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PKN Orlen, Poland's largest oil refinery, said on Wednesday it plans to invest 25 billion zlotys ($6.
6 billion) in green energy projects that will help it achieve climate neutrality
by 2050.
The plans of state-run PKN follow the low-emission strategy of European energy giants, but Poland is the only country in the EU that has refused to commit to carbon neutrality by 2050
.
Europe's top oil and gas companies have committed to targets to reduce greenhouse gas emissions, varying in scope and detail, making it difficult for investors to compare
.
For example, BP, Shell, Total, Eni and Equinor have all focused on oil and gas activities while increasing investment
in renewable energy and low-carbon businesses.
The CEO of PKN said: "The current global energy transition is a huge development opportunity
for CEIBS.
As the largest company in the region, we want to increase our participation in this process, and we have the ability to do just that
.
”
PKN said in a statement that it plans to reduce carbon emissions from its refining and petrochemical assets by 20 percent and reduce its power generation by 33 percent
over the next decade.
The company will provide more details in its strategy update, which is expected to be released
in the fourth quarter.
Earlier this year, PKN took over state-owned power company Energa and replaced coal with natural gas as the proposed fuel
for Energa's planned power plant in Ostroleka, northeastern Poland.
Energa, a minority shareholder in PGG, Poland's largest coal producer, is facing restructuring
due to falling coal demand and rising production costs.
PKN Orlen, Poland's largest oil refinery, said on Wednesday it plans to invest 25 billion zlotys ($6.
6 billion) in green energy projects that will help it achieve climate neutrality
by 2050.
The plans of state-run PKN follow the low-emission strategy of European energy giants, but Poland is the only country in the EU that has refused to commit to carbon neutrality by 2050
.
Europe's top oil and gas companies have committed to targets to reduce greenhouse gas emissions, varying in scope and detail, making it difficult for investors to compare
.
For example, BP, Shell, Total, Eni and Equinor have all focused on oil and gas activities while increasing investment
in renewable energy and low-carbon businesses.
The CEO of PKN said: "The current global energy transition is a huge development opportunity
for CEIBS.
As the largest company in the region, we want to increase our participation in this process, and we have the ability to do just that
.
”
PKN said in a statement that it plans to reduce carbon emissions from its refining and petrochemical assets by 20 percent and reduce its power generation by 33 percent
over the next decade.
The company will provide more details in its strategy update, which is expected to be released
in the fourth quarter.
Earlier this year, PKN took over state-owned power company Energa and replaced coal with natural gas as the proposed fuel
for Energa's planned power plant in Ostroleka, northeastern Poland.
Energa, a minority shareholder in PGG, Poland's largest coal producer, is facing restructuring
due to falling coal demand and rising production costs.
