Maui Business

Hawaiian Electric Industries 2022 report said utility reaches nearly 40% renewable energy

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Hawaiian Electric reached a renewable portfolio standard of 38.4% in 2021, which is ahead of schedule for achieving Hawai‘i’s statutory goal of 40% by 2030. Photo Courtesy: Hawaiian Electric Industries

Hawaiian Electric Industries today released its 2022 consolidated report that describes its updated policies, actions and performance for 2021 regarding environmental, social and governance matters, including climate-related risks and opportunities.

It is the third and most comprehensive environmental, social and governance (ESG) report of Hawaiian Electric Industries, which includes utility Hawaiian Electric, banking subsidiary American Savings Bank and non-regulated subsidiary Pacific Current.

Hawaiian Electric reached a renewable portfolio standard of 38.4% in 2021, which is ahead of schedule for achieving Hawai‘i’s statutory goal of 40% by 2030.

The report also includes the company’s first enterprise-wide greenhouse gas (GHG) emissions inventory. Net enterprise-wide GHG emissions in measured categories decreased 15% from 2015 to 2021, driven largely by reductions in the utility’s generation-related emissions, according to a company press release.

“Our ESG progress demonstrates our commitment not only to operating a sustainable business, but also to building a sustainable Hawai‘i in which our children and grandchildren, our communities, our customers and our fellow employees will thrive together now and for generations to come,” said Scott Seu, Hawaiian Electric Industries’ president and CEO.

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To review the report, visit www.hei.com/esg.

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Hawaiian Electric highlights:

  • Released a Climate Change Action Plan committing to reducing 2005 baseline carbon emissions from power generation 70% by 2030 and to achieving net-zero or net-negative carbon emissions from power generation by 2045; as of the end of 2021, GHG emissions were reduced by 22% based on preliminary data.
  • Supported a 30% increase in electric vehicles in Hawai‘i from January to December 2021.
  • Added 4,956 new residential rooftop solar systems in 2021, bringing the total number of solar installations on its system to 92,500, representing 21% of residential customers.
  • Issued its 2021-22 Sustainability Report summarizing key milestones and utility programs to achieve its Climate Change Action Plan and Hawaiʻi’s climate goals.

American Savings Bank highlights:

  • Originated about $550 million in Paycheck Protection Program loans (from 2020 through 2021) to businesses representing 40,000 plus jobs.
  • Financed more than $65 million in clean energy projects from 2010 to 2021, supporting a total of 21.3 MW in renewable energy capacity.
  • Originated more than $8.6 million in residential clean energy loans, which allow homeowners to purchase and install their own photovoltaic systems, solar water heaters, solar air conditioning and battery backup and storage.
  • Was named one of Hawaiʻi Business Magazine’s Best Places to Work for the 13th consecutive year 
  • Released a Corporate Social Responsibility Report detailing its efforts pertaining to decarbonization, economic health and affordability, secure digitalization and diversity and inclusion 

Pacific Current Highlights:

  • Partnered with Wastewater Alternatives and Innovation and Cambrian Innovation to evaluate opportunities to deploy distributed wastewater treatment solutions that enable water reuse and production of renewable natural gas
  • Continued to expand electric vehicle charging in the state through its joint venture with EverCharge.

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