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    Enel announces spending and net-zero plans

Summary

The Italian company moved its net-zero goal post forward by 10 years.

by: Daniel Graeber

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Complimentary, Natural Gas & LNG News, Europe, Energy Transition, Hydrogen, Renewables, Corporate, Companies, Europe, News By Country, Italy

Enel announces spending and net-zero plans

Italian gas and electricity distributor Enel said November 24 it was building on its renewable energy base with commitments to mobilise some $236bn through 2030.

CEO Francesco Starace said the spending plan “is a pivotal one.”

“We will continue to grow in renewables, leveraging on what is already the world’s leading private renewable asset base,” he said.

The company said it was powering its investments toward a zero-emission plan, bringing its own net-zero commitments forward by 10 years to 2040.

“The value created by the group for customers is expected to bring an up to 40% reduction in their energy spending, alongside an up to 80% reduction of their CO2 footprint by 2030,” the company added.

Green Power, the green unit of Enel, in August signed a preliminary agreement with shipbuilder Fincantieri to study the use of green hydrogen.

Enel said it would work with the shipbuilder to look at ways to team up on the design and development of a management system for energy flows as well as how to supply green hydrogen to various parts of the maritime industry and various other industrial users.

Enel will utilise its Eugenio Montale power plant in Italy for initial tests for the activities covered by the agreement, which the Italian company said would advance the energy transition at the unit.