Fortis Inc. Releases TCFD and Climate Assessment Report
09 Março 2022 - 8:00AM
Fortis Inc. ("Fortis" or the "Corporation") (TSX/NYSE: FTS) has
made significant progress on its commitment as a Task Force for
Climate-Related Financial Disclosures ("TCFD") supporter, with
today's release of its first TCFD and Climate Assessment Report,
demonstrating the Corporation's further alignment with the four
pillars of the TCFD framework.
The report includes an analysis of four
climate-related scenarios to identify risks and opportunities.
Detail is provided on the strong governance and oversight of
climate matters in place at Fortis, and how climate-related risks
are incorporated into existing risk management, long-term strategy,
and financial planning processes. Fortis regularly discloses
material climate-related metrics, including the achievement of a
20% emissions reduction toward the Corporation's Scope 1 emissions
reduction target of 75% by 2035 from a 2019 base year. Fortis is
well-positioned to mitigate risk and realize opportunities under
both the lower and higher carbon climate scenarios.
"The utility sector is in a period of rapid
transformation to address the impacts of climate change. At Fortis,
we are executing our strategy to ensure we continue to deliver
reliable and affordable service to our customers as we transition
to a more sustainable, low-carbon economy," said David Hutchens,
President and CEO, Fortis Inc. "The climate-related scenario
analysis findings will guide our strategy and actions to combat
climate change, identify new opportunities associated with
decarbonization, and guide investment in resilient and adaptable
infrastructure."
The climate-related scenario analysis
identified several key findings:
- Policy and regulatory advancements will be required to enable
the clean energy transition.
- Innovation is needed to enable scalable, commercially viable
energy solutions, particularly in lower-carbon climate
scenarios.
- Fortis utilities will need to continue to have a strong
operational focus on climate adaptation and infrastructure
resilience.
- Customer affordability and system reliability will remain key
pillars of the Fortis long-term business strategy as climate change
impacts operations.
About Fortis Fortis is a
well-diversified leader in the North American regulated electric
and gas utility industry, with 2021 revenue of $9.4 billion and
total assets of $58 billion as at December 31, 2021. The
Corporation's 9,100 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 expectations regarding
how different climate scenarios may affect the Corporation’s risks
and opportunities.
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. Such assumptions include, but
are not limited to, reasonable outcomes for regulatory proceedings
and the expectation of regulatory stability, and no significant
changes in government energy plans, environmental laws and
regulations that could have a material negative impact. 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/8c15a454-9b93-4571-8416-501221d988e7
For more information, please
contact Investor Enquiries: Ms. Stephanie Amaimo Vice
President, Investor Relations Fortis Inc. 248.946.3572
investorrelations@fortisinc.com
Media Enquiries: Ms. Karen McCarthy Vice
President, Communications & Corporate Affairs Fortis Inc.
709.737.5323 media@fortisinc.com
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