NEW YORK, Sept. 21 /PRNewswire-FirstCall/ -- Ralph Izzo, president, CEO and chairman of PSEG called for action on climate change legislation this morning at a 'Climate Week NYC' kickoff event in Manhattan. Speaking before an audience of business leaders and institutional investors, Izzo highlighted the need for public policies that would give businesses the economic foundation and certainty they need to invest in a clean energy future. He also announced plans to reduce PSEG's carbon footprint 25 percent by the year 2025.

"Combating climate change is an extraordinary challenge, an issue of unprecedented scale and scope," Izzo said. "It must be addressed with a corresponding degree of leadership, cooperation and investment."

Izzo made his comments at The Carbon Disclosure Project's Global Forum, the first of many events being held throughout New York City this week to address the need for action on climate change. The Global Forum coincides with the opening on the United Nations General Assembly on Wednesday, and happens one day before world leaders meet in New York for a summit to highlight the need for action on climate change.

"Climate legislation is critical to providing the economic foundation and certainty that businesses need," Izzo said. He called for a national cap and trade system that would put a price on carbon and an aggressive federal renewable portfolio standard that would stimulate investment in clean energy. He pointed to the need for financing and regulatory predictability to enable new investments in nuclear energy and said a new regulatory framework is needed to provide utilities with incentives to help their customers become more energy efficient.

Izzo also announced plans to reduce PSEG's 2005 carbon footprint 25 percent by the year 2025. The company will invest more than $130 million each year for the next 15 years to reduce emissions. He called the goal "aggressive but achievable," and said that with the right public policies, PSEG might surpass the target, investing millions more in renewable energy and its nuclear facilities.

"We can make bigger investments that will have far greater impact on the environment and economy with the right public policies in place," Izzo said.

The full text of his speech can be found here.

Also at the Global Forum, the Carbon Disclosure Project (CDP) revealed the companies named to this year's Carbon Disclosure Leadership Index (CLDI). PSEG was included for the second year in a row. The CLDI highlights companies with a professional approach to corporate governance in respect to climate change disclosure practices. It acknowledges those focused on greenhouse gas emissions, emissions reduction targets and the risks and opportunities associated with climate change. It is a powerful evaluation tool for institutional investors.

"Companies that control their risks today, manage their emissions and seize the opportunities to produce low carbon goods and services, will be the best placed to prosper in a low carbon economy of the future," said Paul Dickinson, Chief Executive of the Carbon Disclosure Project.

The CDP's Global 500 Report, which includes a full list of the companies named to the Carbon Disclosure Leadership Index can be found at www.cdproject.net.

Public Service Enterprise Group (NYSE: PEG) is a publicly traded diversified energy company with annual revenues of more than $13 billion, and three principal subsidiaries: PSEG Power, Public Service Electric and Gas Company (PSE&G) and PSEG Energy Holdings. Building on its long standing leadership in environmental reporting and transparency, PSEG recently released its 2009 Sustainability Report. The report highlights PSEG's commitment to social, economic and environmental responsibility, underscores accomplishments in the sustainability arena and discusses challenges the company faces in its quest to be a leader in providing safe, reliable, economic and green energy. It is available online at www.pseg.com/sustainability.

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SOURCE Public Service Enterprise Group