Italy's largest regional utility A2A said late on Thursday it would increase by 2 billion euros ($2.23 billion) investments aimed at cutting carbon emissions while improving its 2030 financial goals.
In updating its 10-year plan presented last year, A2A said that it now aims to invest 18 billion euros by 2030 to focus on circular economy and energy transition projects.
The Italian utility added it would achieve a core profit of 2.9 billion euros in 2030 from some 1.4 billion euros last year and net profit would increase by 9% on average per year from some 400 million euros in 2021."The first year of the 2021-2030 business plan was significantly above expectations," A2A Chief Executive Renato Mazzoncini said in a statement.
"The plan's update brings forward by 10 years the common goal of zero emissions, further expands our presence in Italy and establishes new and even more ambitious business targets," he added. Last year A2A clinched an agreement with investment fund Ardian to create the country's second-largest green energy provider.
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