Duke Energy renewable energy growth soars by 20% in 2021

Rhea-AI Summary

Duke Energy (NYSE: DUK) achieved a record in renewable energy, adding nearly 1,800 MW in 2021, leading to a total of over 10,500 MW of wind and solar capacity. The company successfully reduced carbon emissions by 44% from 2005 levels and is on track for a 50% reduction by 2030. Duke Energy aims for net-zero emissions by 2050, with a commitment to improve its energy mix significantly. The ESG Report highlights substantial investments, economic contributions, and a commitment to diversity and environmental justice.

Positive

• Added nearly 1,800 MW of renewable energy in 2021.
• Reduced carbon emissions by 44% from 2005 levels.
• Plans to own or operate 16,000 MW of renewable energy by 2025.
• Economic development efforts attracted 12,500 new jobs and $6.2 billion in capital investment.
• Diverse hiring and pay equity initiatives showcased in human capital management.

Negative

• None.

• Company added nearly 1,800 MW of renewable energy
• Carbon emissions have been slashed by 44% from 2005 levels
• More data released in ESG Report  

CHARLOTTE, N.C., April 26, 2022 /PRNewswire/ -- Duke Energy (NYSE: DUK) had its best year ever for adding renewable energy as the company posted a 20% jump in wind and solar power in 2021.

This information, along with large amounts of other data and insights, was detailed in Duke Energy's comprehensive ESG Report (formerly Sustainability Report), the company's 16^th annual disclosure on environment, social and governance (ESG) topics. (Watch a video about the report.)

"ESG is essential to who we are," said Katherine Neebe, Duke Energy's chief sustainability officer and president, 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."

One of the company's goals is to own, operate or contract for 16,000 megawatts (MWs) of renewable energy by 2025. During 2021, the company went from almost 8,800 MWs of wind and solar at the end of 2020 to just over 10,500 MWs by the end of 2021.

The leading states for Duke Energy's renewable energy increase in 2021:

• North Carolina – 436 MW
• Florida – 429 MW
• Oklahoma – 351 MW
• Texas – 332 MW

Renewable energy is an important part of Duke Energy's effort to reduce carbon emissions from electric generation by at least 50% (based on 2005 levels) by 2030 and net-zero by 2050. This trajectory is supported by over 50% of Duke Energy's generation mix coming from carbon-free resources by 2030.

The company has reduced Scope 1 carbon emissions from electricity generation by 44% since 2005. In addition, earlier this year the company announced expanded 2050 net-zero carbon emissions goals to include Scope 2 and certain Scope 3 emissions, and to have coal represent less than 5% of the generation mix by 2030 and a full exit by 2035. 

Other report highlights and insights:

• Duke Energy continues to decarbonize to meet its climate goals. This includes a 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.
• Duke Energy continues to offer excellent value to customers with high reliability and provide customers with energy efficiency tools. In addition, a team is in place to better aid underserved and low-income customers gain access to assistance needed to help with energy bills.
• The company's economic development team helped attract nearly 12,500 new jobs and $6.2 billion in capital investment to its service territories.
• Environmental justice is a business imperative, fundamental to the company's operations and a pillar of meaningful stakeholder engagement. The company published the principles that guide its work. In addition, information on how the company navigates the largest planned coal retirement in the industry in a way that is fair, equitable and just for employees, communities and customers is included.
• Human capital management highlights include: 2021 was the company's most diverse recruiting year to date with 35% female new hires and 34% people of color new hires. A pay equity study was conducted to ensure pay is fair and competitive and 2021 EEO1 data is included in workforce performance metrics.  
• The company launched a sustainable financing framework to help attract billions of dollars of investments in eligible green and social projects. Duke Energy has a $63 billion capex plan over the next five years – over 80% of which represents investments toward our clean energy transition and grid modernization.
• The company has published its second Trade Association Climate Review, linking it within the ESG Report. This report discusses the alignment of our climate position with major federal trade associations.

Duke Energy

Duke Energy (NYSE: DUK), a Fortune 150 company headquartered in Charlotte, N.C., is one of America's largest energy holding companies. Its electric utilities serve 8.2 million customers in North Carolina, South Carolina, Florida, Indiana, Ohio and Kentucky, and collectively own 50,000 megawatts of energy capacity. Its natural gas unit serves 1.6 million customers in North Carolina, South Carolina, Tennessee, Ohio and Kentucky. The company employs 28,000 people.

Duke Energy is executing an aggressive clean energy strategy to create a smarter energy future for its customers and communities. The company has goals of at least a 50% carbon reduction from electric generation and net-zero methane emissions from its natural gas business by 2030, and net-zero emissions by 2050 from its electric and natural gas businesses, including Scopes 1, 2 and certain Scope 3 emissions. The company also is investing in major electric grid upgrades and expanded battery storage and exploring zero-emitting power generation technologies such as hydrogen and advanced nuclear.

Duke Energy was named to Fortune's 2022 "World's Most Admired Companies" list and Forbes' "America's Best Employers" list. More information is available at duke-energy.com. The Duke Energy News Center contains news releases, fact sheets, photos and videos. Duke Energy's illumination features stories about people, innovations, community topics and environmental issues. Follow Duke Energy on Twitter, LinkedIn, Instagram and Facebook.

Contact: Randy Wheeless
24-Hour: 800.559.3853
Twitter: @DE_RandyW

 

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SOURCE Duke Energy

FAQ

What is Duke Energy's renewable energy growth in 2021?

Duke Energy added nearly 1,800 MW of renewable energy, achieving a 20% increase in wind and solar power.

How much has Duke Energy reduced its carbon emissions?

Duke Energy has cut its carbon emissions by 44% from 2005 levels.

What are Duke Energy's goals for renewable energy by 2025?

The company aims to own, operate, or contract for 16,000 MW of renewable energy by 2025.

What is Duke Energy's target for net-zero emissions?

Duke Energy is targeting net-zero emissions by 2050.

How many jobs did Duke Energy help attract in 2021?

Duke Energy's economic development efforts attracted nearly 12,500 new jobs in 2021.