Italian A2A increases its investments to 18 billion euros by 2030 to reduce its carbon footprint

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A2A Energy company technician works on the junction box in downtown Milan, Italy, May 28, 2016. REUTERS/Stefano Rellandini

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MILAN, Jan 28 (Reuters) – Italy’s biggest regional utility A2A said on Thursday evening it would increase investment by 2 billion euros ($2.23 billion) aimed at reducing carbon emissions while improving its financial objectives for 2030.

In the update of its 10-year plan presented last year, A2A indicated that it now aims to invest 18 billion euros by 2030 to focus on circular economy and energy transition projects. .

The Italian utility added that it would make a basic profit of 2.9 billion euros in 2030 compared to around 1.4 billion euros last year and that net profit would increase by 9% on average per year. compared to around 400 million euros in 2021.

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“The first year of the 2021-2030 business plan has significantly exceeded expectations,” A2A chief executive Renato Mazzoncini said in a statement.

“The plan update brings the common goal of zero emissions forward by 10 years, further expands our presence in Italy and sets new, even more ambitious business goals,” he added.

Last year, A2A struck a deal with investment fund Ardian to create the country’s second-largest green energy provider. Read more

($1 = 0.8980 euros)

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Reporting by Elisa Anzolin; Editing by Christopher Cushing

Our standards: The Thomson Reuters Trust Principles.

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