German engineering and electronics firm Bosch has announced plans to become carbon-neutral by 2020.
The company says it has set the “considerably more ambitious target in relation to climate protection” as a result of the increased challenges being faced around the world as a result of climate change.
It suggests it will focus primarily upon implementing energy efficiency measures and generating energy from renewable sources.
The firm hopes that by 2030 it will be able to save 1.7TWh of energy and generate 400GWh of its energy needs from its own clean power resources – it has already approved an additional annual budget of €100 million (£86.3m) up until this date to achieve this.
It will use part of this money to enter into exclusive long-term purchasing agreements with investors in new renewable facilities and to buy carbon credits to offset emissions from heating and in countries where there are only limited amounts of clean energy available for purchase.
Dr Volkmar Denner, Chairman of the Board of Management at Bosch, said: “When it comes to the climate, words are not enough. Companies need to aim for carbon neutrality, here and now.”