By Kim Richters

Germany's RWE AG (RWE.XE) said Monday that it aims to become carbon-dioxide neutral by 2040, a plan that it calls a "resolute and responsible phasing out of fossil fuels."

The energy company said it will invest 1.5 billion euros ($1.64 billion) in renewable energy each year, expecting around 60% of its earnings before interest, taxes, depreciation and amortization to come from the renewables business.

"We will phase out fossil energy sources both consistently and responsibly," RWE's Chief Executive Rolf Martin Schmitz said.

Write to Kim Richters at kim.richters@wsj.com

(END) Dow Jones Newswires

September 30, 2019 04:48 ET (08:48 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.
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