FRANKFURT -- Volkswagen plans to invest about 40 million euros ($48 million) in European wind and solar projects by 2025 as part of a push to become carbon neutral.
As part of the initiative, Volkswagen will team up with Germany's top utility RWE for a solar park in 2022 that will have a capacity to supply 50,000 households with power.
The VW brand intends to be net carbon neutral by 2050 at the latest, its CEO, Ralf Brandstaetter, said in a statement on Thursday.
"Our big electric offensive was just the start. We’re taking a holistic approach to decarbonization: from production through service life to recycling," he said.
VW brand aims to reduce its CO2 emissions in Europe by an average of some 17 tons per vehicle by 2030, 40 percent less than in 2018, Brandstaetter said.