Decarbonization
The 2023 Utility Decarbonization Index

The 2023 Utility Decarbonization Index
Electric utilities and the power sector have a pivotal role to play in decarbonizing the U.S. economy, especially with the electrification of sectors such as transportation.
So, where do the country’s largest electricity producers stand on the path to decarbonization?
In collaboration with our sponsor National Public Utilities Council, we present the 2023 edition of our Annual Utility Decarbonization Index. The index uses 2021 data (the latest available at the time of data collection) to track the comparative decarbonization progress of the 47 largest investor-owned utilities (IOUs) in the United States.
In the graphic above, we give a preview of the top 10 rankers.
Methodology of the Utility Decarbonization Index
The Utility Decarbonization Index uses the following six metrics to track decarbonization progress:
- Fuel Mix
The share of low-carbon sources in a utility’s owned net electricity generation. - CO2 Emissions Intensity
The amount of CO2 emitted per megawatt-hour of owned and purchased net electricity generation. - Total CO2 Emissions
The absolute amount of CO2 emitted from owned and purchased net electricity generation. - CO2 Emissions Per Customer
The amount of CO2 emitted per retail, commercial, and industrial customer served. - Decarbonization Goals
An evaluation of the company’s interim greenhouse gas reduction and net-zero targets, with a 50% reduction in emissions by 2030 and net-zero by 2050 as baseline targets. - Low-Carbon investment
The share of planned capital expenditure for electricity generation dedicated to low-carbon sources.
All 47 IOUs in the Decarbonization Index are scored on a scale of one (lowest) to five (highest) for each of the six metrics, indicating whether they are trailing or leading compared to their peers. A utility’s final decarbonization score is an average of its scores across the six metrics.
The data for these metrics comes from company sustainability reports, quantitative ESG reporting templates from the Edison Electric Institute, and the Climate Disclosure Project’s Climate Change Questionnaire filings.
With the methodology in mind, let’s take a look at the 10 utilities that are leading the ranking in this year’s Utility Decarbonization Index.

The Annual Utility Decarbonization Index 2023
The 47 IOUs ranked in the Index are the largest electricity producers in the country, together representing over 58% of U.S. electricity generation in 2021 and serving 68% of all US. electric customers. Therefore, the decarbonization of these utilities can have a massive impact on the power sector and other electricity-consuming sectors.
However, it’s important to note that a score of five on the Utility Decarbonization Index does not indicate full decarbonization or net-zero emissions. Rather, it indicates that the utility is leading in decarbonization relative to its peers.
Here are the top 10 IOUs in this year’s ranking:
Rank | Company | Decarbonization score |
---|---|---|
#1 | Constellation Energy (Exelon) | 4.8 |
#2 | Avangrid | 4.8 |
#3 | Public Service Enterprise Group | 4.6 |
#4 | Pacific Gas and Electric | 4.5 |
#5 | Edison International (EIX) | 4.5 |
#6 | Avista Utilities | 4.2 |
#7 | NextEra Energy | 4.2 |
#8 | Algonquin Power & Utilities | 4.0 |
#9 | Puget Sound Energy (PSE) | 4.0 |
#10 | Consolidated Edison | 3.9 |
Constellation Energy, a newly formed subsidiary of Exelon, tops this year’s Decarbonization Index along with Avangrid. Constellation is the largest low-carbon electricity producer among the 47 IOUs, with 80% of its owned net electricity generation coming from nuclear power plants. The company also had the lowest CO2 emissions intensity of all utilities in the Index.
Avangrid, a clean energy-focused utility operating in the Northeast, ties for first place thanks to its low-carbon fuel mix and ambitious decarbonization targets to achieve carbon neutrality in Scope 1 and 2 emissions by 2030.
Download the 2023 Annual Utility Decarbonization Report
Are you interested in seeing the rest of the rankings? Check out the full report!
In addition to the Decarbonization Index, there’s much more to unpack, including:
- Six reasons why utilities must decarbonize
- Highlights and challenges to decarbonization from 2021–2022
- The data behind the six individual metrics
- The U.S. Utilities ESG report card
- Decarbonization strategies for U.S. utilities
Download the 2023 NPUC Annual Utility Decarbonization Report and find out everything you need to know about utility decarbonization.
Decarbonization
The 2024 Utility Decarbonization Index
This column chart shows the top 10 rankings for the 2024 Decarbonization Index from the Annual Utility Decarbonization Report.

The 2024 Utility Decarbonization Index
Electric utilities and the power sector in the U.S. are crucial for averting the climate crisis, especially as electricity demand rises. But how do the nation’s largest electricity producers compare on the necessity of decarbonization?
