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HEI Releases 2022 Consolidated Environmental, Social and Governance (ESG) Report

04/12/2022

Includes HEI's first enterprise-wide greenhouse gas emissions inventory

HONOLULU, April 12, 2022 /PRNewswire/ -- Hawaiian Electric Industries, Inc. (HEI) (NYSE: HE) today released its 2022 consolidated report describing its updated policies, actions and performance for full year 2021 with respect to a range of environmental, social and governance (ESG) matters, including climate-related risks and opportunities. This is HEI's third and most comprehensive ESG report.

The report includes HEI's first enterprise-wide greenhouse gas (GHG) emissions inventory, which will further guide the company's ESG strategies and provide greater transparency around its progress on climate issues. 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.

"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, HEI president and CEO. "Our company has been serving Hawaiʻi for over 130 years, and this deep-felt mindset comes naturally to us as a longstanding business in our island state. The alignment between ESG principles, state policy in Hawaiʻi, community expectations, and our goals as a company has never been stronger." 

HEI identifies 19 ESG priorities in the report and places special focus on seven topics: decarbonization; economic health & affordability; reliability & resilience; secure digitalization; diversity, equity & inclusion; employee engagement and climate-related risks & opportunities.

The 2022 ESG report extends HEI's Task Force on Climate-related Financial Disclosures (TCFD)-aligned reporting from 2021. It also presents data aligned with Sustainability Accounting Standards Board (SASB) guidelines for HEI's utility and bank subsidiaries.

To review the HEI 2022 ESG report, visit www.hei.com/esg.

Among the highlights:

  • Hawaiian Electric
    • Reached a renewable portfolio standard (RPS) of 38.4% in 2021, which is ahead of schedule for achieving Hawai'i's statutory goal of 40% RPS by 2030
    • 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
    • Originated about $550 million in Paycheck Protection Program loans (from 2020 through 2021) to businesses representing 40,000+ jobs
    • Financed over $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 Hawaii 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
    • Partnered with Wastewater Alternatives and Innovation (WAI) 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, providing smart, power-optimized electric vehicle charging solutions for property owners and managers

The HEI family of companies provides the energy and financial services that empower much of the economic and community activity of Hawai ʻ i. HEI's electric utility, Hawaiian Electric, supplies power to approximately 95% of Hawai ʻ i's population and is undertaking an ambitious effort to decarbonize its operations and the broader state economy. Its banking subsidiary, American Savings Bank, is one of Hawai ʻ i's largest financial institutions, providing a wide array of banking and other financial services and working to advance economic growth, affordability and financial fitness. HEI also helps advance Hawai ʻ i's sustainability goals through investments by its non-regulated subsidiary, Pacific Current. For more information, visit www.hei.com.

Investor Contact

Media Contact

Julie Smolinski

AJ Halagao

VP, Investor Relations & Corporate Sustainability

VP, Corporate & Community Advancement

ir@hei.com

info@hei.com

(808) 543-7300

(808) 543-7625

 

 

 

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SOURCE Hawaiian Electric Industries, Inc.

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