Global warming places life on earth in danger, posing a threat to fresh water, food, and energy supplies. Greenhouse gas (GHG) emissions are the primary cause of global warming. Carbon dioxide (CO2), methane (CH4), and nitrogen oxides (NOx) are GHGs produced by the combustion of oil, fossil fuels, and other sources.
The energy supply sector is one of the largest contributors to global greenhouse gas emissions, responsible for approximately 35% of total emissions. The Covid-19 pandemic impacted the energy demand in 2020, reducing global CO2 emissions by 5.2%. However, the rapid economic recovery in 2021 increased the energy demand. The biggest increase in CO2 emissions by sector in 2021 took place in electricity and heat production, where they jumped by more than 900 MtCO2eq, which accounted for 46% of the global increase in emissions.
Duke Energy Corp (Duke Energy) is an integrated energy utility that is in generation, transmission, distribution and sale of electricity, and transportation and sale of natural gas. In 2021, the company reported total GHG emissions of around 108.9 million tonnes CO2 equivalents (MtCO2eq), up 3.8% from 2020.
Scope 1, 2, and 3 emissions are the three categories of GHG emissions. Scope 1 emissions result from the direct operations of the company. Indirect GHG emissions during the production of purchased electricity, are referred to as Scope 2. Scope 3 emissions refer to the company's other indirect emissions beyond the company’s direct operations and occur in the company’s value chain, including upstream and downstream activities, such as use of sold product, and employee travel.
Scope 1 emissions account for most of Duke Energy’s overall GHG emissions, accounting for 71.7% of total GHG emissions (78.1 MtCO2eq) in 2021. In 2021, the company's Scope 2 emissions (0.002 MtCO2eq) fell by 43%, whereas Scope 3 emissions (30.80 MtCO2eq) climbed by 3%.
Duke Energy has set goals for achieving at least 50% carbon reduction from 2005 levels for electricity generation and to reduce their methane emissions from natural gas distribution to net-zero by 2030.The company has set a long term ambitious goal to reach net zero carbon emissions from electricity generation by 2050.
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