Environmental Leadership
November 14, 2022

Xcel Energy joins United Nations’ 24/7 Carbon-Free Energy Compact

The global movement to reduce carbon in the world’s electricity systems was recently strengthened when organizations and industry leaders, including Xcel Energy, committed to meaningful climate action and became the latest signatories of the United Nations’ 24/7 Carbon-Free Energy (CFE) Compact.

A net-zero global economy can only be powered by a carbon-free electricity sector. Electricity generates upwards of 30 percent of the world’s greenhouse gas emissions and is key to reducing carbon in other sectors of the economy, including buildings, industry and transportation.

According to the compact, urgent action to remove carbon from electricity grids is essential to ensure a more sustainable and equitable future for all. To achieve net-zero emissions across the global economy by 2050, emissions from electricity must be removed even faster.

Responding to this urgent need for action, a rapidly growing community of stakeholders from across the energy industry and the globe have committed to the 24/7 CFE Compact. Xcel Energy joined in November 2022.

“As the first major U.S. power company with the vision of delivering 100% carbon-free electricity by 2050, Xcel Energy is committed to helping its customers achieve their clean energy goals reliably and affordably,” said Frank Prager, Xcel Energy’s chief sustainability officer and senior vice president. “We currently offer customers some of the most successful and innovative clean energy products in the industry, and through this compact, we look forward to delivering next-level, 24/7 carbon-free services for our customers with leading climate goals.”

Through the compact, signatories work together to accelerate the removal of carbon from electricity systems by enabling energy consumers to meet their full electricity demand with carbon-free resources – every hour, every day, everywhere.

Signatories also adhere to the following principles and actions:
  • Procurement – Energy buyers commit to procurement approaches that lead to new clean electricity generation in line with the 24/7 CFE principles.
  • Market Mechanisms – Suppliers and solutions providers commit to provide offerings that enable increasing access to 24/7 CFE.
  • Policy  Signatories commit to publicly advocate and support energy policies that accelerate clean electricity grids.
  • Technology – Signatories commit to supporting the advancement of CFE technology.
  • Data and Transparency – Signatories commit to advocate and support widespread access to the energy data required to enable all consumers to set and measure 24/7 CFE goals.

Xcel Energy is already engaged in these efforts as the company aims to reduce carbon emissions 80% by 2030, on the way to delivering carbon-free electricity by 2050. Learn more about the company’s clean energy plans at xcelenergy.com/carbon. For more information about the 24/7 CFE Compact, visit www.gocarbonfree247.com.