German energy group RWE has presented its strategy to become carbon neutral by 2040. The company intends to reduce its CO2 emissions by 70% within the next decade. RWE plans to invest massively in renewable energies by investing no less than €1.5bn/year in solar, wind and energy storage technologies. This amount could rise to €2-3bn/year thanks to project partnerships. The integration of E.ON's renewable portfolio will turn RWE into a “global player” with an installed renewable capacity of more than 9 GW, and 2.6 GW in the pipeline.
The carbon neutrality target includes the decommissioning of coal-fired power plants, including RWE's last operational coal-fired power plant in the United Kingdom and the gradual shutdown of German coal-fired plants, as agreed with the German Commission for Structural Change. In the Netherlands, where the government aims to exit coal-fired power generation by 2030, the Eemshaven and Amer power plants will be converted to operate with biomass.
In March 2018, RWE has reached an agreement with E.ON to swap its distribution business with E.ON’s renewable venture. The transaction, which has been approved under condition by the European Commission in August 2019, is expected to close before the end of the year.
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