Enel seeks fully renewable

Enel Group has brought forward its net-zero commitment by 10 years, from 2050 to 2040, both for direct and indirect emissions and the value created by the Group for customers is expected to bring an up to 40 per cent reduction in their energy spending, alongside an up to 80 per cent reduction of their CO2 footprint by 2030.

The Group expects to invest a total of €210bn between 2021 and 2030, with approximately €70bn of this total devoted to renewables. With this the Group hopes to achieve a total renewable capacity of around 154 GW, tripling its 2020 portfolio.

Enel hopes to its drive to renewable energy will not require any offsetting measures, such as carbon removal technology or nature-based solutions, and the Group is planning to exit coal generation by 2027 and gas generation by 2040, replacing its thermal fleet with new renewable capacity as well as leveraging on the hybridisation of renewables with storage solutions. All of the Group’s electricity sold by 2040 is expected to come from renewable sources.

Francesco Starace, CEO and general manager of Enel said: “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. Furthermore, we are bringing forward the Group’s full decarbonisation target by ten years, reaching net-zero by 2040. We will continue to grow in renewables, leveraging on what is already the world’s leading private renewable asset base.”

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