Duke Energy’s Impact Report details progress toward ESG, business goals

Duke Energy released a report that outlines its approach to sustainability and its progress on strategic business priorities and goals.

Among the key points in Duke’s Impact Report, the company said its planned investment of $145 billion over the next 10 years for critical energy infrastructure will support more than 20,000 additional jobs annually and produce $250 billion in economic output. Further, it will generate more than $5 billion in additional property tax revenue over the next 10 years.

The report also highlights what the company has done to work with more than 1,400 community assistance agencies to disperse important energy assistance funds. Last year, the company assisted about 189,000 customers with more than $192 million in energy assistance.

“Our business strategy is creating value for our employees, customers, and communities while at the same time mitigating the potential risks associated with our business,” Katherine Neebe, Duke Energy’s chief sustainability and philanthropy officer, said. “We’re pursuing federal funding and leveraging tax credits to lower customer costs for clean energy technologies and other aspects of the energy transition. Our balanced pace of change will enable a future that offers reliable, accessible, and affordable energy for all customers and areas we serve.”

Among other points, the company’s carbon emissions from electric generation are down 44 percent since 2005, which puts it on pace to exceed its Scope 1 2030 goal of a 50 percent reduction. It now has an interim target of an 80 percent reduction in 2040. Also, it expanded its net-zero by 2050 goal to include Scope 2 and certain Scope 3 emissions.

Also, the company continues to decarbonize its natural gas business unit with a focus on methane detection and reduction of emissions. Further, the company worked with a third party to assess upcoming and near-term coal retirements, noting community demographics, plant specifics, and adjacent employment opportunities. The company plans to exit coal by 2035.

In addition, with respect to environmental justice, Duke has trained more than 200 employees to perform assessments to help identify potential environmental justice communities early in the project planning cycle and provide opportunities for enhanced engagement. Further, the company engaged with stakeholders to create a series of guiding principles to inform its approach to a just transition. Additionally, Duke is working to increase diversity across its workforce, establishing new aspirational goals of 23 percent people of color and 28 percent women.