As a first step CO2 emissions from European production will be reduced by at least half of 2019 levels by 2030; with a target of reaching carbon neutral status in Europe by 2035 at the latest.
“With the change, Fortum is well positioned to take advantage of the opportunities presented by the energy revolution and to mitigate climate change” the company says in a press release.
“We plan to increase our onshore wind and solar power generation, primarily in Europe, and develop them into a significant source of revenue.”
Fortum says it is now Europe’s 3rd biggest producer of carbon-free electricity but has received sustained criticism from environmental groups after buying a majority stake in a German energy company which opened a new coal-fired power plant earlier this year.
Criticism from environment group
Environmental group Greenpeace has criticised Fortum’s latest plan, saying it doesn’t have many details, and in some ways seems contradictory.
“The strategy announced today does not respond to the climate crisis – the strategy lacks phasing out fossil fuels in a timely manner, and investment in fossil gas even seems to be growing. Fortum will continue as a fossil fuel company” says Olli Tiainen, Greenpeace’s climate and energy expert.