Saturday, August 27, 2011

Volkswagen to invest 1 billion euros in renewables

Volkswagen will boost its planned commitment to renewable energy, investing almost 1 billion euros ($1.44 billion) in the production of environmentally friendly energy over two years. This would be a substantial increase over the previous mid-term target of roughly 600 million euros Volkswagen, Europe's largest carmaker, announced at the end of June.

In June Volkswagen signed a deal to draw 10 percent of the electricity used in its German manufacturing plants from hydropower generated by Austria's Verbund starting 2013. Volkswagen has set a target of reducing the amount of greenhouse gases emitted from its production plants by 40 percent over a period of ten years compared with 2010.

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