Today, North American power and energy infrastructure company LS Power announced the release of its inaugural sustainability report. Accordingly, this report accounts for LS Power’s Environmental, Social, and Governance (ESG) performance for 2019 and 2020.
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About the Reporting Standards
In fact, the sustainability report considered the Global Reporting Initiative Standards (GRI) and the Sustainability Accounting Standards Board (SASB). The GRI Standards, for instance, create a common language for organizations to report on their sustainability impacts. According to the benchmark, this enhances global comparability and enables organizations to be transparent and accountable in a more consistent way.
Similarly, the SASB standards enable businesses worldwide to identify, manage and communicate financially material sustainability information to their investors.
Thus, LS Power reported considering these standards and highlighting how its sustainability strategy “is designed to not only disrupt but transform the industry.” For instance, for the last two years, the company heavily advocated for implementing high-impact policies.
LS Power on targeting sustainability needs
Therefore, the energy infrastructure provider included policies targeting competitive power markets, expanded transmission procurements, and economy-wide technology-neutral carbon pricing.
LS Power also developed new clean energy resources, including battery storage, renewable generation, electric vehicle fast-charging infrastructure, demand response, and energy efficiency platforms. Similarly, the Company worked towards optimizing its existing power assets, enhancing its grid reliability, and investing in emerging clean energy technologies.
Additional highlights of LS Power’s 2020 report include the company’s Gateway Energy Storage Project. In fact, this battery storage project became the world’s largest when energized in August 2020; accordingly, it can store and deploy 250 MW of energy
LS Power also mentioned the public fast-charging EVgo network within its sustainability report since it became the nation’s largest. It also marked the first network to be 100% powered by renewable energy.
On the demand side, the company developed CPower, an energy management platform, which offers commercial and industrial customers tailored solutions for demand response. Additionally, the platform helps users enhance energy efficiency, distributed energy, energy storage, and peak demand management.
An ESG Approach
Similarly, the company recalled the development of its LS Poer Grid in New York, its Rise Light & Power solutions, its Renewable Fuels Initiative (with RNG projects to reduce methane gas emissions from landfills), and last but not least, its Community Philanthropy Efforts (including over $1.8M to aid food banks, crisis centers, health organizations, among others).
In this sense, Paul Segal, Chief Executive Officer of LS Power, commented; “At a time of immense, rapid change in our world; we are particularly driven each day by a deep responsibility to meet this critical moment.”
Moreover, “this is not new for us; we’ve long been at the forefront of transitioning America’s energy system,” continued Segal. So, “we are especially proud of our leadership in lowering carbon in the power and transportation sectors.”
Finally, “with this inaugural sustainability report, we are excited to share how our ongoing mission of taking on energy’s biggest challenges,” Segal concluded.