Italian energy giant Enel has promised to triple its renewable energy generation to 145GW by 2030 and fast-track its phase out of coal generation by 2027.
Enel, which owns several solar assets in Australia, including the Bungala solar farms in South Australia and Cohuna in Victoria, and is also looking to set up a retail operation, will also seek to build out 20TWh of battery energy storage and 20GW of demand response by 2030.
It says these will reduce its Scope 1 greenhouse gas emissions to an average of 148 gCO2eq/kWh by 2023 and 82 gCO2eq/kWh in 2030, down from around 214 gCO2eq/kWh in 2020, which it says is in line with the 1.5°C scenario.
The company says it will also look to use its renewable capacity to increase electric vehicle charging points to over 4 million by 2030 from 186,000 today, and electric buses to more than 10,000 from its current level of 912.
“There is no longer a trade-off between what generates business value and is good for the climate, these two objectives today are fully aligned thanks to the evolution of technology,” said Francesco Starace, Enel Group CEO and General Manager.
“Therefore, financial efforts must be aimed at achieving the SDGs (sustainable development goals) and a net zero economy. This requires ambitious commitments and strategies, as well as the tools to promote their effective deployment.
“Transition is bound to happen and not only in the energy sector: indeed it will sweep across many sectors of the world economy. We must ensure that it happens in an orderly, decisive, just and inclusive manner.”