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RIYADH: Portuguese utility Energias de Portugal, or EDP group, plans to increase investments in renewable, CNBC reported, citing CEO Miguel Stilwell.
“We need to accelerate (investments) and do it much faster, particularly on the renewables side,” CNBC reported, citing the CEO.
This comes as political tensions between Russia and Ukraine have forced countries worldwide to search for alternative supply sources beyond Russia.
In addition, EDP plans to become coal free by 2025 and rely on 100 percent renewable energy sources for electricity generation by 2030.
This will also fall in line with the bigger goal of the EU to slash greenhouse gas emissions as much as 55 percent by 2030.