Energy giant Shell announced today a new 10-year corporate power purchase agreement (PPA) with Ferrari, with Shell to provide the iconic Italian sports car manufacturer with 650 GWh of renewable energy, supporting the decarbonization of its Maranello plant, which includes its main manufacturing facility and corporate headquarters.
As part of the agreement, Shell said that it will also provide additional energy and guarantees of origin from renewable sources to cover Ferrari’s entire energy needs in Italy.
Gianluca Formenti, CEO of Shell Energy Italia, said:
“We are proud to further strengthen our partnership with Ferrari by signing this important Corporate Power Purchase Agreement, a concrete example of collaboration between companies to develop innovative and sustainable business models. In line with our strategy of producing more energy with fewer emissions, this agreement is a tangible example of our commitment to providing energy solutions to support our customers and partners in achieving their decarbonization goals.”
The new agreement follows the launch by Ferrari in 2022 of its decarbonization plan in 2022, with a commitment to become climate neutral by 2030, including a target to reduce its Scope 1 and 2 emissions by 90%. The company recently reported that it has reduced Scope 1 and 2 GHG emissions since 2021 by approximately 30%, primarily due to a shift to renewable electricity after shutting down its gas-powered trigeneration plant at Maranello. Ferrari also announced a new goal this year to reduce absolute Scope 3 emissions by at least 25% by 2030, on a 2024 basis.
Davide Abate, Chief Industrial Officer at Ferrari, said:
“This agreement represents a further step forward in our journey towards decarbonizing the Maranello plant. The collaboration with Shell Energy Italia to supply renewable energy represents a concrete contribution to our goal of reducing Scope 1 and 2 emissions by at least 90% in absolute terms by 2030.”
