Energy is an essential part of our lives. Whether it’s heating our homes, fueling the economy and job creation or powering innovation, energy is behind the things that matter most. As the world places an increasing emphasis on reducing greenhouse gas emissions to combat climate change, energy demand — particularly for low-carbon and renewable sources — is on the rise.
Rapid growth in energy-intensive industries, data centers, artificial intelligence and advanced manufacturing is amplifying the supply disparity and having an impact on the path to achieve climate goals and emissions-reduction targets. Over the past year especially, this evolution of energy markets has brought a heightened focus on energy reliability and affordability as we navigate toward long-term climate goals. These same factors are informing unprecedented innovation and rapid change taking place in the energy sector. Emerging technologies are meeting market realities to reshape the dialogue around decarbonization solutions.
At New Jersey Resources (NJR), we view this energy evolution as an opportunity to continue leading with solutions toward a more sustainable energy future. Our strategy and our assets position us to shape this future in line with our core beliefs:
- We believe in an energy future that is affordable, safe, reliable and resilient while achieving effective economy-wide emissions reduction.
- We believe our company has a significant role to play in achieving shared climate goals.
- And we believe that the future must have outcomes that are practical for customers — anchored in customer choice and providing real, cost-effective options that empower people to make cleaner energy choices.
Our position is clear: we believe that leveraging existing pipeline infrastructure avoids a trade-off of reliability and affordability for emissions reductions. We can and must have all of these things.
Through our diversified businesses, NJR is in a strong position to take on this challenge and lead. Our pipeline distribution network is modern and upgraded. We have a robust and growing portfolio of renewable assets, strategically located storage and transportation facilities, customer-facing, end-use energy-efficient installations and deep experience in wholesale energy markets. Along with our focus on decarbonization innovation, NJR is well-suited to meet our commitments to serve our customers’ energy needs, advance our sustainability goals and grow our business.
NJR Leading on Sustainability and Innovation
- We continued advancing innovative, lower-carbon energy solutions, with New Jersey Natural Gas becoming the first natural gas utility in New Jersey to install and operate distributed carbon capture technology and fuel a portion of its fleet operations with renewable diesel.
- NJR Clean Energy Ventures continued its leadership in the renewable energy market, completing its first capped landfill community solar facility in New Jersey and growing its project pipeline to approximately 1.1 gigawatts —
the largest and most geographically diverse in company history. - We achieved the highest, single-year investment in our SAVEGREEN® energy-efficiency program, deploying $71.3 million in fiscal 2024 to help customers save energy and money and reduce their carbon emissions.
- NJR was named one of America’s Most Responsible Companies by Newsweek for 2024 — earning therecognition for the fifth consecutive year.
- We announced over $1.1 million in commitments through our charitable foundations to New Jersey Audubon and Monmouth Conservation Foundation to enhance coastal resiliency within our service territory.
- We continued dedicating considerable time and resources to give back to our communities, with our employees, retirees and their families providing over 4,200 hours of volunteer service. NJR’s charitable foundations provided over $2.1 million in direct funding to local nonprofits.
Across our operations, we’ve made tremendous progress reducing our emissions and building the cleaner energy economy of tomorrow.
At NJNG, where we serve nearly 583,000 customers in Monmouth, Ocean, Morris, Middlesex, Burlington and Sussex Counties, safety and environmental protection guide our actions. And we’ve backed it up. Over the past decade alone, we’ve invested $3.1 billion to upgrade our infrastructure. Prioritizing these investments has made our natural gas distribution system the most environmentally sound in the entire state — among the best in the entire country — as measured by leaks per mile. The strong environmental profile of NJNG’s distribution system, along with other sustainability efforts at NJR, translates directly to lower emissions for our state and the communities we serve.
Moreover, in 2022, we reached our voluntary goal of cutting emissions from our New Jersey operations by over 50% from 2006 levels. Not stopping there, we have set a new, higher goal of a 60% reduction by 2030.
At NJRCEV, we are already the largest-owner operator of commercial scale solar-assets in the state and broadening our reach across six states, with over $1.2 billion1 invested over the past decade.
Our commitment to sustainability — sound governance, investing in our people and communities, and emissions reductions and environmental stewardship — continues to shape our actions and strategy as a company. We’ll continue to be open and transparent with our stakeholders about NJR’s sustainability journey, as demonstrated in this report and its accompanying disclosure appendices.
On behalf of NJR’s over 1,300 employees, we are pleased to share our sustainability record and priorities with you. Thank you for taking the time to learn about our efforts in this report — our 16th year of issuing a Corporate Sustainability Report.
Sincerely,
Steve Westhoven
President and Chief Executive Officer