Monday 30 September 2019 5:55 pm

'New RWE': Europe's biggest CO2 culprit promises to be carbon-neutral by 2040

The German utility giant behind Npower has said it is stepping away from energy transported through pipelines as it revealed a giant pipeline of renewable production.

RWE said it plans more than 18 gigawatts (GW) of new capacity, nearly as much as all the wind turbines installed in the UK.

Read more: Eon struggles against energy price cap but ploughs on with landmark German deal

The portfolio could see Europe’s biggest emitter of carbon dioxide invest up to €3bn (£2.7bn) into green energy every year.

“We will set aside a net €1.5bn to invest in renewables and storage every year,” finance chief Markus Krebber said.

He added: “This figure could rise to between €2bn and €3bn by joining forces with partners.”

Onshore and offshore wind capacity in the UK is around 21.5 GW according to figures from Renewable UK.

The investment sets RWE on the path to becoming carbon neutral by 2040.

“We are focusing on renewable energies and storage, for a sustainable world,” the company said in a presentation video revealing the “new RWE”.

The company said it has already slashed carbon emissions by a third since 2012 and foresees another 70 per cent drop by the end of next decade.

Read more: Ten things every investor needs to know about offshore wind power

The news would make RWE the third biggest renewables producer in Europe after Iberdrola, the Spanish owner of Scottish Power, and Italy’s Enel. It also becomes the second biggest European offshore wind company, after Orsted.

More than half of the 18 GW of new investment will be mainly spent on US wind and solar, with 8GW of wind being installed in Europe.