PSEG and the PSEG Foundation Announce $1 Million Commitment
NEWARK, N.J., June 19, 2020 /PRNewswire/ -- PSEG and the PSEG Foundation announced today the launch of the Powering Equity and Social Justice initiative and a $1 million commitment to support organizations that address the racial injustice, inequality and human rights in communities of color. The Powering Equity and Social Justice initiative will provide philanthropic support to organizations in New Jersey, New York and anywhere PSEG operates.
In order to foster access to fair and equitable opportunity throughout its communities, PSEG also reaffirms its pledge to increase its business with diverse suppliers – those owned by minorities, women, veterans, service-disabled veterans and LGBTQ+ entrepreneurs – to at least 30% of the company's applicable supplier spend by 2023.
"These initiatives and commitments provide an opportunity for PSEG to take action and stand in solidarity with our customers, communities and employees in pursuit of needed change," PSEG Chairman, President and CEO Ralph Izzo said. "By supporting organizations that champion justice and social equity, and by increasing support for our growing network of diverse suppliers, we hope to foster change and make a difference in the many diverse communities we serve."
The new Powering Equity and Social Justice initiative is designed to provide philanthropic support for organizations that work to confront and address systemic racism and advance social and economic equity for communities of color. PSEG also is seeking to develop and strengthen partnerships with organizations dedicated to social justice and building bridges between law enforcement and communities.
"PSEG has always had a unique and special relationship with the communities we serve, and today we take this a step further by more directly powering equity and social justice to address the prejudice, hate and injustice we too often observe," said Rick Thigpen, PSEG's senior vice president for Corporate Citizenship and president of the PSEG Foundation. "When one of us is impacted in the PSEG community, we are all impacted. Therefore, it's vital that we all join together to act and build a framework of equity, compassion, and respect that will truly benefit us all. For that reason, our company stands ready to support organizations that address racial injustice, inequality and human rights in communities of color in order to build a brighter future for everyone."
PSEG's increased supplier diversity goals will help to foster access to fair and equitable opportunity throughout our communities. PSEG has developed relationships with a broad base of diverse suppliers, which includes those owned by minorities, women, veterans, service-disabled veterans and LGBTQ+ entrepreneurs.
"PSEG helps drive the economies of the states where we do business," Izzo said. "It's critical that our suppliers represent our incredibly diverse customers and communities."
PSEG is looking inward at its culture, as well. During the past year, the company has conducted diversity and inclusion training for its leaders and employees, and a comprehensive review of its policies and practices is in progress in order to ensure equity. In recent weeks, the company has fostered critical and candid conversations across its workforce and today, for the first time, PSEG has provided every employee with paid time off in recognition of the Juneteenth holiday.
Public Service Enterprise Group Inc. (PSEG) (NYSE: PEG) is a publicly traded diversified energy company with approximately 13,000 employees. Headquartered in Newark, N.J., PSEG's principal operating subsidiaries are: Public Service Electric and Gas Co. (PSE&G), PSEG Power and PSEG Long Island. PSEG is a Fortune 500 company included in the S&P 500 Index and has been named to the Dow Jones Sustainability Index for North America for 12 consecutive years.
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