Rolls-Royce Holdings PLC (LON:RR) has pledged to develop new products compatible with net zero emissions by the end of the decade.
The jet engine maker in a statement said it is “accelerating the race to a zero carbon economy’. It has set a number of goals which it says sets a pathway that will help enable significant elements of the global economy to get to net zero carbon by 2050.
By as soon as 2023, the company intends that all in-production civil aero engines will be compatible with 100% sustainable aviation fuels. And by 2025, it intends that 75% of gross research and development spending will be directed to ower carbon and net-zero technologies.
Targeting 2030, it aims for new power systems to have 35% lower lifetime emissions.
Chief executive Warren East said that as the world emerges from the COVID-19 pandemic, global economic growth can be compatible with a net zero carbon future.
“At Rolls-Royce, we believe in the positive, transforming potential of technology,” chief executive Warren East said.
“We pioneer power that is central to the successful functioning of the modern world. To combat the climate crisis, that power must be made compatible with net zero carbon emissions.
East added: “Our products and services are used in aviation, shipping and energy generation, where demand for power is increasing as the world’s population grows, becomes increasingly urbanised, more affluent and requires more electricity. These sectors are also among those where achieving net zero carbon is hardest.”