News
Shell Signs Long-Term Green Power Deal with Ferrari to Cut Emissions Through 2034
Shell has signed a long-term agreement to supply Ferrari with renewable energy through 2034, covering nearly half of the Maranello plant’s electricity needs and supporting the automaker’s goal of reducing Scope 1 and 2 emissions by 90% by 2030.
Shell (SHEL.L) has signed a long-term deal to supply Ferrari (RACE.MI) with renewable power through the end of 2034, the oil and gas group said on Tuesday. The agreement is aimed at helping the luxury automaker cut its carbon emissions.
Power purchase agreements—long-term contracts that allow companies to buy electricity directly from producers—have become increasingly common in Italy in recent years, helping manufacturers secure stable energy costs and access green power.
Under this deal, Shell will provide a total of 650 gigawatt-hours of electricity over ten years from a plant developed by the group. That supply will cover roughly half of the energy needs of Ferrari’s Maranello factory near Modena, supporting efforts to decarbonise production.
Shell Energy Italia will also supply additional electricity and renewable energy certificates to meet Ferrari’s total energy requirements.
The agreement is expected to significantly reduce Ferrari’s Scope 1 and Scope 2 emissions—those generated directly by its operations and by purchased power—as the company works toward its target of cutting overall emissions by 90% by 2030.
“We are proud to strengthen our partnership with Ferrari by signing this vital agreement,” said Gianluca Formenti, CEO of Shell Energy Italia.
London-listed Shell is already a partner of Ferrari’s racing team, Scuderia Ferrari.
