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Lukoil plans to invest ambitious USD 15 bln in green energy

Russian oil major Lukoil plans to invest USD15 bln in the development of renewable energy within the next ten years to reduce its carbon footprint, the company’s vice-president Leonid Fedun announced.

The company plans to increase its renewables’ generating capacity to 1 GW from the current 400 MW, he said without providing details about new projects. 

As of now, Lukoil operates four hydropower plants in Russia, four solar power plants in Russia, Romania, and Bulgaria as well as one wind power plant in Romania. 

Lukoil plans to reach carbon neutrality by 2050, Fedun said. By 2039, Lukoil plans to reduce greenhouse gases (GHG) emissions by 20% to 35,2 mln tonnes of CO2 equivalent and to reach zero emission by 2050 (according to Scope 1 and 2 assessments). 

This would allow Lukoil to remain competitive under any scenarios of climate regulation development, he noted. 
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