German carmaker Volkswagen will boost its planned commitment to renewable energy, investing almost 1 billion euros ($1.44 billion) in the production of environmentally friendly energy over two years, the Financial Times Deutschland reported…
The German business daily said on Friday that the company was looking to buy an interest in at least two offshore windparks in the process…
Late in June, the group’s plant unit Volkswagen Kraftwerk GmbH signed a deal to draw roughly 10 percent of the electricity used in its 12 German manufacturing plants from hydropower generated by Austria’s Verbund starting 2013.
Volkswagen has set a target of reducing the amount of greenhouse gases emitted from its production plants by 40 percent over a period of ten years compared with 2010.
Now, before this is interpreted as purely altruistic, as I wrote back in July, make no mistake about it, this is first and foremost a business decision. With volatility in the oil market not likely to go away, like, ever, and, of course, the fact that there is a finite supply of fossil fuels on the planet, VW is clearly taking steps to plan for an oil-free future.
Smart, and let’s hope they keep making such selfish choices!