PKN Orlen plans to invest PLN25bn ($6.6bn) in green energy projects, including wind and solar energy, by 2030
PKN Orlen intends to achieve emission neutrality. (Credit: seagul from Pixabay)
Poland’s oil refiner PKN Orlen has announced its commitment to become climate neutral by 2050.
In an effort to achieve emission neutrality, the state-run oil refiner and electricity producer plans to invest PLN25bn ($6.6bn) in green energy projects by 2030.
By 2030, the company also aims to reduce 20% of CO2 emissions from its current refining and petrochemical assets as well as emissions from power generation by 33% CO2/MWh.
The firm said its strategy will be based on four pillars including energy efficiency in production; zero- and low-emission power generation; alternative fuels; and green financing.
PKN Orlen CEO Daniel Obajtek said: “The carbon-neutral strategy we have presented is a landmark defining our approach to doing business in the coming decades.
“The global energy transformation that is taking place before our eyes is a huge development opportunity for Central Europe.
“As the largest company in the region, we want to increase our involvement in this process and we are well positioned to do it. In recent years, we have strongly developed in new business areas, and we are a leader of consolidation in the Polish energy and fuel sector.
“Once completed, our planned acquisitions will allow us to take full advantage of the new opportunities offered by global energy trends and consistently build company value in the long term.”
PKN Orlen to focus on wind and solar projects
PKN Orlen said that its new business model will focus on developing both offshore and onshore wind power as well as solar photovoltaics (PV) projects.
It also intends to develop hydrogen technologies while increasing alternative fuels distribution network.
In July, PKN Orlen filed an environmental report to the Regional Directorate for Environmental Protection for its proposed 1.2GW offshore wind farm project in the Baltic Sea in Gdańsk, Poland.