Gas and electric utility Duke Energy plans to significantly reduce its carbon footprint through accelerating coal plant retirements, achieving net zero methane emissions in its natural gas business by 2030, among other proposed measures.

Management at Charlotte, North Carolina-Duke announced the goals Friday during what they called its inaugural environmental, social and governance investor day. Management expects to spend $123 billion-$133 billion on a 10-year capital expenditure plan to help fund the proposals, with $58 billion to be spent in 2020-24 and $65 billion-$75 billion in 2025-29.

Duke serves a combined 7.8 million electric customers in North Carolina, South Carolina, Florida, Indiana, Ohio and Kentucky as well as a combined 1.6 million natural gas customers in North...