Our climate strategy focuses on reducing carbon emissions by increasing renewable generation capacity and investing in a cleaner and more resilient energy grid. Fortis is also preparing for more frequent extreme weather events that have the potential to impact our customers, communities, and infrastructure.
Our goal is to get the energy we provide as clean as possible, as fast as possible, without compromising our ability to deliver safe, reliable, affordable energy to our customers. In 2023, we supported energy policy development and worked with regulators, government, and industry to advance the transition to cleaner energy.
There is no one-size-fits-all solution to the clean energy transition. Fortis calls for a pragmatic approach that considers each jurisdiction's distinct energy needs and available resources. Read more about Fortis' approach to net zero in this Edison Electric Institute article.
Fortis submitted comments on the draft Clean Electricity Regulations, which were released by Environment and Climate Change Canada last August.
We continue to make progress toward our greenhouse gas (GHG) emission goals. Our scope 1 emissions are now 33% below 2019 levels, equivalent to taking more than 890,000 gas vehicles off the road for one year. Fortis emission reduction targets are on track in support of our 2050 net-zero goal.
Tucson Electric Power (TEP) is on track to retire its remaining coal generation by 2032. We expect to add 2,240 megawatts (MW) of wind and solar generation and 1,330 MW of energy storage by 2038, as well as 400 MW of hydrogen ready natural gas to help offset coal plant retirements and support higher use of variable wind and solar energy. Paths to reduce fossil fuel use with renewables and storage are also being planned at our smaller utilities in the Caribbean.
Across our business, we are working together to address and prepare for the impacts of climate change. We are shifting from planning our systems based on historical weather patterns to modelling for future climate scenarios. We're partnering with others in our industry, including the Electric Power Research Institute (EPRI) and the Canadian Standards Association, to address climate adaptation and improve design standards.
Fortis analyzes future climate scenarios to understand how climate-related events may impact our operations. Our 2024 Climate Report provides a detailed climate scenario analysis across Fortis utilities using two climate scenarios. We also assessed physical risks using specific geographic climate science for priority assets.
