ICCT Policy: Duke Energy Carbon Plan

Interfaith Creation Care of the Triangle:  A Network of 80 Faith Communities

June 23, 2022

In the fall of 2021, North Carolina passed HB951, a landmark piece of legislation requiring Duke Energy to reduce carbon dioxide emissions in North Carolina by 70% from 2005 levels by 2030 and to achieve net-zero by 2050.  Duke has now released their Carbon Plan, outlining how they intend to meet these targets and much effort and careful analysis has been put into it.  However, of the four possible pathways outlined, only one meets the 2030 target.

Climate change caused by our fossil fuel- based economy is now an existential threat to humanity. We are morally obligated to do everything possible to draw down emissions and deliver a livable planet for our children and grandchildren. Time is running out for society to cut emissions – the IPCC has determined that emissions must peak in 2025 and begin to significantly decline by 2030 if we hope to limit global warming to 1.5° C this century. Further, the total amount of atmospheric greenhouse gases is the critical factor in climate change, not simply an emissions rate at a certain date.

Accordingly, ICCT takes the position that Duke Energy must pursue the fastest path to emissions reduction and meet the 70% target by 2030. By doing so, release of large amounts of carbon dioxide in the atmosphere will be prevented compared to paths that push the 70% reduction date past 2030.

Finally, we call on Duke to mitigate the economic impacts on their economically disadvantaged customers as they go through this transition.