Energy giant Uniper has unveiled a new strategy aimed at driving its green transformation through significant investments in renewable energy projects.
The company plans to invest more than €8 billion (£6.8bn) in renewables by 2030, tripling its average annual investments from the past three years.
In February, the company said it faced a significant setback with a €19.1 billion (£16.9bn) loss due to the complete freezing of Russian gas supply.
The company had heavily relied on gas imports from Russia, but these imports were capped last year.
To meet customer contracts, Uniper was compelled to procure gas from alternative sources at high prices, resulting in financial hardship and ultimately leading to its nationalisation to prevent broader repercussions.
Uniper’s new strategy involves direct investments in solar and wind farms, aiming to achieve over 80% of its installed generating capacity as zero-carbon by 2030.
Moreover, Uniper aims to end coal-fired power generation by 2029 at the latest, reflecting its commitment to transitioning away from fossil fuels.
The company is determined to achieve carbon-neutrality for its Scope 1 and 2 emissions by 2035, ten years ahead of its previous target and aims to be completely carbon-neutral for Scope 1 to 3 emissions by 2040.