In partnership with the National Public Utilities Council, we present the 2024 edition of our Annual Utility Decarbonization Index. The index uses the latest available data to track the decarbonization progress of the 47 largest investor-owned utilities (IOUs) in the United States.
The Index Ranking
The 47 IOUs featured in the Index are the largest private electricity producers in the U.S., accounting for over two-thirds of the nation’s electricity generation in 2022. As a result, these utilities’ decarbonization efforts will significantly impact the 33% of U.S. emissions that come from the power sector.
A score of five signifies that the utility is a leader in decarbonization compared to its peers. It does not mean that the utility has fully decarbonized or achieved net-zero emissions.
Here are the top 10 IOUs in this year’s ranking:
Rank | Company | Decarbonization Score |
---|---|---|
#1 | Pacific Gas and Electric | 4.6 |
#2 | Avangrid | 4.2 |
#3 | Public Service Enterprise Group | 4.1 |
#4 | NextEra Energy | 3.7 |
#5 | Dominion Energy | 3.6 |
#6 | American Electric Power | 3.4 |
#7 | Emera | 3.4 |
#8 | Fortis | 3.3 |
#9 | Sempra | 3.3 |
#10 | Constellation Energy | 3.3 |
After placing fourth last year, Pacific Gas and Electric is now #1 in the Annual Utility Decarbonization Index, thanks to significant improvements in fuel mix and emissions per customer.
The second and third-place utilities in this year’s Index, Avangrid and Public Service Enterprise Group, also greatly improved their emissions per customer figures from 2021–2022.
How Does it Work?
The Decarbonization Index uses the following six metrics to compare the current environmental efforts of the largest investor-owned utilities:
- Fuel Mix
The share of carbon-free sources such as nuclear and renewables in a company’s owned generation mix. - CO2 Emissions Intensity
The amount of CO2 emitted per megawatt-hour of electricity generated and purchased. - Total CO2 Emissions
Absolute CO2 emissions from owned and purchased electricity generation. - CO2 Emissions Per Customer
CO2 emissions from owned and purchased electricity generation per customer. - Decarbonization Goals
An evaluation of a company’s interim greenhouse gas reduction goal, ultimate net-zero target, and reported progress. - Carbon-Free Investment
The share of planned capital expenditure (CAPEX) for electricity generation allocated to carbon-free sources.
All 47 IOUs in the Decarbonization Index are scored on a scale of 0-5 for each of the six metrics. A utility’s final decarbonization score is the average of the six metrics.
The 2024 report assigns a score of zero where numbers are unreported to emphasize the importance of sustainability reporting.
In previous years, companies that did not report data for certain calculations were excluded from that metric, and their total decarbonization score was an average of five or fewer metrics, as opposed to all six.
Data for the index was pulled from company sustainability reports, quantitative ESG reporting templates from the Edison Electric Institute, and the Climate Disclosure Project’s Climate Change Questionnaire filings.
Download the 2024 Annual Utility Decarbonization Report
In addition to the Decarbonization Index, there’s much more, including:
- Inflation Reduction Act impacts
- Costs of renewables
- Year-to-year progression from the previous index
- Fuel mix rankings for the largest public utilities
- Gas utility emissions rankings
Are you interested in seeing the rest of the rankings? Download the 2024 NPUC Annual Utility Decarbonization Report and find out everything you need to know about the clean energy transition of the U.S. power sector.
Learn how the National Public Utilities Council is working toward the future of sustainable electricity.
Decarbonization
Visualized: Emission Reduction Targets by Country in 2024
This infographic shows the greenhouse gas emissions targets of all countries and their target years with data from Net Zero Tracker.

Visualized: Emission Reduction Targets by Country in 2024
Since 2021, another 40 countries have established climate goals for 2030. However, the path to net zero remains uneven.
With average national warming already 1.81°C above pre-industrial levels, the international pressure for countries to cut emissions faster and deeper is mounting. So where do countries stand today on their targets?
We’ve partnered with the National Public Utilities Council to answer just this question, using the latest national emission target data from Net Zero Tracker.
A Spotlight on Major Players
The largest countries and richest economies typically emit the most greenhouse gases and thus have the most crucial targets.
