned partnership of TC Energy, OMERS, the Power Workers’ Union and The Society of United Professionals. Learn more at www.brucepower.com and follow us on Facebook, Twitter, LinkedIn, Instagram and YouTube.