Volkswagen is looking to the future, and in a bid to stay ahead of rising fossil fuel prices, has announced it will be investing one billion Euros (US$1.45 billion) in renewable energy projects. The company will not only continue researching new electric vehicles, but begin looking towards wind power potential and other forms of eco-energy.
In a report published in the Financial Times (German edition), Volkswagen stated that it will invest in two offshore wind farms in the North Sea in order to help the car manufacturer meet its renewable energy goals for 2020 and bolster Germany’s flagging wind power sector.
Germany has been a leader in renewable energy for a while now, but while it has dominated solar energy, its ambitions with wind power has been lacking. Luckily, assorted European countries have seen the potential and have invested heavily in wind farms in the North Sea. Volkswagen has has held back in investing in wind power, but with American private equity firm Blackstone opening the door to increased investment, this is about to change.
Volkswagen have said it will invest in two wind power farms, one 60 miles (95 kilometers) north of Bokum and one on an island off of Germany’s northwestern coast. In order to reduce their CO2 emissions 40 percent by 2020, this is a smart move especially considering the turbulent nature of oil prices and Middle Eastern politics. And we haven’t even mentioned Russia’s stranglehold on gas supplies to Europe…
With Germany aiming to phase out nuclear energy by 2022, VW’s wind energy investment could not have come at a more suitable time. Time will tell if other European companies follow suit.
Via Triple Pundit
Images: Charles Cook