BCI Responsible Investing Annual Report

2020-BCI-ESG-AnnualReport_Final

bcIMC Responsible Investing Annual Report

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Beyond Net Zero at Puget Sound Energy Puget Sound Energy (PSE) is the largest utility in the U.S. state of Washington, serving more than 1.1 million electric and nearly 850,000 natural gas customers in a service area spanning over 15,500 square kilometres. PSE owns and operates three wind farms, making it the Pacific Northwest's largest utility producer of renewable energy. BCI has held an equity interest in Puget Energy since 2009 alongside other institutional investors. Puget Energy's core business is PSE. It is held within our infrastructure & renewable resources program. In January 2021, PSE announced its target to be a "beyond net-zero carbon" energy company by 2045. BCI, as a shareholder with representatives on Puget's board, worked closely with the company and outside consultants throughout 2020 to support this target and participated in the development of climate change policy in Washington State. PSE has released a set of commitments and aspirational goals that aim to: > Reduce emissions from PSE electric and gas operations and electric supply to net-zero by 2030 > Reach net-zero carbon emissions for natural gas sales by 2045 — customer use in homes and businesses — with an interim target of a 30 per cent reduction in emissions by 2030 > Go beyond PSE's own emissions to partner with customers and industry to reduce carbon emissions in the region As an owner, we support PSE's pledge to be the clean energy provider of choice for its customers and to balance its climate objectives with safety, reliability, and affordability. "Puget has assumed a leadership role among North American utilities by aspiring to net-zero carbon by 2045. It has committed to work with stakeholders on policy changes, explore new technologies and leverage its infrastructure footprint as a long-term climate change solution, while also meeting the needs of customers and shareholders." Grant Hodgkins, Portfolio Manager, Infrastructure & Renewable Resources Hopkins Ridge Wind Facility was PSE's first wind facility in Washington State, U.S. Puget Sound Energy

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