Duke Energy, one of the largest electric utilities in the United States, announced on Wednesday that it plans to spend $65 billion over the next five years to fund its transition to low-carbon energy sources.
The company said that the investment would help it to meet its goal of net-zero carbon emissions by 2050. The spending will be focused on three areas:
- Investing in renewable energy: Duke Energy plans to add 10 gigawatts of renewable energy capacity by 2025, including solar, wind, and hydroelectric power.
- Modernizing the power grid: Duke Energy plans to invest in upgrading its power grid to make it more reliable and efficient.
- Research and development: Duke Energy plans to invest in research and development of new technologies to help it reduce its carbon emissions.
The company said that the investment would create thousands of jobs and help to boost the economy.
"This is a major investment in our future," said Duke Energy CEO Lynn Good. "It will help us to meet our customers' energy needs while also protecting our environment."
The announcement comes as the United States is facing increasing pressure to reduce its carbon emissions. The Biden administration has set a goal of net-zero carbon emissions by 2050, and many states and cities have also set ambitious climate goals.
Duke Energy's investment is a sign that the private sector is starting to take climate change seriously. The company's decision to invest in renewable energy and grid modernization will help to accelerate the transition to a low-carbon economy.