During her presentation at the S&P Global Inc. conference, Duke Energy (NYSE: DUK) CEO Lynn Good announced the company’s ambition to spend nearly $100 billion over the next ten years on its transition to clean energy.
The energy corporation’s commitments to adopting more sustainable practices include its goal of reducing CO2 emissions by 50% compared to 2005 levels by the year 2030. And by 2050, Duke Energy expects to achieve full carbon neutrality and net-zero for its methane emissions, which has been found to be the more dangerous greenhouse gas of the two.
According to Good, the energy company has been in the process of discussing these matters with policymakers and regulators. And as part of these discussions, roughly 80% of the $125 billion capital plan for the next decade has been set aside to support the clean energy transition, and about half of it will be spent already by 2025.
In her announcement, Good also pointed out that the one clear thing about the transition process is that it will require new energy technologies to be developed that are not yet available on a commercial scale.
In addition to creating new technologies, Duke says that it can reach its goals by building more renewable energy plants and closing more of its coal plants. Investing in battery storage is another possibility outlined by Good.
She also hinted that once 60% or even 80% of emissions have been reduced, it will inevitably be time to start turning towards technologies like hydrogen and even advanced nuclear.
Good also received questions in regards to the company’s short-term targets, and in response to those she mentioned Duke Energy’s intention to invest $600 million in battery storage and retire another five or more coal facilities.
Furthermore, Duke has already filed for a second nuclear license renewal and plans to file for another one before 2025 as one of the company’s initiatives aimed at reducing its carbon footprint.