Country | End Target | End Target Year | New Commitment |
---|---|---|---|
Benin | Net zero | 2000 | Achieved |
Bhutan | Carbon negative | 2030 | Achieved |
Comoros | Net zero | 2050 | Achieved |
Gabon | Carbon neutral(ity) | 2050 | Achieved |
Guyana | Net zero | 2050 | Achieved |
Suriname | Net zero | 2050 | Achieved |
Albania | Emissions reduction target | 2030 | Not legally binding |
Algeria | Reduction v. business-as-usual (BAU) | 2030 | Not legally binding |
Barbados | Carbon neutral(ity) | 2030 | Not legally binding |
Belarus | Emissions reduction target | 2030 | Not legally binding |
Botswana | Emissions reduction target | 2030 | Not legally binding |
Brunei | Emissions reduction target | 2030 | Not legally binding |
Cameroon | Reduction v. BAU | 2030 | Not legally binding |
Congo | Reduction v. BAU | 2030 | Not legally binding |
Côte d'Ivoire | Reduction v. BAU | 2030 | Not legally binding |
Cuba | Other | 2030 | Not legally binding |
Czech Republic | Emissions reduction target | 2030 | In law |
Dominica | Carbon neutral(ity) | 2030 | Not legally binding |
Egypt | Other | 2030 | Not legally binding |
El Salvador | Absolute emissions target | 2030 | Not legally binding |
Eswatini | Reduction v. BAU | 2030 | Not legally binding |
Guatemala | Emissions reduction target | 2030 | In law |
Honduras | Reduction v. BAU | 2030 | Not legally binding |
Iran | Other | 2030 | In law |
Iraq | Other | 2030 | Not legally binding |
Jamaica | Emissions reduction target | 2030 | Not legally binding |
Jordan | Reduction v. BAU | 2030 | Not legally binding |
Kenya | Reduction v. BAU | 2030 | Not legally binding |
Liechtenstein | Emissions reduction target | 2030 | Not legally binding |
Macedonia | Emissions reduction target | 2030 | Not legally binding |
Maldives | Net zero | 2030 | In law |
Mauritania | Carbon neutral(ity) | 2030 | Not legally binding |
Mexico | Reduction v. BAU | 2030 | Not legally binding |
Moldova | Emissions reduction target | 2030 | Not legally binding |
Mongolia | Emissions reduction target | 2030 | Not legally binding |
Montenegro | Emissions reduction target | 2030 | Not legally binding |
Morocco | Reduction v. BAU | 2030 | Not legally binding |
North Korea | Reduction v. BAU | 2030 | Not legally binding |
Paraguay | Reduction v. BAU | 2030 | Not legally binding |
Philippines | Reduction v. BAU | 2030 | Not legally binding |
Poland | Emissions reduction target | 2030 | Not legally binding |
Qatar | Emissions reduction target | 2030 | Not legally binding |
San Marino | Emissions reduction target | 2030 | Not legally binding |
Serbia | Emissions reduction target | 2030 | In law |
Tajikistan | Emissions reduction target | 2030 | Not legally binding |
Turkmenistan | Emissions reduction target | 2030 | Not legally binding |
Uzbekistan | Emissions intensity target | 2030 | Not legally binding |
Venezuela | Emissions reduction target | 2030 | Not legally binding |
Zimbabwe | Emissions reduction target | 2030 | Not legally binding |
Bermuda | Other | 2035 | Not legally binding |
Finland | Climate neutral | 2035 | In law |
Antigua and Barbuda | Net zero | 2040 | Not legally binding |
Austria | Climate neutral | 2040 | In law |
Cayman Islands | Other | 2040 | Not legally binding |
Iceland | Carbon neutral(ity) | 2040 | In law |
Myanmar | Net zero | 2040 | Not legally binding |
Palestine | Other | 2040 | Not legally binding |
Denmark | Net zero | 2045 | Not legally binding |
Germany | Climate neutral | 2045 | In law |
Nepal | Net zero | 2045 | Not legally binding |
Sweden | Net zero | 2045 | In law |
Afghanistan | Net zero | 2050 | Not legally binding |
Andorra | Carbon neutral(ity) | 2050 | Not legally binding |
Angola | Net zero | 2050 | Not legally binding |
Argentina | Net zero | 2050 | Not legally binding |
Armenia | Climate neutral | 2050 | Not legally binding |
Australia | Net zero | 2050 | In law |
Azerbaijan | Emissions reduction target | 2050 | Not legally binding |
Bangladesh | Net zero | 2050 | Not legally binding |
Belgium | Carbon neutral(ity) | 2050 | Not legally binding |
Belize | Net zero | 2050 | Not legally binding |
Bosnia and Herzegovina | Emissions reduction target | 2050 | Not legally binding |
