By Cecilia Butini

BASF SE said Friday that it plans to invest up to 4 billion euros ($4.71 billion) by 2030 on its path to achieve net zero emissions by 2050.

The German chemicals company said the plan is to invest up to EUR1 billion by 2025 and a further EUR2 billion-EUR3 billion by 2030.

It added that the transition to net zero CO2 emissions will be supported by the use of new technologies such as steam crackers, which are meant to replace fossil fuels like natural gas with electricity from renewable sources. The company is also planning to invest in wind parks to facilitate its switch to renewable sources, it said.

Write to Cecilia Butini at cecilia.butini@wsj.com

(END) Dow Jones Newswires

March 26, 2021 06:35 ET (10:35 GMT)

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