RWE has pledged to accelerate its efforts to phase out cola power generation, boosting its investment in renewables to replace the fossil fuel.
RWE said it is ready to end lignite-based electricity generation in 2030.
The decision is part of an agreement between the company and the Federal Ministry of Economics and Climate Protection and the Ministry of Economic Affairs, Industry, Climate Action and Energy of the State of North Rhine-Westphalia, which was presented at a joint press conference in Berlin.
At the same time, RWE confirmed its plans to “invest massively” in the energy transition, with a plan to invest more than €50bn gross globally in the expansion of its green core business by 2030, €15bn of which is earmarked for Germany.
In North Rhine-Westphalia, RWE said it is working to further increase its expansion target of 1GW of renewables.
RWE stated that in order for the coal phase-out to be possible, the energy transition must be so far advanced by 2030 that Germany’s security of supply is not at risk, which requires a “massive expansion” of wind and solar power plants, storage facilities and additional secured capacity in the form of gas-fired power plants that can be operated with hydrogen in the future.
The German government intends to create a framework for the construction of these plants in order to facilitate the necessary investments.