Brazil | Carbon neutral(ity) | 2050 | Not legally binding |
Bulgaria | Net zero | 2050 | Not legally binding |
Burkina Faso | Net zero | 2050 | Not legally binding |
Burundi | Net zero | 2050 | Not legally binding |
Cambodia | Carbon neutral(ity) | 2050 | Not legally binding |
Canada | Net zero | 2050 | In law |
Cape Verde | Net zero | 2050 | Not legally binding |
Central African Republic | Net zero | 2050 | Not legally binding |
Chad | Net zero | 2050 | Not legally binding |
Chile | Carbon neutral(ity) | 2050 | In law |
Colombia | Carbon neutral(ity) | 2050 | In law |
Cook Islands | Carbon neutral | 2050 | Not legally binding |
Costa Rica | Net zero | 2050 | Not legally binding |
Croatia | Climate neutral | 2050 | In law |
Cyprus | Climate neutral | 2050 | In law |
Democratic Republic of the Congo | Net zero | 2050 | Not legally binding |
Djibouti | Net zero | 2050 | Not legally binding |
Dominican Republic | Net zero | 2050 | Not legally binding |
Ecuador | Zero carbon | 2050 | Not legally binding |
Equatorial Guinea | Emissions reduction target | 2050 | Not legally binding |
Eritrea | Net zero | 2050 | Not legally binding |
Estonia | Zero emissions | 2050 | Not legally binding |
Ethiopia | Net zero | 2050 | Not legally binding |
European Union | Climate neutral | 2050 | In law |
Fiji | Net zero | 2050 | In law |
France | Net zero | 2050 | In law |
Georgia | Climate neutral | 2050 | Not legally binding |
Greece | Climate neutral | 2050 | In law |
Grenada | Net zero | 2050 | Not legally binding |
Guinea | Net zero | 2050 | Not legally binding |
Guinea-Bissau | Net zero | 2050 | Not legally binding |
Haiti | Net zero | 2050 | Not legally binding |
Hungary | Net zero | 2050 | In law |
Ireland | Climate neutral | 2050 | In law |
Israel | Net zero | 2050 | Not legally binding |
Italy | Carbon neutral(ity) | 2050 | Not legally binding |
Japan | Carbon neutral(ity) | 2050 | In law |
Kiribati | Net zero | 2050 | Not legally binding |
Kyrgyzstan | Carbon neutral(ity) | 2050 | Not legally binding |
Laos | Net zero | 2050 | Not legally binding |
Latvia | Carbon neutral(ity) | 2050 | Not legally binding |
Lebanon | Net zero | 2050 | Not legally binding |
Lesotho | Net zero | 2050 | Not legally binding |
Liberia | Net zero | 2050 | Not legally binding |
Lithuania | Net zero | 2050 | Not legally binding |
Luxembourg | Net zero | 2050 | In law |
Madagascar | Net zero | 2050 | Not legally binding |
Malawi | Net zero | 2050 | Not legally binding |
Malaysia | Net zero | 2050 | Not legally binding |
Mali | Net zero | 2050 | Not legally binding |
Malta | Climate neutral | 2050 | Not legally binding |
Marshall Islands | Net zero | 2050 | Not legally binding |
Mauritius | Net zero | 2050 | Not legally binding |
Micronesia | Net zero | 2050 | Not legally binding |
Monaco | Carbon neutral(ity) | 2050 | Not legally binding |
Mozambique | Net zero | 2050 | Not legally binding |
Namibia | Net zero | 2050 | Not legally binding |
Nauru | Net zero | 2050 | Not legally binding |
Netherlands | Emissions reduction target | 2050 | In law |
New Zealand | Net zero | 2050 | In law |
Nicaragua | Net zero | 2050 | Not legally binding |
Niger | Net zero | 2050 | Not legally binding |
Niue | Net zero | 2050 | Not legally binding |
Norway | Emissions reduction target | 2050 | In law |
Oman | Net zero | 2050 | Not legally binding |
Pakistan | Net zero | 2050 | Not legally binding |
Palau | Net zero | 2050 | Not legally binding |
Panama | Net zero | 2050 | Not legally binding |
Papua New Guinea | Net zero | 2050 | Not legally binding |
Peru | Net zero | 2050 | Not legally binding |
Portugal | Carbon neutral(ity) | 2050 | In law |
Romania | Net zero | 2050 | Not legally binding |
Rwanda | Net zero | 2050 | Not legally binding |
Saint Kitts and Nevis | Net zero | 2050 | Not legally binding |
Saint Lucia | Net zero | 2050 | Not legally binding |
Saint Vincent and the Grenadines | Net zero | 2050 | Not legally binding |
Samoa | Net zero | 2050 | Not legally binding |
Sao Tome and Principe | Net zero | 2050 | Not legally binding |
Senegal | Net zero | 2050 | Not legally binding |
Seychelles | Net zero | 2050 | Not legally binding |
Sierra Leone | Net zero | 2050 | Not legally binding |
