Disclose Climate-Related Public Policy Priorities | Interfaith Center on Corporate Responsibility

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<h4>Resolution Details</h4>
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<strong>Company:</strong>
<p>Duke Energy Corp.</p>
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<strong>Year:</strong>
<p>2025 </p>
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<strong>Issue Area:</strong>
<p>Climate Change </p>
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<strong>Focus Area:</strong>
<p>Energy Efficiency </p>
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<strong>Status:</strong>
<p>Filed</p>
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<h2>Resolution Text</h2>
<p>DISCLOSE CLIMATE-RELATED PUBLIC POLICY PRIORITIES</p>
<p>WHEREAS: The United Nations Framework Convention on Climate Change asserts that greenhouse gas (GHG) emissions must decline by 43 percent from 2019 levels by 2030 to avoid the worst impacts of climate change.[1]</p>
<p>Duke Energy has a stated goal to reach Net Zero emissions by 2050, with interim targets of 50% reduction in carbon emissions from 2005 levels by 2030 and 80% by 2040.[2]  Supportive public policies are important to help ensure these targets can be fulfilled while preserving and enhancing shareholder value. Company lobbying for effective public policies can spur innovation, reduce financial risks associated with the energy transition, ensure clean, reliable and affordable energy for customers, and minimize the systemic risks of climate change.</p>
<p>Duke’s Trade Associations Climate Review acknowledges that its planned energy transformation “will require partnering with stakeholders to champion durable public policies at the local, state and federal levels.”[3] The Company’s climate scenario report further highlights “the dependency of these projections on policy and technology development, supply chains and regulatory processes.”[4] Although Duke discloses a list of “key policy attributes” that would help it to achieve its goals[5] and provides some examples of climate policies aligned with them,[6] the company does not disclose a full account of policies supported and opposed[7], such as its decision to join a lawsuit against the Environmental Protection Agency’s proposed gas power plant rules.[8] Enhanced disclosure would allow investors to better understand how Duke intends to act on the key policy attributes that its climate goals depend on and would help mitigate associated risks. </p>
<p>Companies such as Unilever[9] and BHP Group[10] have enhanced their lobbying disclosures to present their shareholders with a clearer picture of their public policy advocacy plans.The Unilever report outlines priority policy areas, specifies which measures it supports, and describes its own engagement actions with policymakers and the outcomes sought.Other utilities that provide greater detail regarding their policy priorities and activities to address climate change include Enel[11] and PG&E[12].</p>
<p>Given the significance of public policy for Duke’s climate goals and to enhance shareholder value, we urge shareowners to vote FOR this proposal.</p>
<p>RESOLVED: Shareholders request that the Board of Directors disclose, in a stand-alone report or as part of existing reporting, a description of the company’s ongoing and planned public policy advocacy efforts and lobbying activities (direct and through trade associations) in support of the key policy attributes that Duke Energy has identified[13] and believes will allow it to meet its decarbonization goals while maintaining affordable and reliable energy. </p>
<p>The disclosure should be prepared at reasonable expense, exclude proprietary information, and complement the company’s existing disclosure.</p>
<p>[1]https://unfccc.int/news/new-analysis-of-national-climate-plans-insufficient-progress-made-cop28-must-set-stage-for-immediate</p>
<p>[2] Duke Energy 2022 Climate Report, p. 2, https://www.duke-energy.com/-/media/pdfs/our-company/2022-climate-report.pdf?rev=c3252f3c372c4edbb0f5984b056be758</p>
<p>[3] Trade Associations Climate Review 2022, p. 6, https://www.duke-energy.com/-/media/pdfs/our-company/2022-trade-associations-climate-review.pdf?rev=54238b5f7fef49ea96746024473398dd</p>
<p>[4] 2022 Climate Report, p.41</p>
<p>[5] Trade Associations Climate Review 2022, p. 6</p>
<p>[6] 2022 Climate Report, pp. 29-30</p>
<p>[7]https://ca100.influencemap.org/livescorecard/Duke-Energy-Scorecard-37294</p>
<p>[8]https://www.utilitydive.com/news/eei-aep-duke-utilities-epa-power-plant-greenhouse-gas-carbon/716961/</p>
<p>[9]https://www.unilever.com/files/368f87cb-dba5-4898-8ef6-eea52cb609c9/unilever-climate-policy-engagement-review.pdf</p>
<p>[10]https://www.bhp.com/sustainability/climate-change/advocacy-on-climate-policy</p>
<p>[11]https://www.enel.com/content/dam/enel-com/documenti/investitori/sostenibilita/2023/enel-engagement-associations-involved-climate-policy-advocacy-2023.pdf</p>
<p>[12]https://www.pge.com/assets/pge/docs/about/corporate-responsibility-and-sustainability/pge-climate-strategy-report.pdf</p>
<p>[13] Trade Associations Climate Review 2022, p. 6.</p>

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<h3>Lead Filer</h3>
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<div class=”views-field views-field-nothing”><span class=”field-content”> Mary Minette</span></div><div class=”views-field views-field-title views-field-field-shareholder”><span class=”field-content”>Mercy Investment Services</span></div>
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