Italian energy group Enel announced a plan to bring forward its net zero commitment both for direct and indirect emissions by 10 years, from 2050 to 2040, the company said in a statement on Wednesday.
In its strategic plan, The Road To 2030: Powering Investments Towards Zero Emissions With Focus on the Electrification of Customer Energy Demand, the company said it expects to mobilize total investments of €210 billion between 2021 and 2030.
Enel said that given the global goal of reaching net zero, decarbonization and electrification of the global economy are critical to averting the severe consequences of a temperature rise of more than 1.5 degrees Celsius.
Citing the most recent forecasts, it said electrification of energy needs should be accelerated alongside a substantial deployment of carbon-free energy to meet ambitious climate targets.
It maintained that customers, who play an active role in this process, would be the primary beneficiaries.
“We are accelerating growth across the business, bringing value to our customers who are at the core of the Group’s Strategy, a value which translates into a projected reduction in their energy spending, while increasing their electricity demand by 2030,” Francesco Starace, CEO and general manager of Enel, was quoted as saying in the statement.
Reiterating the group’s aim to bring forward its full decarbonization target by 10 years and reach net zero by 2040, Starace vowed that it would grow in renewables, leveraging on what is already the world’s leading private renewable asset base.
By Sibel Morrow