Energy firm Enel has announced it will invest €160bn in low carbon infrastructure to boost decarbonisation and electrification over the next decade.
The Italian company aims to create a sustainable shared value for all stakeholders and profitability over the medium and long term, with a target of becoming a net zero power producer by 2050.
It will leverage a further €30bn from other parties to bring the total spending to €190bn by 2030, with around €70bn of the total investment focusing on renewable power generation. A similar amount will be invested in infrastructure and network upgrades, which will include digitalisation technologies, enabling more than 90 million end users to install smart meters by the end of the decade.
More than 90 per cent of Enel’s consolidated investments will be in line with the UN Sustainable Development Goals (SDGs) and Enel’s investment will help it to reduce its CO2 emissions by 80 per cent, against 2017 levels.
The plan includes increasing the number of electric buses by more than six times to around 5,500 units in 2023 and in the same year, its brand Enel X is expected to reach around 780,000 public and private charging points made available worldwide (four and a half times more compared to 2020).
Francesco Starace, CEO and general manager of Enel said:
“With this new Strategic Plan we are setting a direction for the next 10 years, mobilizing 190 billion euros in investments to pursue our goals in a decade full of opportunities.
“To realize this vision, we can leverage on our clear leadership in the utility sphere across three main elements, all driven by an innovative platform-based model. First, as a ‘Super Major’ in the renewable sector, we operate the world’s largest private generation fleet. Furthermore, we have an unparalleled global network system, where the platform-operating model drives improvements in quality, resiliency, efficiency and flexibility.
“Last but not least, we count on the largest customer base worldwide to which, through our business platforms, we provide innovative services and integrated offerings. Throughout the decade, we will strengthen the creation of sustainable shared value for all stakeholders, which is also embedded in an attractive remuneration for our shareholders.”
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