American Electric Power Co. Inc. has revised its target to cut down carbon dioxide emissions, now aiming for a 70% reduction from 2000 levels by 2030.
Previously, the company targeted a 60% carbon dioxide emissions reduction from 2000 levels by 2030. It has already cut its carbon dioxide emissions by 59% since 2000.
"We've made significant progress in reducing carbon dioxide emissions from our power generation fleet and expect our emissions to continue to decline. Our aspirational emissions goal is zero emissions by 2050," AEP Chairman, President and CEO Nicholas Akins said in a Sept. 10 news release.
AEP is also confident it can lower its carbon dioxide emissions by more than 80% from 2000 levels by 2050.
To achieve these targets, AEP plans to invest in renewable generation, transmission and distribution, expanded demand response and energy efficiency programs.
The company proposes to add more than 8,600 MW of new wind and solar projects for regulated utility customers by 2030.
AEP also plans to invest approximately $25 billion over the next five years in its transmission and distribution systems and about $2.2 billion in contracted renewables and renewables integrated with energy storage between 2019 and 2023.
