Duke Lags on Goals, Should Concern Climate Investors Ahead of Shareholder Meeting
May 4, 20262 hours
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Sierra Club urges “NO” votes for directors Craver and Davis.
Charlotte, NC — The Sierra Club is urging climate-conscious investors to vote against Duke Energy directors at May’s shareholders meeting due to the utility’s failure to follow through on stated climate goals. Specifically, Sierra Club is urging votes against Chair of the Corporate Governance Committee, Theodore F. Craver, Jr, and Chair of the Finance and Risk Management Committee, Robert M. Davis based on analysis by Majority Action and Sierra Club. The vote is part of a broader effort by the Sierra Club to encourage climate-conscious investors to vote against board members failing to support major corporations in adequately managing and mitigating climate risks. See the full list of key votes at annual meetings in 2026 here.
Mikaela Curry, Beyond Coal Campaign Manager at Sierra Club, said, “Duke investors have been raising climate concerns since 2017, yet Duke itself has lobbied to undermine climate regulations, plans to delay coal plant retirements, and wants to double down on fossil fuels while minimizing renewable energy build-out. Duke’s climate strategy appears to be scaling back plans, lowering expectations, and hoping nobody notices. Well, we’re giving notice.”
Over the past two years Duke has both enacted and signaled plans to scale back prior climate commitments. These steps, Sierra Club argues, undermine the credibility of its net-zero targets and increase long-term transition risk. At the same time, the board has limited direct experience in large-scale renewable energy development relative to its depth of experience in fossil gas and nuclear generation. Taken together, stalled progress, backtracking commitments, and gaps in relevant expertise raise serious concerns with investors about the board’s ability to align the company with a 1.5°C pathway and safeguard long-term shareholder value.
Several municipalities are looking to exit their contracts with Duke as a power provider, citing inadequate pace of renewable energy development as one of the reasons. As recently as Feb. 10, St. Petersburg, Florida is exploring options outside of Duke, citing a climate action plan that commits to 100% renewable energy. Meanwhile, the City of Carrboro, North Carolina, sued the utility for “deceiving the public about the dangers of fossil fuels, contributing to millions of dollars in damages to a North Carolina town.”
Duke Energy received an F (11%) on Sierra Club’s 2025 Dirty Truth report, which evaluates US utilities on their plans to transition from fossil fuels to clean energy. This is their lowest score since the first iteration of the annual report in 2021.
Duke’s shareholder meeting will be held, Thursday, May 7, 2026, at 1 p.m. Eastern time.
About the Sierra Club
The Sierra Club is America’s largest and most influential grassroots environmental organization, with millions of members and supporters. In addition to protecting every person’s right to get outdoors and access the healing power of nature, the Sierra Club works to promote clean energy, safeguard the health of our communities, protect wildlife, and preserve our remaining wild places through grassroots activism, public education, lobbying, and legal action. For more information, visit www.sierraclub.org.
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