Engine-maker Rolls-Royce has today said that it will reach net zero emissions by 2050 as it looks to boost investment into carbon dioxide-free technologies.
The FTSE blue chip said that it would lift the percentage of its yearly research and development spend – which was about £1bn a year before the pandemic – that it spends on such technologies from 50 to 75 per cent.
All of its new products will be compatible with its net zero goal by 2030, the Derby-based firm added, with the whole business to follow suit by 2050 at the latest.
It also said that all its current engines would be proven to work with new Sustainable Aviation Fuels (SAGs) by 2023.
Chief executive Warren East said that the switch was both a “societal imperative” and “one of the greatest commercial and technological opportunities of our time”.
But he added that the sectors in which Rolls-Royce works were “among those where achieving net zero carbon is hardest”.
“As a result, our innovative technology has a fundamental role to play in enabling and even accelerating, the overall global transition to a net zero carbon future.
“We believe that as the world emerges from the Covid-19 pandemic and looks to build back better, global economic growth can be compatible with a net zero carbon future and that Rolls-Royce can help make that happen.”
Rolls-Royce is also developing new net zero technologies such as electric planes, small modular nuclear reactors, and battery storage solutions.