Sunday Nov 27, 2022

CVS Health Advances Sustainability Efforts Through Purchase of Renewable Energy – Constellation Energy

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WOONSOCKET, RI (Aug. 10, 2022) — CVS Health® (NYSE: CVS) today announced a 15-year agreement with Constellation (NASDAQ: CEG) to purchase clean, renewable energy equivalent to the energy use of 309 CVS Health locations in Illinois and Ohio.  

“Our agreement with Constellation is an important step toward achieving our goal of sourcing 50 percent renewable energy by 2040,” said Sheryl Burke, senior vice president, Corporate Social Responsibility, CVS Health. “Investments in renewable energy enable us to help create a more sustainable world for all of us today and for generations to come.”

Through this agreement, CVS Health will receive renewable energy and renewable energy certificates equal to a 42-megawatt share of the Mammoth Central solar facility, the third and final phase of Doral Renewables’ Mammoth Solar project located in Indiana. The agreement will help CVS Health reduce its carbon footprint by more than 38,000 metric tons each year. This is the equivalent emissions of nearly 7,400 homes’ electricity use in one year according to U.S. EPA estimates.

CVS Health will use the Constellation Offsite Renewables (CORe) product to facilitate its renewable energy transaction. CORe connects customers to the economic and sustainability benefits of large-scale, offsite renewable energy projects and is among Constellation’s suite of retail power products that help customers achieve their carbon reduction goals, including opportunities to match power usage hour-by-hour with locally produced carbon-free energy on 24/7/365 basis.

“We commend CVS Health on taking proactive steps to reduce its carbon footprint and are proud to offer a clean energy solution that will help the company source its power supply from solar energy,” said Jim McHugh, chief commercial officer, Constellation. “These long-term sustainability commitments are essential to increasing the amount of clean energy on the grid and helping solve the climate crisis.” 

Investing in renewable energy is part of CVS Health’s robust commitment to reducing its environmental impact. Recognized as a corporate leader in climate action, the company was one of the first in the world to have its net-zero targets validated by the Science-Based Target Initiative. CVS Health continues to reduce resource consumption across its operations through lighting and transportation upgrades, optimizing digital solutions to reduce paper, alternatives to single-use bags and offering products that are good for customers and the environment. Additionally, the company has introduced new water reduction goals, climate policies and approaches to waste management.

For more information about CVS Health’s ongoing efforts to build a healthier, more equitable and sustainable future, view the company’s ESG Report.

With an estimated capacity of 1.3 GW, Mammoth Solar will be one of the country’s largest solar farms upon completion.

 

Source: https://www.constellationenergy.com/newsroom/2022/CVS-Health-Advances-Sustainability-Efforts-Through-Purchase-of-Renewable-Energy.html

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