Varo Energy commits to net zero by 2040

The downstream energy firm is looking to invest heavily into ‘sustainable energies’

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Swiss energy company Varo Energy has pledged to become net zero by 2040.

The business has announced that it will invest in sustainable energy solutions to make this happen – a move that it predicts will see its earnings before tax triple by 2026 – from $320 million (£265m) last year to around $1 billion (£830m).

The downstream company is looking to reinvest money from its fossil fuel business into procuring sustainable energies – including hydrogen, biomethane and carbon capture.

It has claimed $3.5 billion (£2.9bn) will be invested into its business during the next four years, with two thirds of this being used to drive forward sustainable energy and the rest used for to keep its conventional work with hydrocarbons going.

Dev Sanyal, Chief Executive, said: “We believe the current crisis has demonstrated the need for diversification – and the diversification won’t happen overnight.”