Volkswagen plans to invest more money in its climate strategy

German carmaker Volkswagen announced on Thursday that it plans to invest more money in its climate strategy after the European Union approves the so-called new Green Agreement (Green New Deal). Volkswagen plans to spend 14 billion euros on decarbonisation over the next five years, Volkswagen head Ralf Brandstätter told DPA. Most of it, around 13 billion euros, is to go on to further expand Volkswagen's range of electric models. But the carmaker also has additional projects to reduce carbon emissions during production. The German concern recently estimated the electricity mobility costs of its main division of Volkswagen at the end of the decade at 11 billion euros. And within the entire group, which also includes other brands, it plans so-called green expenditures of 35 billion euros. The Volkswagen Group is estimated to be responsible for about one percent of global carbon emissions. Volkswagen aims to reduce average carbon emissions from Volkswagen models in Europe by 40 percent by the end of the decade and in the group as a whole by 30 percent compared to 2018. To achieve this goal, the group wants to increase the production of electric models, said Brandstätter. According to the latest plan, at least 300,000 fully electric vehicles are to be produced in Europe each year. By 2030, 70 percent of Volkswagen cars sold in Europe should be electric and in China and North America at least 50 percent. "From our point of view, the fight against climate change can only be won if we support the decarbonisation of the economy and transport," added Brandstätter.