Enel (OTCMKTS: ENLAY), an Italian energy firm, announced that its target for net zero emissions has been moved up to 2040, as it strives to provide customers with power generated from purely renewable energy. In a presentation to investors, the company’s management said that it now anticipates total capacity from renewable energy and battery storage to climb to 154GW in 2030, a rise from its previous forecast of 145GW.
“This year’s plan, with €170bn ($190.6bn) of direct investments by 2030, is a pivotal one,” chief executive Francesco Starace said at the company’s capital market day.
“Its implementation is enabling us to step up from the previous decade of renewable energy discovery, to the current decade of electrification.
“Furthermore, we are bringing forward the group’s full decarbonisation target by ten years, reaching net zero by 2040.”
According to Enel, it will officially eliminate all gas-powered generation by 2040 and reach net zero with no ties to nature-based solutions or carbon removal. Additionally, Enel had previously announced plans to exit coal by 2027.
Starace disclosed his doubt on the usefulness of carbon capture and storage, hinting that the technology is not a climate solution.
“We have tried and tried — and when I say ‘we’, I mean the electricity industry,” Francesco Starace told CNBC’s Karen Tso on Wednesday.
“You can imagine, we tried hard in the past 10 years — maybe more, 15 years — because if we had a reliable and economically interesting solution, why would we go and shut down all these coal plants [when] we could decarbonize the system?”