With the release of a new strategic plan, Italian electricity giant Enel Group is phasing out coal and turning up the power for an ambitious global climate deal in 2015 in December in Paris. With an eye on containing the increase in world temperature below 2 degrees celsius, Enel has committed to greater investment in renewable energy and energy efficiency.
As one of the early movers in the sector to take bold climate action, Enel’s focus on renewables, has the potential to change climate attitudes throughout the global energy industry and speed up the transition to a low-carbon economy.
It is no surprise that Enel has long been a member of forward-thinking, sustainability-driven global companies. In 2014, Enel was, for the eleventh time, included among the just 319 major world companies on the Dow Jones Sustainability World Index.*
Enel continues to lead the energy industry on the Road to Paris, and with great strides. Ahead of its 2020 target date, Enel has reportedly cut its carbon dioxide (CO2) emissions by over 36% since 1990.* With specific regard to renewable energy development, Enel envisages a 50% increase in the total additional capacity (reaching 7.1 GW) to be added over the five year period versus the previous plan, mostly in Latin America, North America and Africa.* In addition, by phasing out new investments in coal and greater investments in renewable energy and energy efficiency, Enel could achieve carbon neutrality before 2050.*
With notable collaboration with Greenpeace, Enel is making substantial commitments to renewable energy development that go beyond just talk. It demonstrates that the transition to a low-carbon economy is good for the economy and business. As CEO Francesco Starace simply put it, being at the forefront of renewable energy is “common sense” in the end.