Electricity and gas distributor Enel SpA has decided to accelerate its shift towards greener energy sources with an additional investment of $191 billion in the project. According to documents published on Wednesday, this indicates a 6% increase from the company’s previous investment plan.
The Italian multinational gas manufacturer and distributor has decided that it will bring its net zero emissions commitment forward by 10 years. While the company initially committed to reaching its target by 2050, it now looks to do so by 2040.
On route to its goal, the company seeks to achieve a total renewable capacity of 154 gigawatts by 2030, a figure that is more than triple that of its 2020 portfolio. This is in addition to a 30% increase in electricity sales.
Enel is expecting to receive further investments of up to 210 billion euros by 2030, of which 170 billion euros will be directly invested in the company with the remaining 40 billion euros being allocated to third-party spending.
By developing the aforementioned targets, Enel SpA is following in the footsteps of an array of energy companies across Europe that have undertaken to fast-track their transitions to cleaner energy sources and elimination of gas emissions.
