Engagement history

Hermes EOS, the New York State Comptroller, CalSTRS, and As You Sow have all engaged Duke between 2015 and 2020, pressuring the utility towards to transition away from its fossil fuel assets. This push has met with modest success. In 2019, Duke announced plans to double its portfolio of biomass, solar, and wind generation by 2025, including major solar projects in Florida. In October 2020, the utility unveiled a further ten-year investment programme in renewables. However, natural gas remains the hinge of Duke’s decarbonisation plan, and in 2020 only 10% of its coal units had a retirement date that is Paris aligned. The Nathan Cummings Foundation, Mercy, the New York State Comptroller, and a coalition led by BNP Paribas have all filed resolutions over 2015-2020 calling on Duke to fully disclose its political lobbying spend. Engagers have succeeded in pushing Duke towards better disclosure of its political and trade association contributions. Based on the report’s findings, investors could push Duke to audit its trade associations, which remain highly obstructive towards climate policy.