Engie has unveiled plans to reach net zero carbon by 2045 on all scopes, nearly halving its power generation carbon intensity from 348 g/kWh in 2017 to 158 g/kWh in 2030.
To do so, the French group will end its coal-fired power generation activities by 2027 (as soon as 2025 in Europe) and will accelerate its development in renewables, raising its renewable capacity addition from 3 GW/year currently to 4 GW/year by 2025 and to 6 GW/year by 2030. The group's renewable installed capacity should then increase to 50 GW by 2025 and to 80 GW by 2030; so far, Engie's project pipeline amounts to 56 GW, mainly onshore and offshore wind and solar. The group will focus on Europe, North America, and Latin America. Engie will also seek to add 8 GW of capacity to reach 32 GW of low carbon distributed energy infrastructure by 2025 and aims to develop 4 GW of green hydrogen capacity by 2030, along with 700 km of hydrogen networks and 1 TWh of storage capacity.
In addition, Engie will restructure its operations, concentrating on core activities in less than 30 countries by 2023 (from 78 countries in 2018) and streamlining its organisation from 25 business units to 4 global business units. The group targets €9-10bn of disposals over the 2021-2023 period and €15-16bn in growth investments over the same period (55% already committed). Growth capital expenditures will be directed to renewables (40-45%), networks (30-35%) and energy solutions (15-20%).
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