Company ranks in top quartile for ESG practices among its peers
AVANGRID, Inc. (NYSE: AGR), a leading sustainable energy company and member of the Iberdrola Group, has announced it has been included in the FTSE4Good Index Series. This is the company’s fifth consecutive year as a member of the Index and Iberdrola has been ranked on it since 2009. Created by the global index and data provider FTSE Russell, the FTSE4Good Index Series is designed to measure the performance of companies demonstrating strong Environmental, Social and Governance (ESG) practices. The FTSE4Good indexes are used by a wide variety of market participants to create and assess responsible investment funds and other products.
FTSE Russell evaluations are based on performance in areas such as Corporate Governance, Health & Safety, Anti-Corruption and Climate Change. Businesses included in the FTSE4Good Index Series meet a variety of environmental, social and governance criteria.
“AVANGRID is setting the pace for other utilities through our actions today and our visionary goals for the future,” said Pedro Azagra, CEO of AVANGRID. “Our inclusion on the FTSE4Good Index is a reaffirmation of this and of our commitment to building a cleaner, more sustainable energy future for all. We are very proud to be included on the FTSE4Good Index alongside Iberdrola as recognized sustainability leaders with strong ESG commitments.”
In its most recent evaluation, AVANGRID rated in the top quartile of its peers in FTSE Russell’s Utilities industry subsector for ESG Rating and earned FTSE’s highest score for governance, which includes evaluation of risk management, corporate governance and anti-corruption. Further, AVANGRID was rated more than 60% higher when compared with its US utility peers in labor standards; human rights and community; and pollution and resource issues.
ESG+F at AVANGRID
AVANGRID has a forward-looking ESG+F strategy that focuses on stewardship around the Environment, Society and its own Governance and Financial strength. This approach informs the company’s business decisions, helps further its sustainability commitments, and creates long-term, sustainable value for its shareholders.
AVANGRID’s sustainability strategy is organized into five key areas of focus:
- Reducing the company’s carbon footprint;
- Conscious action on social investment;
- Creating a more sustainable and diverse supply chain;
- Investing in its people; and
- Operating with the highest ethical and governance standards.
“We take great pride in our ESG+F leadership, and we will continue to evolve and accelerate our commitments to address climate change and create better outcomes for society,” said Patricia Cosgel, Chief Financial Officer at AVANGRID. “We are at the forefront of the nation’s transformational change in generating and using energy as one of the cleanest energy companies in the United States with more than 90% emissions-free generating capacity. This recent recognition only further highlights our ongoing efforts to operate our business in a sustainable, ethical manner.”
In addition to being included on the FTSE4Good Index Series, AVANGRID has earned numerous recognitions of its ESG efforts, including being named among the world’s most sustainable companies by S&P Global for two consecutive years, being recognized by JUST Capital in 2021 and 2022 as one of the JUST 100 companies and being named among the World’s Most Ethical Companies for four consecutive years.
About AVANGRID: AVANGRID, Inc. (NYSE: AGR) aspires to be the leading sustainable energy company in the United States. Headquartered in Orange, CT with approximately $40 billion in assets and operations in 24 U.S. states, AVANGRID has two primary lines of business: Avangrid Networks and Avangrid Renewables. Avangrid Networks owns and operates eight electric and natural gas utilities, serving more than 3.3 million customers in New York and New England. Avangrid Renewables owns and operates a portfolio of renewable energy generation facilities across the United States. AVANGRID employs more than 7,000 people and has been recognized by JUST Capital in 2021 and 2022 as one of the JUST 100 companies – a ranking of America’s best corporate citizens. In 2022, AVANGRID ranked second within the utility sector for its commitment to the environment and the communities it serves. The company supports the U.N.’s Sustainable Development Goals and was named among the World’s Most Ethical Companies in 2022 for the fourth consecutive year by the Ethisphere Institute. AVANGRID is a member of the group of companies controlled by Iberdrola, S.A. For more information, visit www.avangrid.com.
About Iberdrola: Iberdrola is one of the world's biggest energy companies and a leader in renewables, spearheading the energy transition to a low carbon economy. The group supplies energy to almost 100 million people in dozens of countries. With a focus on renewable energy, smart networks and smart solutions for customers, Iberdrola’s main markets include Europe (Spain, the United Kingdom, Portugal, France, Germany, Italy and Greece), the United States, Brazil, Mexico and Australia. The company is also present in growth markets such as Japan, Taiwan, Ireland, Sweden and Poland, among others.
With a workforce of nearly 40,000 and assets in excess of €141.7 billion, the company posted revenues of €39 billion and a net profit of over €3.9 billion in 2021. Across the world, Iberdrola helps to support 400,000 jobs across its supply chain, with annual procurement of €12.2 billion. A benchmark in the fight against climate change, Iberdrola has invested more than €130 billion over the past two decades to help build a sustainable energy model, based on sound environmental, social and governance (ESG) principles.