Duke Energy launches millions of first sustainable commercial paper notes for utility industry
In a first for the utility industry, Duke Energy last week deployed new, sustainable commercial paper notes, intending to utilize them to fund expenditures and programs related to diverse opportunities and suppliers, including businesses owned by minorities, women, veterans, LGBTQIA+ and more.
With this, Duke intends to have anywhere from $300 million to $650 million of the notes on hand over the next year. It will lean on its Sustainable Financing Framework to define investment areas based on its clean energy strategy. However, the majority of notes will go to eligible projects from the Socioeconomic Advancement and Empowerment category therein.
“We’re leading the industry’s largest clean energy transformation and are focused on achieving this transition in a way that also supports our communities and society at large,” Duke Energy Executive Vice President and CFO Steve Young said. “This includes maintaining a diverse and inclusive workforce, investing in diverse suppliers and small businesses, bringing jobs and investments into the communities we serve, and ensuring the transition to cleaner energy happens in a way that is equitable for everyone involved.”
Headquartered in Charlotte, North Carolina, Duke Energy is an energy holding company whose utilities serve 8.2 million customers in the United States. Deployment of these sorts of notes is expected to help advance its internal emission reduction and clean energy goals, which call for a minimum of 50 percent reduction of carbon emissions from electricity and net zero methane emissions from its natural gas distribution businesses by 2030, followed by net-zero emissions in electricity generation in 2050.
