RWE to raise green investment to EUR 55 bn by 2030

RWE is planning on spending EUR bns on green expansion: German energy company RWE is set to boost its investments in green energy to EUR 55 bn by the end of the decade, according to a statement. Germany’s biggest power producer has already poured EUR 20 bn into the renewables sector since 2021 and aims to become one of the world’s largest renewable energy groups, Reuters reports, with plans to expand its green portfolio to over 65 GW from its current generation capacity of 35 GW. Most of RWE’s investments have been made in Germany, the UK, and the US, the company said.

The breakdown: RWE intends to invest 40% of the planned EUR 55 bn in the expansion of the onshore wind and solar business and 35% for offshore wind projects. The remaining 25% of investments have been set aside for battery projects, flexible generation and hydrogen, the statement notes.

The UK will crackdown on greenwashing from May 2024: The UK Financial Conduct Authority (FCA) has announced a new package of reforms coming into force in May next year that will ban misleading sustainability labels on retail products, from mortgages to savings accounts, in a bid to combat greenwashing, Reuters reports.

What will they include? The new reforms will compel financial companies to have labels that are clear and not misleading. The FCA will also enforce four new product labels for retail investors, which will ensure fund products on offer in the UK are at least 70% ESG-compliant, the newswire notes. Of the four regulations — to come into effect as early as July next year — a “ mixed goals ” focused on multi-asset investors will ensure UK-based firms disclose details of the proportion of their ESG-linked assets. Asset managers must apply marketing and naming rules starting December 2024, Reuters notes.