Virginia Companies Support SAVE Act To Improve Energy Efficiency Across the State
January 29, 2024 /3BL/ - Businesses with major operations in Virginia today called for state lawmakers to pass the Savings Achieved Via Efficiency (SAVE) Act (HB 746 / SB 565), to ensure the Commonwealth’s utilities achieve robust energy efficiency targets and to align its efficiency standards with industry best practices.
Akamai Technologies, eBay, Holcim, IKEA Retail U.S., and Worthen Industries sent a letter to the General Assembly to support the legislation, stressing that energy efficiency yields cost-savings for ratepayers, improves the resiliency of the electric grid, and brings economic and anti-pollution benefits to the whole state.
“Our businesses have made substantial investments associated with our commitment to a clean energy economy in Virginia, and we think the SAVE Act is an important step the state can take to ensure the continued growth of the clean energy economy in Virginia,” the letter says. “The continued cost-savings associated with energy efficiency will allow businesses to make further investments in Virginia through expanded operations, additional sustainability commitments, and more.”
The SAVE Act would establish new efficiency targets for Dominion Energy and Appalachian Power for 2026-2028 and a new process to update those standards every three years. The state’s current standards, included in the Virginia Clean Economy Act of 2020, expire in 2025.
“As a manufacturing company, Worthen Industries has long realized the value and benefits of energy efficiency for our business and the economy as a whole,” said Eric Worthen, president and CEO, Worthen Industries. “Virginia has made a great deal of progress in encouraging and enabling a cleaner, more efficient economy in recent years, and we strongly support the SAVE Act to ensure the Commonwealth continues to experience the benefits.”
"At eBay, we know that reducing energy waste is good for the climate and the bottom line,” said Renée Morin, chief sustainability officer, eBay. We encourage the Virginia General Assembly to pass the SAVE Act to make further progress in efficiency, so that the Commonwealth can continue building a more sustainable and competitive economy.”
The letter released today was organized by Ceres, a sustainability nonprofit that works with companies and investors to advance sustainability practices and policies, and which helped organize corporate support in 2020 for the Virginia Clean Economy Act. Businesses support strong climate and clean energy policy both to mitigate the significant financial threats of the climate crisis and to grow the economy by investing in solutions.
“Robust energy efficiency standards are a crucial foundation for a clean economy and reduce costs for all ratepayers,” said Alli Gold Roberts, senior director of state policy, Ceres. “The SAVE Act will strengthen that foundation, create policy certainty, and ensure Virginia remains an attractive place for companies to invest.”
About Ceres
Ceres is a nonprofit organization working with the most influential capital market leaders to solve the world’s greatest sustainability challenges. Through our powerful networks and global collaborations of investors, companies and nonprofits, we drive action and inspire equitable market-based and policy solutions throughout the economy to build a just and sustainable future. For more information, visit ceres.org and follow @CeresNews.
Media Contact: Helen Booth-Tobin, booth-tobin@ceres.org, 617-247-0700 ext. 214
