Message from the CEO
Innovation has always influenced the energy landscape.
Today, however, we are witnessing an urgent, unprecedented level of transformation in our industry. Technological advancements are driving innovation. Our energy is becoming cleaner, propelling society’s climate goals forward in a fast-paced and dynamic way.
As the energy outlook continues to evolve, New Jersey Resources (NJR) has a clear vision of our role in a cleaner energy future. It is rooted in our proven experience that a strong commitment to sustainability goes hand-in-hand with growth and financial success.
We believe in an energy future that is safe, reliable, resilient and environmentally friendly. We believe the energy future must be affordable. And we believe that it must empower – rather than constrain – customers with energy choices and solutions that work for how they live their lives and run their businesses.
NJR is a unique company with strategic advantages to drive this change. Our five diversified businesses touch on multiple aspects of both the natural gas and solar energy value chains – natural gas utility distribution, midstream storage and transportation, solar and renewable energy development, customer-facing HVAC services, and wholesale energy markets.
Our company is bound together by this broad and shared expertise, and an agile culture that prioritizes innovation, a diverse, high-performing team, and a proven record of delivering results.
Across our businesses, our team is putting this innovation forward approach to work – and making a real impact executing new strategies, engaging in dynamic partnerships, and deploying cutting-edge technology in new ways. This includes the use of renewable fuels, distributed carbon capture technology and high efficiency gas heat pumps at NJR’s own facilities.
Investing in Environmental Stewardship and Community Impact
Strong communities are central to a more sustainable future. For decades, NJR has acted on this fundamental belief, forging partnerships and providing financial and volunteer resources to nonprofit groups that support the most vulnerable, expand economic opportunity and advance local environmental stewardship.
Last year, we announced nearly $20 million in funding to endow our charitable foundations and sustain our work in the community long into the future. We also committed up to $2 million of funding over a five-year period, specifically aimed toward environmental stewardship opportunities in the areas we serve, with an emphasis on climate resilience, carbon sequestration, ecological enhancement, and educational opportunities.
In line with this commitment, we are pleased to announce a five-year funding commitment of over $500,000 to support the work of New Jersey Audubon, one of the state’s leading environmental advocacy organizations, in the preservation and restoration of the Hovnanian Sanctuary in Berkeley Township, Ocean County, New Jersey. This critical project will include:
- The restoration and enhancement of over 100 acres of upland forest to reduce the risk of wildfire to local communities and residents, improve water quality, and enhance the carbon sequestration potential of the forest.
- Enhancement and restoration of an additional 15+ acres of Atlantic white cedar forest, helping reverse the decline of this critical natural resource in the Barnegat Bay watershed that provides important ecological and weather resilience benefits to coastal areas.
- Developing new and improved recreational opportunities for the area’s residents and visitors, including five miles of walking trails, public access points, mapping and signage, and public facilities.
Finally, fiscal 2023 marks NJR’s 15th consecutive year of issuing a Corporate Sustainability Report. NJR has set forth a bold vision and strategy for the role we will play in this transformational energy journey. And we continue to lead with action advancing our sustainability goals.
As we move ahead, our belief in broad, open stakeholder communication and transparency around our sustainability journey will remain a priority, as reflected in this report and its related disclosure appendices.
On behalf of NJR’s over 1,300 employees, thank you for taking the time to learn more about our sustainability record, our strategy and goals, and our accomplishments on this journey.
Sincerely,
Steve Westhoven
President and Chief Executive Officer