German utility RWE has committed to transition to carbon-neutrality by 2040, after confirming the long-awaited acquisition the renewable energy generation assets from rival E.ON and subsidiary Innogy.
RWE has combined the total 9GW of capacity to form RWE Renewables and has a further 2.6GW of projects under construction.
The strategy has resulted in the new RWE securing its position as the third-largest renewable energy group in Europe and the world's second-largest offshore wind operator.
The firm also claims that it has decreased carbon emissions by one-third between 2012 and 2018, totalling 60 million tons in reduced carbon output, with plans afoot to drop an additional 70% of harmful emissions by 2030.
The company has also announced its plans to decommission its last coal-fired power station in the UK, with plans to gradually take more of its coal plants in Germany offline, while making “huge investments” in renewable energy, including wind farms, solar plants and high-capacity energy storage technologies, totalling around €1.5 billion annually.
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Partnerships have the potential to increase total investment to as much as €3 billion a year, according to the company.
Dr Rolf Martin Schmitz, CEO of RWE said: “Digital society wants and needs more and more energy. The new RWE will generate the electricity necessary to enable sustainable life – clean, secure and affordable. We will be a carbon-neutral company by 2040. What drives us at RWE is our energy for a sustainable life.”