Italian energy giant Enel said Tuesday it would invest 14.4 billion euros on decarbonising its energy plants as part of a 2020-2022 strategic plan to slash emissions.

"Decarbonisation of the global generation fleet will account for 50 percent of total planned investments, with 14.4 billion euros ($15.9 billion) devoted to the accelerated deployment of new renewable capacity and the progressive substitution of coal generation," the company stated.

It added the share of renewables on its total capacity was slated to reach 60 percent in three years, which would increase carbon dioxide-free production to 68 percent by 2022.

Enel said in September it plans to reduce its direct greenhouse gas emissions by 70 percent by 2030 compared to 2017 levels.

It said climate change, while a critical issue, was also a opportunity as a move to renewables bolsters growth and sustainability.

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ENEL

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