DTE to retire coal plants by 2032, invest $11 billion in clean energy push
Utility firm DTE Energy (DTE.N) said on Wednesday that it plans to retire its coal plants in less than a decade and invest $11 billion over the next 10 years toward clean energy transition. The power producer reached a settlement deal with nearly two dozen organizations about its “CleanVision Integrated Resource Plan” that aims to develop Michigan-made solar and wind energy. DTE and its peers are shifting away from fossil fuels as the U.S. government proposes to crack down on greenhouse gas emissions from the sector. DTE aims to achieve net-zero carbon emission by 2050. “Our CleanVision Integrated Resource Plan will end our use of coal in 2032 while developing enough Michigan-made renewables to power approximately 4 million homes,” Jerry Norcia, CEO of DTE, said in a statement. As part of the plan, the Detroit-based company advanced the full retirement of its Monroe coal power plant by three years to 2032. Its other coal plant Belle River is to be repurposed to run on natural gas by 2026. It also aims to develop more than 15,000 megawatts of renewable energy by 2042. Our Standards: The Thomson Reuters Trust Principles.
Related Knowledge Center: Climate economics
Climate change is now a driver of the world’s economy. The impact is profound:
- Catastrophic weather events — hurricanes, floods, droughts, high temperatures — are more frequent and more extreme. The cost can be measured in both the initial damage caused and the longer-term impact on the economy.
- Vulnerable communities are increasing climate-related investments, hardening infrastructure and taking other protective measures.
- Investment in carbon capture and storage technologies is increasingly rapidly.
- Governments are making investments and crafting regulations to reduce emissions of carbon dioxide and other greenhouse gases.
On top of all of this is the cost of uncertainty. As the Fourth National Climate Assessment, released in 2018 by the U.S. Global Change Research Program, says, “The assumption that current and future climate conditions will resemble the recent past is no longer valid.”
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