ROME, Nov. 26 (Xinhua) -- Italian utility giant Enel on Tuesday presented its 2020-2022 development plan, which aims to bolster its position as one of Europe's main players when it comes to environmentally-friendly energy production.
According to the "Enel 2020-2022 Strategic Plan: Maximizing Value Through Sustainability" plan, the company will spend half of its 28.7-billion euro (31.6-billion U.S. dollar) investment plan on decarbonization initiatives.
Over the same period, the amount of energy Enel produces from coal will be reduced by 74 percent, while an additional 14.1 gigawatts of energy capacity will be added from renewable energy sources.
Rome-based Enel is Europe's largest integrated energy company in terms of market capitalization and the number of customers. The company's strategy has increasingly shifted toward renewable and low-impact energy production in recent years, emerging as a European leader in that sector.
Enel vowed to pursue these goals while increasing revenue and profitability.
The 2020-2022 plan is designed to further strengthen the company's position in the sector as well as to aim "directly at the pursuit of the United Nations Sustainable Development Goals."