Volkswagen to invest more money in climate strategy
Published: 09:04 PM,Apr 29,2021 | EDITED : 08:04 PM,Apr 29,2021
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HANOVER: Volkswagen plans to invest more money in its climate strategy up until 2025, after the European Union agreed on its Green New Deal, the German carmaker announced on Thursday.
The company plans to spend 14 billion euros ($17 billion) on decarbonisation over the next five years, VW brand chief Ralf Brandstaetter said.
Most of this, about 13 billion euros, is to be spent on the continued expansion of electric VW models, but there are also complementary projects for lowering carbon emissions during production.
The carmaker recently earmarked 11 billion euros for electric mobility for its main VW division until the middle of the decade. In the whole Volkswagen group, which also includes other brands, green spending of 35 billion euros was planned.
The Volkswagen group is responsible for around 1 per cent of global carbon emissions, according to estimates. In 2020, it produced around369 million tonnes of CO2, the same amount as Britain, Brandstaetter said.
Volkswagen now aims to reduce the average carbon emissions of its VW vehicles in Europe by 40 per cent by the end of the decade, and by 30 per cent for the whole group — both compared to 2018 levels.
To reach this goal, production capacity for electric vehicles is to be ramped up, Brandstaetter said.
“The signal for our new strategy is that we boost this run-up even more,” he said.
At least 300,000 additional fully electric vehicles are to be produced in Europe per year, under the plan.
By 2030, 70 per cent of VW cars sold in Europe are to be electric vehicles, and at least 50 per cent in China and North America.
“From our point of view, the fight against climate change can only be won if we promote the decarbonisation of the economy and transport with full force,” Brandstaetter said.
To make its electric cars truly carbon neutral, VW also plans to support the expansion of renewable energy. “Between 2021 and 2025, we are supporting the construction of wind and solar parks with 40million euros,” Brandstaetter said.
— dpa
The company plans to spend 14 billion euros ($17 billion) on decarbonisation over the next five years, VW brand chief Ralf Brandstaetter said.
Most of this, about 13 billion euros, is to be spent on the continued expansion of electric VW models, but there are also complementary projects for lowering carbon emissions during production.
The carmaker recently earmarked 11 billion euros for electric mobility for its main VW division until the middle of the decade. In the whole Volkswagen group, which also includes other brands, green spending of 35 billion euros was planned.
The Volkswagen group is responsible for around 1 per cent of global carbon emissions, according to estimates. In 2020, it produced around369 million tonnes of CO2, the same amount as Britain, Brandstaetter said.
Volkswagen now aims to reduce the average carbon emissions of its VW vehicles in Europe by 40 per cent by the end of the decade, and by 30 per cent for the whole group — both compared to 2018 levels.
To reach this goal, production capacity for electric vehicles is to be ramped up, Brandstaetter said.
“The signal for our new strategy is that we boost this run-up even more,” he said.
At least 300,000 additional fully electric vehicles are to be produced in Europe per year, under the plan.
By 2030, 70 per cent of VW cars sold in Europe are to be electric vehicles, and at least 50 per cent in China and North America.
“From our point of view, the fight against climate change can only be won if we promote the decarbonisation of the economy and transport with full force,” Brandstaetter said.
To make its electric cars truly carbon neutral, VW also plans to support the expansion of renewable energy. “Between 2021 and 2025, we are supporting the construction of wind and solar parks with 40million euros,” Brandstaetter said.
— dpa