RWE abandons renewables target
Europe’s biggest CO2 emitting company, RWE, have given up on their renewables targets while cutting investment plans for renewable energy. Financial constraints have been blamed for these measures which have been caused by a number of recent changes to the energy market including the phasing out of nuclear power, photovoltaics driving gas-fired power stations out of the market, and decrease in wholesale energy prices. In its annual results statement, RWE saw it’s carbon emissions increase by 11% as the use of coal and lignite plants grew. Though some investment in renewables will remain, the total budget for this year is around €1bn with €500m of planned investment over the next two years, considerably lower than the projected €3bn for both 2013 and 2014. Consequently, RWE will not be able to meet the goal of 4.5GW of renewables by 2014. They are however, still claiming they can reach their goal to cut CO2 emissions by 20% on 2012 levels to 0.62 metric tonnes per MWh by 2020 READ MORE.