GLASGOW, Scotland, Nov. 04, 2021 (GLOBE NEWSWIRE) -- Fortis Inc. ("Fortis" or the "Corporation") (TSX/NYSE: FTS) today reconfirmed its commitment to a cleaner energy future as part of its attendance at the 26th Conference of the Parties to the United Nations Framework Convention on Climate Change ("COP26") in Glasgow, Scotland. Fortis President and CEO David Hutchens is participating in COP26 as a member of the official Canadian delegation.
"Today is Energy Day at COP26," said David Hutchens, President and CEO, Fortis. "Attendees are focused on the acceleration of the global transition to clean energy. Climate change is a key priority for our business and our sector globally. We join those around the world who are accelerating this energy transition."
Mr. Hutchens commended the Government of Canada's global climate ambition and thanked the Government for the opportunity to engage on this pivotal public policy issue. "COP26 is deepening our understanding of both the challenges and opportunities for the energy sector in Canada and throughout North America," he said.
Fortis is executing on its carbon emissions reduction target of 75% by 2035 (compared to 2019 levels). In 2020 Fortis achieved a 15% reduction in Scope 1 emissions, equivalent to taking 400,000 vehicles off the road. The Corporation's target aligns with the goals of the Paris Agreement and exceeds the pace of reduction outlined in the two-degree Celsius pathway. Energy delivery represents 93% of the Corporation's assets and by 2035, 99% of its assets will be focused on energy delivery and renewable, carbon-free generation.
The Corporation released its 2021 Sustainability Update in July 2021 and is a supporter of the Task Force on Climate-Related Financial Disclosures ("TCFD"). As a TCFD supporter, Fortis has committed to fully implement the TCFD recommendations.
About Fortis
Fortis is a well-diversified leader in the North American regulated electric and gas utility industry with 2020 revenue of $8.9 billion and total assets of $57 billion as at September 30, 2021. The Corporation's 9,000 employees serve utility customers in five Canadian provinces, nine U.S. states and three Caribbean countries.
Fortis shares are listed on the TSX and NYSE and trade under the symbol FTS. Additional information can be accessed at www.fortisinc.com, www.sedar.com, or www.sec.gov.
Forward-Looking Information
Fortis includes forward-looking information in this media release within the meaning of applicable Canadian securities laws and forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 (collectively referred to as "forward-looking information"). Forward-looking information reflects expectations of Fortis management regarding future growth, results of operations, performance and business prospects and opportunities. Wherever possible, words such as anticipates, believes, budgets, could, estimates, expects, forecasts, intends, may, might, plans, projects, schedule, should, target, will, would and the negative of these terms and other similar terminology or expressions have been used to identify the forward-looking information, which includes, without limitation: the Corporation's 2035 carbon emissions reduction target and projected asset mix.
Forward-looking information involves significant risks, uncertainties and assumptions. Certain material factors or assumptions have been applied in drawing the conclusions contained in the forward-looking information. Fortis cautions readers that a number of factors could cause actual results, performance or achievements to differ materially from the results discussed or implied in the forward-looking information. These factors should be considered carefully and undue reliance should not be placed on the forward-looking information. For additional information with respect to certain of these risks or factors, reference should be made to the continuous disclosure materials filed by the Corporation from time to time on SEDAR and EDGAR. All forward-looking information herein is given as of the date of this media release. The Corporation disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise.
A .pdf version of this press release is available at: http://ml.globenewswire.com/Resource/Download/887aca62-35a1-4877-ae0b-19129f11778c
For more information please contact
Investor Enquiries:
Ms. Stephanie Amaimo
Vice President, Investor Relations
Fortis Inc.
248.946.3572
samaimo@fortisinc.com
Media Enquiries:
Ms. Karen McCarthy
Vice President, Communications and Corporate Affairs
Fortis Inc.
709.737.5323
media@fortisinc.com
