DUKE ENERGY CORPORATION | Net-zero audit at DUKE ENERGY CORPORATION

Status
AGM passed
AGM date
Previous AGM date
Proposal number
5
Resolution details
Company ticker
DUK
Lead filer
Individual
Resolution ask
Conduct due diligence, audit or risk/impact assessment
ESG theme
  • Environment
ESG sub-theme
  • Net Zero / Paris aligned
Type of vote
Shareholder proposal
Filer type
Shareholder
Company sector
Utilities
Company HQ country
United States
Resolved clause
Shareholders request that, beginning in 2026, Duke Energy report annually to shareholders on its net zero-related activities and progress, including: (1) memberships in organizations advocating net zero goals and policies; (2) activities and transactions involving net zero goals and policies; and/or (3) corporate commitments or agreements involving net zero goals and policies. The report should: (1) omit proprietary and/or confidential business information; (2) be completed at reasonable expense; and (3) include sufficient detail to allow shareholders to assess Duke Energy’s net zero commitments, related activities and progress.
Supporting statement
Duke Energy states on its web site that: “Duke Energy aims to achieve net zero carbon emissions by 2050.”
https://investors.duke-energy.com/news/news-details/2019/​Duke-Energy-aims-to-achieve-net-zero-carbon-emissions-by-2050-09-17-2019/default.aspx
But there are significant problems associated with “net zero” goals and policies:
The utility industry has determined that economy-wide “net zero” is not possible. https://lcri-netzero.epri.com/
The most recent United Nations “Emission Gap” report indicates that emissions have steadily increased on global basis since 1990. https://www.unep.org/resources/emissions-gap-report-2024
The United Nations World Meteorological Organization recently concluded that there “no end in sight to the rising trend” of greenhouse gas emissions. https://news.un.org/en/​story/2023/11/1143607
The financial sector has now begun questioning the validity of current net zero policies and advocacy. https://www.iif.com/​portals/0/Files/content/Regulatory/32370132_iif_staff_ position_paper_on_net_zero_transition_ final_publication.pdf
The state of New York has sued companies for allegedly making false “net zero” claims. https://ag.ny.gov/press-release/2024/attorney-general-james-sues-worlds-largest-beef-producer-misrepresenting
The attorneys general for Iowa, Kansas, Nebraska and Tennessee are investigating whether corporate “net zero” claims amount to consumer fraud.
Activist groups have sued corporations for false “net zero” claims. https://www.reuters.com/sustainability/climate-energy/​
green-group-sues-tyson-foods-allegedly-false-climate-claims-2024-09-18/
Corporations are abandoning “net zero” pledges.
https://www.telegraph.co.uk/business/2024/09/08/ftse-100- companies-ditch-jeff-bezos-funded-climate-pledge/
Shareholders have the right to know the extent that Duke Energy has committed itself to, and acted on “net zero” policies that may be viewed by governments and others as actionable corporate misconduct and/or consumer/investor fraud.

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