Singapore | Net zero | 2050 | Not legally binding |
Slovakia | Net zero | 2050 | In law |
Slovenia | Net zero | 2050 | Not legally binding |
Solomon Islands | Net zero | 2050 | Not legally binding |
Somalia | Net zero | 2050 | Not legally binding |
South Africa | Net zero | 2050 | Not legally binding |
South Korea | Net zero | 2050 | In law |
South Sudan | Net zero | 2050 | Not legally binding |
Spain | Climate neutral | 2050 | In law |
Sri Lanka | Carbon neutral(ity) | 2050 | Not legally binding |
Sudan | Net zero | 2050 | Not legally binding |
Switzerland | Net zero | 2050 | In law |
Tanzania | Net zero | 2050 | Not legally binding |
The Bahamas | Net zero | 2050 | Not legally binding |
The Gambia | Net zero | 2050 | Not legally binding |
Timor-Leste | Net zero | 2050 | Not legally binding |
Togo | Net zero | 2050 | Not legally binding |
Tonga | Net zero | 2050 | Not legally binding |
Trinidad and Tobago | Net zero | 2050 | Not legally binding |
Tunisia | Carbon neutral(ity) | 2050 | Not legally binding |
Tuvalu | Net zero | 2050 | Not legally binding |
Uganda | Net zero | 2050 | Not legally binding |
United Arab Emirates | Net zero | 2050 | Not legally binding |
United Kingdom | Net zero | 2050 | In law |
United States of America | Net zero | 2050 | In law |
Uruguay | Net zero | 2050 | Not legally binding |
Vanuatu | Net zero | 2050 | Not legally binding |
Vatican City | Carbon Neutral | 2050 | Not legally binding |
Vietnam | Net zero | 2050 | Not legally binding |
Yemen | Net zero | 2050 | Not legally binding |
Zambia | Net zero | 2050 | Not legally binding |
Bahrain | Net zero | 2060 | Not legally binding |
China | Carbon neutral(ity) | 2060 | Not legally binding |
Indonesia | Net zero | 2060 | Not legally binding |
Kazakhstan | Carbon neutral(ity) | 2060 | Not legally binding |
Kuwait | Carbon neutral(ity) | 2060 | Not legally binding |
Russian Federation | Carbon neutral(ity) | 2060 | Not legally binding |
Saudi Arabia | Net zero | 2060 | Not legally binding |
Türkiye | Net zero | 2053 | Not legally binding |
Ukraine | Carbon neutral(ity) | 2060 | Not legally binding |
Ghana | Net zero | 2070 | Not legally binding |
India | Net zero | 2070 | Not legally binding |
Nigeria | Net zero | 2070 | In law |
Thailand | Net zero | 2065 | Not legally binding |
Bolivia | No target | N/A | None |
Libya | No target | N/A | None |
Syrian Arab Republic | No target | N/A | None |
The United States has an interim goal of a 50-52% reduction in emissions below 2005 levels by 2030, with a net zero target set for 2050.
Their primary economic rival, China, is focused on peaking its CO₂ emissions by 2030 instead of reducing them. Their net zero target, on the other hand, is currently set for 2060.
The European Union requires all 27 member states to reduce emissions 55% by 2030, with a net-zero goal for 2050.
Australia, which is among the top emitters per capita because of its fossil fuel usage, aims to reduce emissions by 43% from 2005 levels by 2030, while their net zero target is set for 2050.
Ambitious Climate Leaders and Laggards
While Comoros, Bhutan, Gabon, Suriname, and Guyana claim to have already achieved net zero, several major countries lack commitment.
Russia, one of the world’s largest polluters, has a net zero target set for 2060. Several other top-emitting countries, such as India and Indonesia, have net zero targets that also do not meet the Paris Climate Accord timeline of net zero by 2050. Their net-zero commitments are targeted at 2070 and 2060, respectively.
Iran is the only one of the top 10 largest emitting nations without a net zero target. However, it has an interim target of reducing emissions 3.45% by 2030.
Finland leads all countries with a legally binding net zero target set for the ambitious year 2035. Germany, a more populous nation, is also topping the Paris Climate Accord timeline, enshrining its net zero target into law for 2045.
The global race to net zero is ongoing, with countries at various stages of commitment. While significant progress has been made, many of the world’s largest emitters have yet to commit to net zero emission goals aligned with the Paris Climate Accord.
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