Duke Energyʻs ESG report details record year for adding renewable energy

Duke Energy reported a 20 percent increase in wind and solar power in 2021 as part of its best year ever for adding renewable energy, according to the company’s latest ESG Report on environment, social and governance topics.

The report found that in 2021, Duke Energy went from almost 8,800 megawatts (MW) of wind and solar at the end of 2020 to just over 10,500 MW by the end of 2021. One of its goals is to own, operate or contract for 16,000 MW of renewable energy by 2025.

“ESG is essential to who we are,” said Katherine Neebe, the chief sustainability officer and president of the Duke Energy Foundation. “Our ESG strategy is focused on how we create value while at the same time mitigate the risks associated with our business. As we lead the most ambitious clean energy transition in our industry, we will continue to track and report our progress.”

The leading states for Duke Energy’s renewable energy increase in 2021 were North Carolina with 436 MW added, Florida with 429 MW added, Oklahoma with 351 MW added, and Texas with 332 MW added.

Renewable energy is a key component of Duke Energy’s plan to reduce carbon emissions from electric generation by at least 50 percent (based on 2005 levels) by 2030 and net-zero by 2050. This trajectory is supported by over 50 percent of Duke Energy’s generation mix coming from carbon-free resources by 2030. Currently, the company has reduced Scope 1 carbon emissions from electricity generation by 44 percent since 2005. In addition, the goal is to have coal represent less than 5 percent of the generation mix by 2030 and a full exit by 2035.

Among other highlights, the report detailed Duke’s focus on methane detection and reduction of emissions, using advanced detection methods such as satellites, fixed-wing aircraft and ground-level sensing technology, promoting renewable natural gas and the transition to electric and low-emission vehicles.

Further, last year was the company’s most diverse recruiting year to date with 35 percent female new hires and 34 percent people of color new hires.

In addition, Duke Energy launched a sustainable financing framework to help attract billions of dollars of investments in eligible green and social projects.